IS MULTIPLE STREAM OF INCOME POSSIBLE FOR YOUR SMALL BUSINESS?
The answer is an absolute yes.
1)The first step to consider is to write out your main business product
In the centre of a paper.
2)Create four spokes i.e arrows and title them products, services, advertising/affiliate and others
3)The next step is to create more spokes of each of these components with ideas on how you can make money at each of them. Earning sources includes books, merchandise, selling, adverts, affiliate marketing etc. Not all businesses would be able to come up with ideas under each category but the idea is to develop extra income sources from your small business.
4)Focus first on creating passing income because you do the work once and it keeps generating income e,g writing a book on how to choose the right cosmetic for your skin, you can also do a video course on identifying your skin type. This can continually generate income if you market it effectively.
5)Choose to launch one income stream at a time, launching an idea can be very consuming because it requires a great deal of effort and focus, you have to avoid the temptation of jumping into many ideas as this may slow you down. Its also worthy to note that one business idea must be up and running before you launch another one.
Finally if you launch an idea and its not working or giving you results commensurate to the work it requires, please drop it and focus on others.
CALL TO ACTION:
Follow the steps listed above by inserting your business in the space of the diagram above and apply all the practical steps therein to it,at the end of this exercise you would have developed at lease two additional streams of income for your business….Tag 2 business women that needs to benefit from this lesson.
