Income Streams For Your Business

10 Income Streams You Can Add to Your Business (And Increase Your Bottom Line)

10 Income Streams You Can Add To Your Business (And Increase Your Bottom Line)



In a nutshell, multiple streams of income means your business has more than one way to make money. For instance, you sell products and you sell services. Those are different streams of income but that's just the beginning. Below are 10 ideas of different income sources you can use to increase your business's bottom line:

1. Sell a variety of services: Or you can bundle your services into packages depending on what your typical client is looking for but be careful about this one. Don't spread yourself too thin. You want to offer a few different services or a choice of packages but you don't want too many options because it's very difficult to market yourself effectively.

2. Sell your own products: These can be information products (books, home study courses, CDs, special reports, etc.) or they can be physical products. You can also group similar products into product lines. Then you can upsell, downsell or cross-sell products to different customers on your mailing list. (read more about mailing lists)

3. Sell other people's products (or services). Here's where you become an affiliate (read more about affiliate marketing). Basically how it works is once you're approved to be an affiliate, you receive your own link and tracking code. When someone uses that link and buys a product, you get a percentage of the sale. That percentage varies from programme to programme. Which leads me to my next tip:

4. Put together your own affiliate program. Now you can get other people to market your products and services and the only time you pay them is when they actually sell something! How cool is that! Affiliate Programme

5. Create a teleclass, seminar, workshop or other event. This can be a one-time deal or a series of classes. (But if you do this, make sure you record it so you can sell the recording on CD or DVD later to people whom could not make it to the event.) The nice thing about this tip, is it's a good blend. You can reach groups of people at one time while at the same time, provide a personal touch.

6. License one of your programes, products or services. This is a neat idea if it works in your business. (For instance, a coach could license tools or a programme to other coaches.)

7. Create a paid membership site. Not only will you be getting a regular income each month but you'll also be building your customer base of people who are interested in purchasing your products and services. It's much easier to sell to people who are already customers than to find new ones. Plus people like being part of a community and becoming a member of something is a good way to do it.

8. Start a continuity program. This is similar to a membership site where you charge a monthly fee for a product or service. Maybe you create a paid newsletter subscription or you offer monthly coaching calls or you interview successful people. Whatever it is, it's something people find valuable enough to pay you a small but regular, monthly fee for.

9. Sell ads on your web site or e-zine or any other publication or communication you offer. This one is probably not going to make you rich but it could turn into a nice little income stream, depending on how many people are looking at your e-zine or web site.

10. Use Adsense. This is when you allow Google to place its pay-per-click ads on your web site or blog. In return, every time someone clicks on one of those ads, Google will pay you a percentage. Click here to read more about Adsense.