Creating Multiple Revenue Streams Can Enhance Your US Small Business

The time is 8:00 AM on a Monday morning, and standard office hours will begin in an hour. However, you are not dressed in office attire, your briefcase gathers dust in your study, and you are not rushing outside to your vehicle, to begin your daily commute. Are you taking sick leave? Are you taking vacation leave? No, to “go” to your office, you sit down, turn on the Internet connection, and then boot up your computer. For a steadily increasing number of Americans, their home has also become their office. Each year, the US small business and US home business industry continues to skyrocket.

US small business is getting big. In the United States, a small business typically represents those companies with 100 or fewer employees. Today, small business in the United States:

· Produces over half of private non-farm gross domestic product (GDP)

· Accounts for over 45% of the total payroll for private companies

· Employs about 50% of all workers in the private sector

· Has yearly created 60-80% of net new jobs during the past decade

However, one of the most significant trends in US small business exists in the fact that about 50% of them are home-based. One of the most effective ways to succeed in home-based business is to create multiple revenue streams. As the saying reveals, we should avoid putting all of our eggs in one basket. By creating several revenue streams, when stream has become arid, we can rely on another successful one. Having multiple revenue streams for your US small business maintains a high level of creativity in you, reduces your marketing costs, provides your customers with more value, increases your opportunities for repeat customers, and broadens your scope of risk.

If your US small business were to launch a new website, you could implement several different revenue streams:

· Selling your own products ought to be your primary source of income, so focus on his task.

· Providing services that are linked can give your customers the goods that they may require prior to, or after, they have availed of your goods.

· Engaging in drop shipping goods could match your primary product with other companies’.

· Promoting affiliated goods can provide specific products that your customers would be attracted to. The key is to target the products to meet your customers’ needs.

· Marketing ad space can be done for those who share your target market.

· Creating joint ventures with similar industries can be done by e-mailing promotions about goods and services to your customers

· Launching an affiliate program can boost your standing and visibility.

“Digital Content” serves as an additional source of revenue. For a charge, this information can be downloaded from a website. It could include any information that can be transferred to a digital format, including, news, music, games, magazines, movies, and books.

Another method for creating multiple revenue streams for your US small business involves making investments in data mining. Data mining entails accessing huge amounts of data. It allows your US small business to focus on a wide range of customers with purchasing qualities that are shared, or to narrow your search to single clients. The ultimate goal is to determine who your target customers are.

The US small business industry and home businesses in particular, continues to skyrocket in America. Creating multiple revenue streams will ensure that your business does not become grounded.