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 incomes. 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 list.
3. Sell other people's products (or services). Here's where you become an affiliate. Basically how it works is once you're approved to be an affiliate, you get your own link. Anytime someone uses that link and buys a product, you can a percentage of the sale. That percentage can be anywhere from 10 percent (mostly for services) to more than 50 percent.
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!
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 those later.) 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 providing a personal touch.
6. License one of your programs or services. This is a neat idea if it works in your business. (For instance, a coach could license tools or a program to other coaches.) I don't know much about this one, but Suzanne Falter-Barnes sells a program that can teach you how to do it.
7. Create a paid membership site. Not only will you be getting regular income each month, but you'll also building your customer base -- 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 a 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.
9. Sell ads on your web site or e-zine or whatever. 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. Pretty nifty program, huh? Anyhow, I do think this is one you have to be a little careful with. Most of the time I don't think people clicking away from your web site is a good thing (especially since they'll be going to one of your competitors). But there are times when this is very appropriate. For instance, maybe you've developed a web site or blog around a hobby. Or maybe you build a web site or blog for the express reason of selling Adsense. Once it's set up, you just ca^sh the checks.
Creativity Exercise -- Find time to create multiple income streams
Probably the hardest part of creating multiple income streams is finding the time, especially when your primary business is service-based. So, now that you know how important it is, how are you going to find the time to start doing it?
Here are a few ideas to get you thinking:
* Hire a virtual assistant (VA) or bookkeeper to take care of some tasks you have no business doing anyway.
* Create systems in your business so you can complete business tasks faster and more efficiently.
* Raise your prices so you can take on fewer clients and make more money.
* Dedicate a Saturday or Sunday to working on your business. (Be careful with this one as you could very quickly end up burning yourself out.)
Get a pen and paper and do some brainstorming to see how you can find more time to start creating more income streams.
10 Income Streams You Can Add to Your Business (And Increase Your Bottom Line)
Boost Your Bottom Line with a Power-Packed Headline
There’s an old saying… curiosity killed the cat. Let’s face the facts; cats aren’t the only creatures that get sucked into whirlpool of curiosity. Everyday we find ourselves bombarded with moments of curiosity. The best example… headlines!
Headlines either suck us into their vacuum or repel us instantly. How many times have you picked up the newspaper and found yourself scanning the pages because a headline caught your attention?
Marketing experts know that headlines are just as powerful in their direct mail campaigns as they are on the front page of the newspaper. The difference? …attention getting headlines on your postcard or flyer make money!
What does it take to create powerful headlines?
3 Foolproof Secrets for Creating Power-Packed Headlines
1. Telegraph the Offer
This might be a little tricky to pull off, but the secret is to present your offer in a way that screams, “Read Me!” without giving away the guts of the offer. You should focus on one feature of your product or service and come up with a snappy statement that raises the reader’s eyebrows.
A company that sells bread makers may use a headline like this…
“Never Buy Another Loaf of Bread!”
2. Emphasize the best Aspect of the Offer
What is the most attractive feature of your product or service… price, time-saving, quality, uniqueness? You can use this aspect to come up with a unique headline that wows the reader into investigating further.
A cleaning service may use a headline like this…
“What Could you Do With 520 Extra Hours This Year?”
3. Target the Reader
If feels great when your unique niche is recognized. Know who you’re talking to before you write the headline. When your reader feels like you know who they are, they’ll be more likely to read on.
Do you have a mailing list of working women? Use the words they will identify with… career or working woman…. in your headlines.
Use any one of these techniques to increase your profits, or incorporate all three to skyrocket your next direct mail campaign! … not to mention saving big bucks by not having to hire a copywriter.
Using Product Recommendations To Increase Your Bottom Line
In affiliate marketing, there are many ways in which you can increase your earnings and maintain the account that you have worked so hard for already. Most of the techniques and tactics can be learned easily. No need to go anywhere and any further. They are available online, 24 hours a day and 7 days a week.
One of the more important ways of increasing affiliate marketing bottom line and sale is through the use of product recommendations. Many marketers know that this is one of the most effective ways in promoting a certain product.
If the customers or visitors trust you enough, then they will definitely trust your recommendations. Be very careful in using this approach, though. If you start promoting everything by recommendation, your credibility will actually wear thin. This is seen especially when recommendations are seemingly exaggerated and without much merit.
Do not be afraid to mention things that you do not like about a given product or service. Rather than lose any points for you, this will make your recommendation more realistic and will tend to increase your credibility.
Furthermore, if your visitors are really interested in what you are offering, they will be more than delighted to learn what is good about the product, what is not so good, and how the product will benefit them.
When you are recommending a certain product, there are some things to remember on how to make it work effectively and for your advantage.
Sound like the true and leading expert in your field.
Remember this simple equation: Price resistance diminishes in direct proportion to trust. If your visitors feel and believe that you are an expert in your niche, they are more inclined to making that purchase. On the other hand, if you are not exuding any confidence and self-assurance in endorsing your products, they will probably feel that same way and will go in search of another product or service which is more believable.
How do you establish this aura of expertise? By offering unique and new solutions they would not get anywhere else. Show proof that what you are promoting works as promised. Display prominent testimonials and endorsements from respected and known personalities, in related fields of course.
Avoid hype at all costs. It is better to sound low key and confident, than to scream and seek attention. Besides, you would not want to sound unprofessional and have that thinking stick to your potential customers and clients, now would you? Best to appear cool and self-assured at the same time.
And remember; prospects are not stupid. They are actually turning to experts and may already know the things that you know. If you back up your claims with hard facts and data, they would gladly put down hundreds, or even thousands worth of money to your promotions. But if you don’t, they are smart enough to try and look at your competitors and what they are offering.
While recommending a product, it is also important that you give out promotional freebies. People are already familiar with the concept of offering freebies to promoting your won products. But very few people do this to promote affiliate products. Try to offer freebies that can promote or even have some information about your products or services.
Before you add recommendations to you product, it is given that you should try and test the product and support. Do not run the risk of promoting junk products and services. Just think how long it took you to build credibility and trust among your visitors. All that will take to destroy it is one big mistake on your part.
If possible, have recommendations of products that you have 100% confidence in. Test the product support before you begin to ensure that the people you are referring it to would not be left high and dry when a problem suddenly arouse.
Have a look at your affiliate market and look at the strategies you are using. You may not be focusing on the recommendations that your products need to have. You plan of action is sometimes not the only thing that is making your program works.
Try product recommendation and be among those few who have proven its worth.