The first few years nothing needs to be written in stone as far as what exactly your business will include. One thing is very clear and that is that ‘multiple streams of income’ has extreme logic from many perspectives as far as a ‘goal’ or ‘target for your business plan.
If you go in with an exact idea and you have everything you need to implement it, then you can spend the years refining and perfecting the processes to run your business effectively so that it will generate bigger and bigger profits as the years roll by. Some people learn best by doing = ‘hands on’ and therefore everything can be seen as an experiment. Others just need to read the directions and follow the instructions.
But the point is not to get stuck in any way before you are able to determine what it is you really want to do, how you want to do it and if it works when you try it. If it is something you see as worthwhile then you can tweak things to make them better and then move forward. No, not off to live at the beach just yet, although you deserve some free time to unwind after you have achieved a benchmark.
Back to work, it is time to expand what you have built so far! That is add some more facets that can represent more profit. It can also be more security in maintaining a decent level of income. One basic premise of the multiple income streams concept is that if one product is not doing so hot at any given time that it won’t hurt your bottom line as much if you have something else going that may be doing better at the time.
When you look at all the different opportunities for your home business they can really grow out of each other. For instance, It may be a very good idea to include programs and tools that you actually use to conduct your business, as more sources of income. In fact being able to believe in something you are selling is a great benefit. The more you know by first-hand experience, is as valuable as reputation (testimonials, reviews, etc).
For example if you are an affiliate marketer and you are using certain traffic programs, list builders or resources to promote your affiliate program, it’s a very smart idea to become an affiliate and be able to sell the tools you use to earn more commissions. Many times you can actually first cover your expenses by selling the same thing you are paying to use yourself. Then you can use your own tool for free. So you have to consider that money you didn’t have to spend as income just as much as if you made a sale.
Comments are closed.