Income streams for your business increase the money coming in. However, MULTIPLE streams mean a lot more money. Let’s get that one thing clear so we’re all on the same page. Selling both services and products are different income streams. But that’s just the tip of the iceberg.
Here are some ideas on how to increase your streams thereby increasing your bottom line as well.
Mix it up.
If you’re selling services, give your clients several options. You can even make combos of two or more services that will entice your clients. Find out what they need and offer them bundles that will catch their attention. But be wary of bundles. You don’t want to offer too much or too little. Offer different services or packages but don’t complicate it too much. Otherwise, it will be that much more difficult to market it.
Sell your own products.
These products may be in the form of information material such as books, CDs, special reports, and more. They may also be physical products. Whatever it may be, you can have the option of grouping them into product lines. Using this strategy, you can downsell, upsell or cross-sell to clients thereby increasing your income streams.
Sell outsourced products or services.
This is otherwise known as being an affiliate. This is a very simple, yet lucrative strategy that will definitely result to a surge in your streams. Once you get approval to become an affiliate of another business, you will be given your own link. Every time one of your clients click on that link and buys a product or service, you get a cut of the sale. That cut can range from 10% to more than 50%.
Which brings us to…
Setting up affiliations to increase your income streams.
Create your own affiliate program. This way, you increase the visibility of your product or service, reach a whole new market, and earn without you doing anything. The only time you will have to pay them is when they are able to sell something. Now how productive is that?!
Create an event.
This event may be a webinar, teleclass or workshop. You can offer it as a one- time deal or a series of sessions. Another great tip: record these events so you can sell them afterwards. The benefit of this strategy is three- fold. You can reach more people and increase your income streams while also adding a more personal touch to their experience.
This may not work for all businesses. However, if it can be applicable, then it will definitely increase your income. For example, a coach can license their tools or programs to others who are in the same business. For a more detailed approach, Suzanne Falter- Barnes has a paid program that will walk you through it.
Paid membership sites equal increased income streams.
This strategy to increase your income streams will give you a more regular income since members will be paying for it every month. Not only that, you actually get a chance to build a client base. Keep in mind that it’s easier to sell products or services to your existing clients rather than always looking for new ones. This also gives them a feeling of belonging—and we all know that everyone likes that feeling.
Other than increasing your income streams, this strategy will offer you the chance of providing something new to your clients on a regular basis. Somewhat similar to a paid membership site, you can create newsletters or provide coaching calls regularly at a fee. Whatever you choose to provide, make sure it’s something valuable to your clients. Something they’d be willing to pay a small, but regular monthly fee for.
This strategy might not make you rich but it will definitely add to your income streams. It will depend on your site traffic but it is an option you should look into.
This Google tool allows you to place pay-per-click ads on your site or blog. Similar to the affiliation programs, every time someone clicks the ad, you’ll be paid a certain amount of percentage. But be careful with this tool. Personally, this isn’t necessarily a good thing since you’ll be allowing people to click away from your site and into your competitors. It’s up to you how you want to utilize this, but if you do, it might or might not increase your income streams. Use at your own peril.
Brainstorm and find the perfect opportunities to increase streams.
It may be hard to create multiple streams of income but you have to find the time to strategize. Now that you know the value of increasing your streams, here are a few ideas on how to find one the time to brainstorm:
- Delegate tasks to a virtual assistant or bookkeeper.
- Find ways to automate so you spend less time on business tasks and more time on brainstorming ways to have multiple income streams.
- Increase your prices so you can focus on fewer clients while making more money.
- Use your weekends to streamline your business. Don’t do it too much though, as it may burn you out.
Now that you have these tips, sit down and start brainstorming. Gaining multiple income streams will definitely make your business more successful.