In today's economic climate having multiple income streams can be the thing that sustains your business through a recession, expand your profits and mitigate your risk and here are 11 ways to build multiple income streams. Any business can take any number of these ideas and use it to expand their current offering. 1.New Products/Services Add new products or services to your offering. Find products that complement each other and are a need of your ideal buyer. For example, if you sell dog training, offer leases and treats. 2.Affiliate Programs Affiliate programs are when you sell somebody else's products/services/workshops whatever and you are paid a special "thank you" commission for the sale. Selling someone else's product is the fast and easiest way to add a new product to your offering. 3.Information products Do you have specialized knowledge that you can write about and sell online or at your stores? Each one of us has a gift and something that we do that we could teach others. A great way to build additional income is to capture that knowledge into a book, workbook or system and sell it for others to learn from. 4.Form JV partnerships Is there people who complement your market that you can partner with and sell their product or service? And vice versus? Not only will you gain immediate access to their client list, you will have a new product or service to offer your clients. 5.Selling to a group (leverage model) It is called the leveraged model because you are selling to a group vs. one to one. Is there a way to take what you do and create a product that addresses a group. For example, a hair dresser can start home hair parties and leverage her time by offering her services to a group. 6.Franchise/License Model/MLM This is where you allow somebody to use your name, work and system and resell it and you get a piece or a fee. 7. Continuity programs These are like your "book club of the month" or "CD of the month". It is a way to create membership program where you can create recurring revenue by taking subscriptions and sending them a product or performing a service every month. 8. Training Classes, workshops Can you teach? Would people pay to learn what you know? Then host a training class or workshop and charge for your expertise and knowledge. This can be done in person or virtually. Even if you charge $ 25 bucks... how many need to come to be worth your hour of time? 9. Advertising Revenue If you have a website, blog, an ezine or a list, you can charge people to advertize in your communications. There are a number of people trying to work with the same market as you , so why not allow them to run an ad and charge revenue. 10.Upsell Can you bundle like products to create a more enticing offer to upsell additional products? For example, if you sell cakes, can you include candles for $ 2 more? If you products are refillable, can you offer more at a discounted price? 11. Sell an Upgrade Do you have varying levels of your product or services? If you customers enjoy your basic package, can you easily sell them an upgrade to the next level service?
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