How to Create Multiple Streams of Income for Your Small Business

How to Create Multiple Streams of Income for Your Small Business

When I spoke with my friend and colleague, Tisha Morris earlier in the year, her main tip for small-scale business owners was to establish several streams of income in their company. This was something that I did not do with my company at the time but it’s something you should seriously consider (if you’re not already implementing it) within your small business. Let me tell you, the sooner the more effective.

Tisha has been the Feng Shui consultant and has many other holistic titles and qualifications including yoga instructor, life coach, and energy healing, among others. However, when she spoke of “multiple streams of income” She wasn’t really referring to earning some of it from yoga, a portion through Feng Shui, and so on. She said how she’s structured her business in a way that when the coaching or consulting part isn’t as popular throughout each time of the year (because it’s normal to experience fluctuating and changing needs with one-on-1 clients) and she has income from both virtual products and physical ones that she’s made over the years.

Particularly this is the stream of income Tisha created within Tisha’s Feng Shui business:

One-on-one Feng Shui consulting
An online 28-day Feng Shui course
A live 3-day Feng Shui course to help other consultants (which she’ll likely transform into an online class soon)
Two books – Feng Shui Your Life & Mind-Body Home
Physical product: Smudge Spray
Feng Shui Bagua Map App for Smartphones
At first glance, this could seem like a ton of effort, however, it’s simply content. She’s successfully used all the content she’s written and put it into a variety of products and courses that create various streams of revenue for her company. In addition, now she’s able to provide an additional benefit to her readers simply by providing their services as well as content that is available in a range of formats.

If you have several income streams within your own business, (1) you don’t need to depend on only one element of your company to pull in the total amount of revenue you require as well as (2) it is possible to combine active and passive income streams to ensure that you’re not working for money every day. Also, as you’ve probably noticed your clients/customers/audience-some of them like to read a physical book, others like to take a course online, and there are always those who want to interact with you directly. If you are able to reach everyone through a variety of products and services Your audience and your business are likely to expand like the dangling plant.

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In the present, when one aspect of Tisha’s work slows she’s designed it to ensure she can ensure that the company’s bottom line doesn’t get much affected. We can all take a lesson from her.

How can you start creating multiple streams of revenue for your company? First, what you need to consider is thinking about ways you can reuse the content you’ve already put together. Think about how your customers (or potential buyers) would prefer to get information from you. Do your potential customers spend the majority of their online time? If so, they’ll appreciate an online class. Are they older or more retro? They’d certainly prefer a printed book or item. Are they younger and more tech-savvy? If they are, they might prefer the convenience of a Smartphone application. As for Tisha may like to test all of these.

Are you unsure of what your audience or potential customers are searching for? Don’t be afraid to inquire directly. Create a questionnaire and mail it to clients and past customers or past ones for immediate feedback. It’s always better to provide your customers with what they want, not what you think they’d like (that is sometimes a bit difficult however there are some major differences).

Once you have a sense of how your target audience would like to consume the information you provide, then you may begin to transform your current content into a brand new format. For instance, if have been writing blogs or blogs, you could decide to transform the content on it into books or ebooks. If you’ve created a book, then you could want to use your content and utilize it to create an online learning course. If you do not have any content, now is the time to begin creating your own.

Here are the top 10 ways you can grow your business and reuse your content in order to generate several streams of income…

1. Create an ebook

Ebooks are a quick and affordable way to develop and sell your work (and to be perceived to be an expert within your area of expertise). You can offer your book on your own website as well as on affiliate websites or post it on ClickBank or transform it into a Kindle Book to sell on Amazon. The people who love ebooks appreciate that they are able to access information immediately and don’t need to make an enormous financial commitment and can, therefore “test the waters” with you before committing fully.

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2. Create a book:

The fact is that writers seem to be experts in the public eye. If you publish the book in a physical format and publish it, you will not only generate a new stream of income for your company as well but you’ll also be seen as an expert. This can open up a variety of other possibilities (speaking events, workshops, and so on). Writing a book will help grow your business in many ways, in addition to the revenue from the sale of the physical book, so think about this option if you choose to go this way.

3. Create a tangible product:

There is a constant rumor that tablets, potions, and lotions are the items that are most popular because they require constant replenishment. If any of these are relevant to your business, then go for it. If not, think about other products you can create and market. Take a look at what other entrepreneurs operating in similar businesses are selling to come up with ideas.

4. Create an online training course

It’s been a long time since the world went online, and it’s a great idea to start offering quality content to people who prefer learning via a digital format. Making a prerecorded video or video workshop or course can allow you to generate a new source of revenue for your business by repurposing the great content that exists already. Like the ebook format, when you have the content created there is no cost and you can sell it and
Unlimited amount.

5. Make an interview show:

A few might argue that telesummits should be a time-worn tradition because they’ve been overdone however, I’ve heard from experts still using them as a way to earn additional income. A good example of this could be Cindy Kubica and her Energized Living Today series, or PJ Van Hulle with his List-aPalooza Challenge. Interview series is the perfect way to grow your list of subscribers and make unique virtual products to sell to your target audience for many years to be.

6. Offer a class or a workshop

Connecting in person will never disappear from fashion. People love to learn from you in person, and offering a paid class or workshops (or series) can allow you to meet those who are interested. You can also film your workshop (with videos or sound) and then sell it on the internet, creating two streams of income in the time required to conduct one.

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7. Start a live-streamed workshop:

I’m looking at a “training course” to be distinct from a “workshop” for this example as in a training course, you could teach others to do what you are doing. For Tisha, she teaches classes to those who wish to Feng Shui in their own homes however she also teaches an online training course for those who wish to be Certified Feng Shui consultants. Think about training others to perform the same tasks as a way to generate additional revenue for your business.

8. Create a smartphone app

It was certainly an app-craze when apps first began to be developed, and it’s since been fading a bit. However, there’s still a need for a quality Smartphone application if you’ve got an idea that can add value to your customers. In general, you shouldn’t be charging much for an app, but if it can make a significant profit or sell consistently on a basis, it can increase your company’s profit margins.

9. You can monetize your blog or online platform.

This is what I wrote in my entire income switch ebook on how to successfully establish and monetize your online platform so that you can earn an income from the internet. If you’re a small-scale business owner, you’ll likely be writing a blog already, so it’s helping you make money from your website and make more money through similar work.

10. Join an affiliate program

Don’t have to design your own products in order to have several streams of income coming to your company. You can also become an affiliate for another’s products or services. This is a great opportunity to gauge your customer’s preferences and learn what they are interested in before you commit the effort and time to create something completely from scratch. Look through Clickbank and Commission Junction for virtual products or services, as well as brands that you can align with. Try searching for an item or company that you’re interested in using the term “affiliate” in the search box (e.g. “Vitamix affiliate”).