Take Your Business to the Next Level
with Multiple Streams of Income
By Stephanie Chandler
If you’re like most entrepreneurs, you
aren’t satisfied with letting your business sit in idle
mode for long. You want it to continue to grow and reach
the level of success that you’ve been dreaming about.
Well here’s you chance to light a fire under your
company’s success.
It seems that everyone is talking about
how to generate multiple streams of income, and they’re
talking about it for a reason—it works. While a business
may be able to run with a few products and services for
awhile, it is the introduction of new products and
services that expands the bottom line.
To get a better idea of how multiple
income streams can propel a business to new heights,
take a look at some of the biggest success stories.
Yahoo! got
its start in 1994 in a Stanford University campus
trailer as “Jerry and David’s Guide to the World Wide
Web.” Founders David Filo and Jerry Yang, PhD, began
keeping track of websites they liked. Soon hundreds of
visitors were logging on and the duo realized they had a
business in the making.
After incorporating in 1995 and taking
the company public in 1996, Yahoo! has grown to reach
over 345 million individuals. The long list of services
offered include web hosting, e-mail, personals ads,
yellow pages, maps, instant messenger, a shopping
network, and dozens of other services. Many of Yahoo’s
services are offered for free and revenues are generated
from upgrades to premium services, advertising,
alliances with other businesses, and the introduction of
new services.
Starbucks is
a favorite destination for coffee lovers, and the
passion for a good cup of java was the foundation for
this hot company that began in 1971 as a small shop in
Seattle’s Pike Place Market. Once established, Starbucks
began adding new products, like the signature Frappucino,
to reel in customers. Patrons can also purchase fresh
beans, mugs, candy, coffee brewing equipment, gift
cards, and music CDs, or indulge in the one of the tasty
ice cream flavors from the new retail product line.
There are currently 4593 company-owned locations and an
additional 2158 licensed Starbucks locations, proving
that thoughtfully planned revenue streams can catapult a
company into phenomenal success.
eBay began
in 1995 as a forum for swapping Pez dispensers and has
morphed into an on-line giant reaching more than 135
million users. To achieve its record growth, the company
expanded its product categories to include everything
from office supplies, sports memorabilia, and music to
real estate, automobiles, and concert tickets. More than
1.4 billion items were listed for sale in 2004.
Acquisitions of PayPal, an online payment processing
service, eLance, a directory of freelance service
providers, and several other companies have also helped
eBay grow in record proportions. Ebay has sites in more
than twenty countries, serves up a popular storefront
program, hosts user conferences, and continues to grow
the customer base through an affiliates program.
Home Depot
crafted its niche by offering customers a large variety
of products when the doors opened in 1978. Now over 1800
stores strong and with a selection of over 40,000
building materials and lawn and garden products, the
home improvement giant has expanded its offerings to
include installation services, how-to workshops, home
delivery, tool rental, truck rental, and a popular
series of books.
A Call to Action
So how can a small operation achieve even
a fraction of the success experienced by the big
companies? By emulating their business models.
If sales are flat or simply not growing
fast enough at your company, consider how you can build
on the foundation. Ask yourself these questions:
*What products or services would my
existing customer base like to see?
*What products or services could lure in
new clients?
*What products or services are being
offered by my competitors?
*How can I implement my new offerings?
*How will the new offerings affect my
bottom line?
Here are ten ideas to consider:
1. Offer consulting services in your area
of expertise.
2. Add a new line of products.
3. Form an alliance with another
business.
4. Sell advertising on your website, in
your e-zine or at your place of business.
5. Launch a second business that is
complimentary to your primary business.
6. Offer new services and outsource them
to contractors.
7. Create a subscription-based offering
such as a newsletter or mentor program.
8. Create your own products for resale.
9. Train others to run a business likes
yours.
10. Publish books, e-books or other
information products.
Not only can the introduction of a new
product or service increase your bottom line, but it can
boost exposure for your business. Since most people need
to be exposed to a product or service at least eight
times before they pull out their wallets and buy, your
business needs to be seen everywhere. New products and
services mean new methods of advertising and the
potential to expand your customer base.
Implementing a new revenue strategy is
not the only way to grow a business. You need careful
planning, capital, and a good marketing plan. Even the
biggest companies started out small so with a little
ingenuity and some careful planning, your business could
be the next success story.
About the Author:
Stephanie Chandler is an author of several business and marketing books
including "LEAP!
101 Ways to Grow Your Business" and “From Entrepreneur to Infopreneur:
Make Money with Books, eBooks and Information Products.” She is
also founder and CEO of
http://AuthorityPublishing.com, which
specializes in custom publishing and internet marketing
services, and
http://BusinessInfoGuide.com, a directory of
resources for entrepreneurs.
For author and speaker details, visit
http://StephanieChandler.com.
*This
article can be reprinted in full provided the author
resource box is included with the publication.
