How To Leverage Your Current Ideas And Products Into Multiple Revenue Streams

Diversify - to make diverse, give variety, to balance, to divide securities in different industries, to produce variety, to engage in varied operations.

Diversification is a wealth building strategy; it is also an excellent method for becoming more profitable. By working on your business instead of in it you can remain focused on the big picture and clearly see the best options for creating multiple revenue streams.

If you sell products you can offer them in different sizes, combine them with other products of yours or with complimentary products and sell the value added package at a higher price point. If you have a service business you can offer different services and programs at different price points.

By developing multiple revenue streams you spread out your risk and the costs of marketing and customer or client acquirement and boost your profits. It's also an excellent way to offer your customers ideas for repeat sales, which are more profitable than first time sales.

In a service business you could offer a booklet about a program you have developed for $15.00, a mini workshop on the same program for $49.00, a series of teleclasses on the same program for $69.00, a full day seminar on the same program for $125.00?

This allows clients to choose the product that is the right price point for their current interest level. It allows you to develop a strong program, and by leveraging that program with slight variations and packaging you can create several different revenue streams.

It's also an effective strategy for encouraging clients to try your service and then continue to buy once they understand the quality and value of your offering.

One important thing to remember when developing multiple revenue streams they should be complimentary to one and other. This will allow the products or services to cross promote each other appealing to the same customer demographic. You want to be focused and very specific in what you offer even though you are giving your customers several choices.

Be careful when developing multiple revenue streams that your efforts don't become fragmented. Make sure that your offerings always appeal to your target customer, trying to target products or services to all potential customers will cost you money and will weaken your marketing appeal to your core customers.

Passive income is an excellent way to add a revenue source without adding more work to your schedule. There is the initial creative process, but once the product or program is developed and your marketing strategies are in place profits will come in without you having to create something, or provide a service each time.

Take a step back from your business and see where you can leverage your current offerings into additional products or services and what kinds of passive income opportunities you can develop to boost your profits.

If you don't own your own business you can still apply the idea of multiple income streams to your career, look into doing special projects with a project based fee that is in addition to your regular salary, explore how you can use your strengths and expertise to develop some passive income opportunities and investigate the ideas you have had for starting a business while you still have the pay security of your current career.

About The Author

©BZ Riger-Hull - For valuable free articles, assessments, & practical success tools www.in-spiros.com, mailto:[email protected].

Certified as a Success Coach, "Four Agreements" Facilitator, & Tele-Course leader We help you communicate powerfully, reduce stress, Strategically Attract success, & increase your financial well-being: [email protected]

In The News:

Strategic Plan  Bethel College, KS
Seton Hall Unveils Strategic Plan  Seton Hall University News & Events

Connecting Your Offline Business to Your Online Business

These may sound like no brainers, but you'd be surprised.... Read More

Invalid Excuses for Poor Business Results - Rising costs

Note to Northwest Airlines ? It's not about fuel costsFor... Read More

Nine Succession Planning Mistakes Small Businesses Should Avoid

1. Attempt Succession Planning Without Other Strategic Plans. Succession plans... Read More

Could You Be Setting Your Business Plan Up For Failure?

David E. Gumpert, author of Burn Your Business Plan, often... Read More

To Go or No Go, That Is The Question

Last week we talked about a few of the ways... Read More

Is Your Company Growing Fast Enough for You?

Are you frustrated by the lack of growth in your... Read More

Sony?s PSI Project

In 1989, Sony founded its Institute of Wisdom at the... Read More

The Top 10 Priorities That Guard Your Five-Star Reputation

Making money doesn't make your reputation... your reputation makes you... Read More

If You Dont Focus, Innovate and Evolve, You Die

After 128 years of business, a household word, Montgomery Wards,... Read More

Online Promotion: 10 Ways To Use Focus Groups To Ignite Your Profits

A focus group is a group of employees or current... Read More

Balanced Scorecard Strategy Map

With the help of balanced scorecard strategy map, it is... Read More

Planning For The Slow Season Of Your Business To Increase Sales

Every business experiences slower periods. For some, they sell more... Read More

Corporate Venturing For Emerging Growth Companies

The boom of the dot-com era in 1999 brought the... Read More

More Uses for Your Business Plan

You have invested a lot of time and energy on... Read More

Getting Started with Succession Planning: Part I

GETTING STARTED WITH SUCCESSION PLANNING: PART IA survey of 4,300... Read More

Vendor Relations Strategies Sample Outline

One of the quintessential parts to any business is your... Read More

Who is Responsible?

While writing an article recently on effective ways to bridge... Read More

Don?t Just Talk About the Weather, Use It to Advantage

A well known, national chain of restaurants discovered that certain... Read More

The Top Ten Rules of Effective Networking

Many of us are discouraged by the networking events that... Read More

Strategy Without Tactics is Futile

From time to time there seems to be a flurry... Read More

Business Results - Four Critical Success Factors

Scenario OneDuring a recent presentation, a business owner was given... Read More

Communication Strategy During A Time Of Strategic Planning

"Rubbish!" shouted the large, aggressive man in the red-striped shirt... Read More

Cost-cutting Essential to Maintaining Profits

Why cut costs now? Efforts are multiplying to cut costs... Read More

Legal Strategies in Business Plans

Writing a Business Plan these days is tough, venture capitalists... Read More

Describing Intellectual Property in Your Business Plan

Most companies that are worthy of raising venture capital have... Read More