Homebased Business Masterclass: Create Multiple Streams of Income
Focus on income streams that can expand your business. For example, public speaking or teaching can create additional income, as well as generate new clients. Another option is freelance writing, in which you'd get paid for an article that would also promote you and your business.
Choose and set up one income stream at a time. The planning and launching of a new stream are the most time-consuming. Avoid the temptation of jumping into several ideas at one time, as putting your focus into many areas at once will dilute your efforts and slow you down. Work to have systems, schedules, and tools in place to help you manage existing income streams, so you don't become overwhelmed.
You want to give your additional income streams the time and effort needed to get them running, but if they don’t start generating income, or if you hate it, then drop them.
Although adding income streams takes time, creating them within your current business is faster and easier than starting completely new ones from scratch. This method of generating extra sources of income works well for any size business in any industry.
Many service-based business owners add coaching and books to their income streams. Bloggers who start with affiliate marketing often create their own books and courses to add to their income stream. You can create additional sources of income for your business, as well.
How to write and market a book:
- How to write and market E-Learning Courses
- How to build and market products on an E-Commerce Store
- How to start and market your coaching services
- Willingness to learn