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:A1@smartautoresponder.com.

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: bz@in-spiros.com

---

College Students and Graduates to Run Company Outlets or Franchises

Does your overall business strategy include the recruitment of college... Read More

19 Questions to Supercharge Your Business Plan

Whether you are seeking capital for your company or are... Read More

Do You Really Need a Business Plan?

"I don't need a business plan."Neither did Alice in Wonderland."Would... Read More

Insurance Requirements in Franchised Companies

Franchised companies often require what some believe to be excessive... Read More

25 Ways To Find Companies To Buy

When you start your program to purchase your "ideal" company,... Read More

Action Planning

ACTION PLANNING: Action Planning is a process to develop strategies... Read More

Dotcom Business Plans Archive Project

One of the most important initiatives in the domain of... Read More

The Best Entity to Hold Real Estate

Possibly THE most frequently asked question of me is "What... Read More

Clearing the Path: 4 Ways Fear Wreaks Havoc on Your Dream and What to Do About It

Please take a moment before you read any further and... Read More

Succession Planning: Problems Getting Started

A survey released by the American Institute of Certified Public... Read More

Benefiting from Strategic Thinking

I recently took an organizational behavior class where my professor... Read More

Top Ten Reasons To Create A One Page Business Plan

There is a story, about a business owner who wasn't... Read More

Dayton, OH; Why your Company needs to expand there

In Ohio: besides the 3-Cs you should look at Akron,... Read More

More Uses for Your Business Plan

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

A Unique Joint Venture Twist: Make Huge Profits Even If You Have No Money, No Products, and No List

Would you like to jumpstart your online or offline business... Read More

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

Diversify - to make diverse, give variety, to balance, to... Read More

Five Crucial Components of a Business Plan

The format of a Business Plan is something that has... Read More

Cost-cutting Essential to Maintaining Profits

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

When Do I Need To Hire A Business Plan Consultant

Every new business owner knows that a business plan is... Read More

Pressure Washing Entrepreneurs Can Help With Government NPDES Permits

If you own a pressure washing business one of the... Read More

Breaking the Growth Barriers in the Information Technology and Software Sector

There's nothing automatic about corporate growth, particularly in the information... Read More

Could You Be Setting Your Business Plan Up For Failure?

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

Microsoft Great Plains Implementation: Pharmaceutical Corporation Specifics ? overview

Microsoft Business Solutions Great Plains serves mid-size and large clients... Read More

5 Strategies That Will Boost Your Business Productivity Today! - Part 1

Building a dynamic small business is a constantly evolving, increasingly... Read More

The Power of Planning

I am surprised how few sales professionals, independent consultants, and... Read More

Completing the Annual Planning Process

Imagine an office without a desk, or lights, a computer,... Read More

How to Achieve E-commerce Success ?You Gotta Plan!

Before becoming a netpreneaur, I was an entrepreneur. First, I... Read More

How To Get More Business During The Winter Months

Business seems to drop, slow or even stop during the... Read More

Microsoft Great Plains in Aerospace & Defense industries ? implementation & customization highlights

Microsoft Great Plains fits horizontal markets clientele and in case... Read More

Your Business: Will It Have A Happy Ending?

"Begin with the end in mind," says Stephen Covey in... Read More

Strategy Without Tactics is Futile

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

Shortening Product Life Cycle!

The current state of the available technology at the disposal... Read More

Laying It Out On Paper

You might be thinking to yourself, "Why should I waste... Read More