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- Susan Ward Updated December 05, Diversifying your income stream to make more money in business is old advice, but in tough economic times, it's advice worth taking.
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Back then, building more than one source of income was often difficult, time-consuming, and expensive. Adding more income options to your existing business doesn't have to be overwhelming, and the benefits of having of several sources of income can make it worth the effort. It reduces the risk of being left without any income.
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If one additional income business center of income drops, you have other sources to help you get by. It helps you avoid boredom at work by giving you different things to do every day.
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You can create income streams based on your interests, talents, and passions. Barbara Winter likens it to plate spinning. The start-up process for each income stream can be time- and energy-consuming.
Read up on the rule of 78a tool that can help you expand your business. Steps to Creating Multiple Income Streams Even with the challenges, the benefits outweigh profitable options signals potential problems, especially if you build additional income related to your existing home business.
One way to start is by creating a mind map. Take out a piece of paper and write your main business product or service in the middle to start a mind map.
Profit Center Definition
These are categories of types of income you can potentially generate off of your existing business. Create more spokes off of each of these categories with ideas on how you can make money at them.
By John RamptonEntrepreneur and investor johnrampton Getty Images As a business owner, it's essential to be constantly on the lookout for new profit-making opportunities. What you may not realize, however, is that creating a business within your business can be one of the best sources of hidden profits there is--in fact, most businesses have multiple ways of increasing profits just waiting to be discovered.
Earning sources include booksonline coursesmerchandise, coachingfreelancingspeaking, training, selling advertising, and affiliate marketing. Not all businesses will be able to come up with ideas for each spoke, but every business should be able to develop extra income streams from their home business idea. For example, writing a book is a passive income stream.
9 Smart Passive Income Ideas 2020
You write it once and sell it over and over. The word passive is a little deceptive because you need to write and market the book. Other forms of passive income include other written works i.
Next, focus on income streams that can expand your business. For example, public speaking or teaching can create additional income, as well as generate new clients.
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Another option is freelance writingin which you'd get paid for an article that would also promote you and your business. What to Keep in Mind Choose and set up one income stream at a time. The planning and launching of a new stream is the most time-consuming. Avoid the temptation of jumping into several ideas at one time, as putting your focus into many areas at once will dilute your efforts and slow you down.
Work to have systems, schedules, and tools in place to help you manage existing income streams, so you don't become overwhelmed. Although adding income streams takes time, creating them within your current business is faster and easier than starting completely new ones from scratch.
This method of generating extra sources of income works well for any size business in any industry. For example, Amazon. Today, it sells millions of other products, including its own products, is a print and digital publisher, offers media streaming services, offers business services, and more. Many service-based business owners add coaching and books to their income streams. Bloggers who start with affiliate marketing often create their own books and courses to add to their income stream.
You can create additional sources of income for your business, as well.