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Developing Multiple Streams of Income for Your Home-Based Business
Many home-based business owners have a single service or product that they offer. They can sell e-books or crafts or speech-writing services. Specialization in one area is good for many reasons. For one, it facilitates marketing and helps the business build a strong reputation in a field.
Although there are benefits to specialization, businesses that derive all their profits from a single sector are generally more sensitive to economic fluctuations and less profitable in the long run.
A good example of the multiple streams of income in a traditional business is the modern newspaper. A newspaper company earns revenue in three ways: by selling papers, selling advertising space, and selling classified ads. Each of these newspapers has another revenue stream. Furthermore, some newspapers have added an additional stream by charging for access to their online content.
For home-based business owners like you, it’s important to follow the advice of the old adage: “Don’t put all your eggs in one basket.” Instead, you should work on developing multiple streams of income.
Think in terms of a river. A river course can have hundreds of small tributaries and streams. Without these waterways, the river’s level would drop drastically and one day disappear altogether. The same is true in business. Your revenue is like that river; It needs to be nourished by not just one but many sources. If that one source slows or dries up, the negative impact on your revenue stream is dramatic.
After you understand why you need multiple streams of income, the question is how you will create them. A home business owner specializing in writing secured multiple streams of income by running her own business, doing freelance work for two other companies, and teaching classes at a local business college.
Another home-based business owner joined affiliate programs offered by big-name retailers and creatively made money by including them on her heavily trafficked web site.
Yet another took its existing product designed to help marketers create effective e-zine articles, made a few minor changes, and repackaged it as a tool for students struggling to write school essays.
As these examples show, multiple streams of income can be generated in multiple ways if you think creatively. The key is to find ways to complement your existing business.
If you sell gourmet cookies, for example, you can create a cookbook. If you work in internet marketing, set up an online bookstore full of marketing books through an affiliate program. If you design websites, teach a course on it at your local college or offer it online through your current business site.
The possibilities for establishing multiple streams of income are endless. But you should always remember that the key to successfully managing multiple streams of income is not to focus on your primary income-generating activities.
Have you ever been to a website so full of ads that you can’t tell what service or product is being sold? Most people have. The people who run those sites don’t understand that visitors aren’t coming to see banner ads for other companies’ products, but to learn more about them.
When visitors are bombarded with these other ads, they leave frustrated. In the long run, the site loses money because it doesn’t generate enough sales to justify charging a reasonable rate for advertising. The idea is to balance these other ways you can make money without taking away from the income stream you already have.
Once you have your streams in place and learn how to maintain this balance, your income will flow like a steady river and keep your home-based business on solid ground.
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