Tweet

6 Quick Ways to Stabilize Your Business with Multiple Revenue Streams

Guest post by: Donna Gunter

Article Overview: Creating a diversified business where you have multiple streams of income is the key to success with an online service business. If one income stream tapers off for a time, you are adequately covered by the others. The easiest way to create multiple streams of revenue is to create off-shoots of what you're already doing serving the same target market. Here are 6 quick ways to stabilize your business with multiple streams of income:

6 Quick Ways to Stabilize Your Business with Multiple Revenue Streams

The old adage, "Don't put all of your eggs into one basket," is especially true in today's economic climate for any business. Just as you would never let all of your income be derived from one or two clients, creating a diversified business where you have multiple streams of income is the key to success with an online service business. If one income stream tapers off for a time, you are adequately covered by the others. I have been doing this very successfully in my business for the last 8 years.

Where things become confusing for your prospective clients is if you have income streams that are all over the map and serve different target markets, like a career coach who buys, renovates, and flips homes on the side. It's quite challenging to run a business like this because you're actually running two different businesses in this example, as the streams don't relate well to each other at all. I recently experienced a situation where a career coach I've been following emailed his list about real estate development, which really annoyed me. I'm not interested in real estate development, nor do I expect to hear from that person on that topic.

The easiest way to create multiple streams of revenue in a service business is to create off-shoots of what you're already doing serving the same target market in your core business. This has been referred to as "going deep" with your customers and providing them with additional products and services rather than "going wide" into other markets. In this way, you can create a great client transition process that would provide multiple ways to serve the same clients. Believe me, it's easier to continue to sell to people who've already purchased from you than to try and cultivate new clients.

Here are 6 quick ways to stabilize your business with multiple streams of income:

1. Consulting/Coaching. Can you work with clients in a more in-depth fashion than you do currently? If so, you may want to add consulting or coaching to your income stream mix. Or, if you can help colleagues in the same industry grow their businesses, coaching or consulting in your own industry may provide the additional revenue stream you have been seeking.

2. Done for You Services. If you're a coach or a consultant, adding done-for-you-services are a great option for members of your target market who don't want any part of doing something themselves. So, if you're a career coach who routinely helps clients polish their resumes, perhaps you could add a done-for-you resume service where you create a polished resume for your clients.

3. Affiliate Marketing. I love making money from recommending products and services that I already use in my business. This is an easy sale for me, as I'm an affiliate only for products and services that I have used or that have come highly recommended from a colleague that I respect. There's nothing sweeter than getting my monthly Paypal notifications of payments from various affiliate programs to which I belong.

4. Membership/Continuity programs. If you have a great deal of content lying around in your hard drive, a membership site or continuity program may be in your future. This is an effective way to create a recurring stream of income in your business.

5. Teaching/Training/Speaking. Are others interested in learning the "how-to" of what you do? Then adding teaching, training, or speaking to your revenue stream in the form of teleclasses, live events, or webinars will add a healthy income stream to your business.



6. Information Products. Whether you have developed your own or sell PLR (Private Label Rights) products, the sale of information products can be a lucrative revenue addition to your business. Developing products that are sold at different price points serve as a reasonable price alternative to help your target market solve a problem if they aren't able to hire you for 1:1 assistance.

Take some time to determine how you can "go deep" with your target market and add additional revenue streams that complement what you're already doing. You'll soon discover a sense of relief to have the extra income should circumstances cause your income to drop in another part of your business.

Related Articles
  Home Business Expert: Multiple Streams of Income
  MULTIPLE STREAMS OF INCOME IS NOT DUMB
  How to Create Multiple Streams of Income - Online
  3 Quick and Easy Ways to Add Multiple Streams of Income to Your Business
  Receiving Multiple Streams of Income
  Creating Multiple Streams Of Income Is Easier Than You Think
  Creating Multiple Streams of Affiliate Marketing Income
  Multiple Marketing Streams -- How Many Are You Using?
  You Must Have Multiple Income Streams in Your Home Based Business
  3 Reasons Why You Aren't Making Money From Multiple Streams of Income
  Why Multiple Streams Of Internet Income Is The Best Way To Go
  Teleseminars - A Winning Price Point For Backend Products
  Ageless Marketing Principals for Start Up, Entrepreneurial Types
  Home Based Business - Why Have Multiple Income Streams
  Searching For Ways To Earn Multiple Streams Of Income Online?
  What is a CopyCat Multi-Preneur?
  One Home Based Business Income Opportunity Tip, That Will Skyrocket Your Residual Income!
  4 Tips for Creating Multiple Streams of Residual Income
  Multiple Streams of Income – 5 Reasons Why You Absolutely Need it
  How To Create Streams Of Online Income

Article Tags: business stability, Donna Gunter, Get More Clients Online, multiple profit centers, multiple revenue streams, multiple streams of income, OnlineBizUcom, stabilize your business



Related Forum Posts
Revenue Streams for Websites - Too funny, I was just reading a book: Multiple Streams of Internet Income: How Ordinary People make extraordinary money on line, by Robert G. Allen. 2001 That's a misnomer, though - they're not ordinary people, they're people with established careers who can take their expertise and exploit it on the web. Ways to generate income? 1) Sell your own material on the site. Ebooks, etc. 2) Join various affiliate programs that match what your website is about. 3) Google adsense - All my money comes from this... it's started out slow but as readership of my sites grown, the income has grown. Nothing to write home about yet... 4) Google adwords - the advertisers whose ads show up on Google Adsense. Unless you're selling big ticket items on your site you don't want to use it, your keywords can cost from 20 cents upwards.
2007 Goals - 1. Web site complete, fully operational 2. Revenue stream from both individual and corporate 3. Business Plan complete 4. Full marketing strategy complete and implemented
All work and no play.. - Let us enjoy this business joke to end 2009 A dying Business Man A businessman on his deathbed called his friend and said, "Bill, I want you to promise me that when I die you will have my remains cremated." "And what," his friend asked, "do you want me to do with your ashes?" The businessman said, "Just put them in an envelope and mail them to the Internal Revenue Service. Write on the envelope, "Now, you have everything."
My entry - 1. The Best Business Books Ever: The 100 Most Influential Business Books You'll Never Have Time to Read - this is a fascinating book about the history of Business theory, and I'd recommend it to anybody. 2. The Big Book of Small Business: You Don't Have to Run Your Business by the Seat of Your Pants, by Tom Gegax. Ditto. 3. PADI: The Business of Diving Book Okay, so this book won't be of use to anyone who doesn't want to start a scuba store, but I did, and this book was of course invaluable to me in reaching that goal.
Re: Bad SEO techniques? - [quote="jacksonp":1y3g8bot]that is quite true.We all should avoid these kind of techniques.I am here sharing few more points which we should take in mind..As an experienced person of SEO I want to share here some facts which should be avoided by us.I hope that these will help some of the newcomers a lot.. Choosing a title that has no relation to the content on the page Using extremely lengthy titles that are unhelpful to users Using a single title tag across all of your site’s pages or a large group of pages Stuffing unneeded keywords in your title tags Writing description meta tag that has no relation to the content on the page Multiple domains Multiple identical sites Cross Linking[/quote:1y3g8bot] re: Cross Linking, how do you define that? I thought linking to other pages on your website (that are related) was a good thing...maybe that's not what you meant.


Share this article with your friends. Fund someone's dream.

Leave a comment below or share on the left and you'll help support entrepreneurs in Africa through our partnership with Kiva. Over $50,000 raised and counting - Please keep sharing! Learn more.

Newsletter

Get advice & tips from famous business
owners, new articles by entrepreneur
experts, my latest website updates, &
special sneak peaks at what's to come!

Name:
Email:

Popular Articles

Resolving A Conflict Between Two Sales Staffs

Living on The Edge of Chaos...

B2B PR – Planning for Success

Suggestions

Email us your ideas on how to make our
website more valuable! Thank you Sharon
from Toronto Salsa Lessons / Classes for
your suggestions to make the newsletter
look like the website and profile younger
entrepreneurs like Jennifer Lopez.