3 Ways to Add a New Income Stream to Your Business

As a business owner, many times you are looking at how you can grow sales by selling more to your existing customers or finding new customers that you can sell to. Of course, these activities are very important to continue to move your business forward. With some creativity and hard work, there is another option that you should be looking at as well. This is creating additional income streams for your business. We will discuss 3 ways to add a new business income stream:

Jump Into Information Products

If you have a product based business, look for opportunities where you can expand into information products. For example, offer paid training, books, or online courses on topics that are pertinent to your products and industry. This is a great way to leverage your business and industry expertise and generate income from it.

The Power of Service

Be sure to develop and offer service packages and plans to support your products. This is a tremendous way to add a new income stream to your business. If you are selling a service, add up-sell options where you have a lower price service that anyone can afford and then premium service options on the back-end that can be lucrative for your business (and give great value to your clients).

Add a Consulting Angle

Leverage the knowledge of your business and industry and offer consulting services such as audits and even key-note speeches. This also serves the purpose of validating you as an authority and expert in your field. Then from your consulting work, you can summarize those key points into additional information products that you can sell.

The idea behind creating new income streams is like a hub and spoke. You can create other offerings off of your core business by tying it all together to give clients both products, services, and information to allow them to be successful.

Remember, running a business successfully does not need to be complicated.  Keep it simple!

For more information on business analysis, business planning, and ways to grow your small business profitably, please check out our website www.portalcfo.com.

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