Got a home ... Want a ... ... sure route to home business wealth is to think ... as in multiple streams of income. You can easily develop new income streams if you do two t
Got a home business? Want a six-figure income?
The sure route to home business wealth is to think "multiple," as in multiple streams of income. You can easily develop new income streams if you do two things:
* find new ways to get customers; * add new products or services for sale.
Devising multiple streams of income should be a regular part of your strategic planning. I recommend you think hard about it at least every 90 days.
1) New Ways to Get Customers If your main source of business is the Yellow Pages, for example, what happens if your phone goes dead tomorrow? Your business goes dead, too. It's happened to others. It's happened to me. And it WILL happen to you one day.
You can _easily_ avoid this migraine-waiting-to- happen!
Set up at least two other sources of new business to support your main one. Start today. Here are some quick ideas:
* run low-cost classified ads in your local newspaper (or another paper, if you're already doing this); * give a seminar once a month and watch the new business roll in -- you can literally "speak and grow rich" this way; * pay for Web site traffic from GoTo.com, Sprinks.com or another pay-per-click search engine; * start REALLY cultivating referrals from existing clients -- tell them how much you enjoy working with them and ask for the names of friends who might want free information from you.
Exactly what you do is not important. Just get started on this business-building tactic -- that's what counts!
2) Add New Products or Services In addition, you should be offering multiple products or services, to offset any downturn in sales of one or the other.
Here's an often-overlooked place where you can look to find new product ideas -- the space between your ears.
Reason? You -- like every home business owner -- have a book in your head, waiting to be written. And you don't have to be a "best-writing" author to be a "best-selling" author, as Robert Kiyosaki, author of "Rich Dad, Poor Dad," points out.
Example: When David Garfinkel, president of Overnight Marketing, launched his "Killer Copy Tactics" Web site in April of 2000, he netted about $10,000 for his efforts. But all he really did was take existing content and "repurpose" it for sale and use as an ebook.
What do you already sell in your home business that you could also sell as a book ... or ebook, audio tape, video, newsletter, tele-class or live seminar? There really are NO limits here.
It's no secret that almost all $100,000+ home business owners have multiple sources of customers, and offer multiple products and services. So, start setting up _your_ multiple streams of income. When you "recession-proof" your home business this way, you can stop worrying and start living your dreams!
Anne Marie Baugh New Owner of http://www.writebusiness.com and http://www.write-promotion.com. Excerpted from "8 Secrets of $100,000+ Home Businesses," by Kevin Donlin, a what-to-do guide with a built-in "success coach" and a "700 times" guarantee. Available from http://www.eightsecrets.com