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Hub You - Multiple Streams of Income – 5 Reasons Why You Absolutely Need it
Being criticised is something we all do as humans, though there is nothing wrong with this per se, it is how you do it that’s important. In Bob Burg’s amazing book ”Wining Without Intimidation” he says: “kiss ‘em before you kick ‘em” if only all managers use this technique they would get far greater results from their workers.The problem with being criticised is that it can create some of the worst feelings any human can have as it strikes out the core of your confidence. And so you need to prepare for this and be able to deal with whatever i
4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they'd rather do it themselves. Or maybe they don't have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you're widening your net. Not only are you able to help more people, but you'll also be making more money doing it.
Running a successful restaurant business is not an easy task. There are many issues that can come up and that must be dealt with immediately. In view of the daily chores that must be completed, most restaurants don’t bother to set any long term goals. However, you must spend some time on improving your restaurant and also set reasonable long term goals to succeed. Here are some tips for making your restaurant business a success.One tip for a successful restaurant is the location in which you restaurant is situated. This plays an important rol
There are a lot of things that can be multiple in a business, but in this article I’m focusing on multiple streams of income. In a nutshell, multiple streams of income means your business has more then one way to make money. For instance, you sell products and you sell services. Those are multiple streams of incomes. Why do you need them? Below are five reasons:
1. Make money while you sleep. This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren't working, you aren't making money. So when you're on vacation, relaxing over the weekend or (gasp) sleeping, no money is coming into the business. But let's say you create a product or two to sell in addition to your services. Now you've just created a passive income stream (passive meaning it doesn't require yours or anyone else's time). So if you are taking a nap or out walking the dogs, money can still be coming into your business. (What a concept!)
2. Leverage your time. This is especially true with income streams that are passive. Basically you're making money without it taking any of your time. Therefore, you can spend your time doing something else and still enjoy money coming in from a passive income stream. This is a good way to use your time wisely. (Rather than work for an hour, get paid for an hour, you can be paid several times in several different ways during that same hour.)
3. Fill your pipeline. If all you sell is high-priced services, it can be difficult getting clients to hire you. After all, clients need to trust you and trust they're getting a good deal for their money. If you offer products or lower-priced services, you're giving those customers a chance to "try you out" before plunking down several thousand dollars for a major project or consulting work. Because your clients' initial investment is lower, you have a chance to lower their resistance to hiring you.
4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they'd rather do it themselves. Or maybe they don't have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you're widening your net. Not only are you able to help more people, but you'll also be making more money doing it.
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Growing your business is a continuous effort and goal. Business owners and managers need to think and plan more strategically to grow their businesses. Here are thirteen (13) simple and strategic ideas that will help increase sale and profits, but will not strain or demolish your budget.1. Focus on benefits, not features, of your products and/or services and how you can provide a solution to a problem or opportunity.2. Select and focus on a clearly defined target audience as your market.3. Develop and implement an integrate
1. Make money while you sleep. This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren't working, you aren't making money. So when you're on vacation, relaxing over the weekend or (gasp) sleeping, no money is coming into the business. But let's say you create a product or two to sell in addition to your services. Now you've just created a passive income stream (passive meaning it doesn't require yours or anyone else's time). So if you are taking a nap or out walking the dogs, money can still be coming into your business. (What a concept!)
2. Leverage your time. This is especially true with income streams that are passive. Basically you're making money without it taking any of your time. Therefore, you can spend your time doing something else and still enjoy money coming in from a passive income stream. This is a good way to use your time wisely. (Rather than work for an hour, get paid for an hour, you can be paid several times in several different ways during that same hour.)
3. Fill your pipeline. If all you sell is high-priced services, it can be difficult getting clients to hire you. After all, clients need to trust you and trust they're getting a good deal for their money. If you offer products or lower-priced services, you're giving those customers a chance to "try you out" before plunking down several thousand dollars for a major project or consulting work. Because your clients' initial investment is lower, you have a chance to lower their resistance to hiring you.
4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they'd rather do it themselves. Or maybe they don't have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you're widening your net. Not only are you able to help more people, but you'll also be making more money doing it.
You see them when you enter hotels, motels and businesses of all types. I'm talking about floor mats with an imprint of the the business' custom logo. They serve a practical purpose. They provide a method for the customer to remove dirt and moisture from their shoes, thus avoiding slips and falls. They also remove dirt at the entrance to your building that would otherwise be spread throughout the building. Additionally, they add a touch of class to the interior entrance and a recognition by the customer of a committment to customer service and a pri
2. Leverage your time. This is especially true with income streams that are passive. Basically you're making money without it taking any of your time. Therefore, you can spend your time doing something else and still enjoy money coming in from a passive income stream. This is a good way to use your time wisely. (Rather than work for an hour, get paid for an hour, you can be paid several times in several different ways during that same hour.)
3. Fill your pipeline. If all you sell is high-priced services, it can be difficult getting clients to hire you. After all, clients need to trust you and trust they're getting a good deal for their money. If you offer products or lower-priced services, you're giving those customers a chance to "try you out" before plunking down several thousand dollars for a major project or consulting work. Because your clients' initial investment is lower, you have a chance to lower their resistance to hiring you.
4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they'd rather do it themselves. Or maybe they don't have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you're widening your net. Not only are you able to help more people, but you'll also be making more money doing it.
What would life look like if we stopped for just a moment and took a break from the pace of our daily lives and asked ourselves what we wanted? Would the response be, more of the same, less of the same, or perhaps, something completely different?Listening to the voice of our wise heart and the messages it offers is simple. However, we make it hard to “take” the time to be with our true selves. The precious insights we have about life can be discovered in challenging times, quiet times and joyful times. Dawn Brown, Author of That Perception T
3. Fill your pipeline. If all you sell is high-priced services, it can be difficult getting clients to hire you. After all, clients need to trust you and trust they're getting a good deal for their money. If you offer products or lower-priced services, you're giving those customers a chance to "try you out" before plunking down several thousand dollars for a major project or consulting work. Because your clients' initial investment is lower, you have a chance to lower their resistance to hiring you.
4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they'd rather do it themselves. Or maybe they don't have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you're widening your net. Not only are you able to help more people, but you'll also be making more money doing it.
When it comes to looking after our customers, quite often there’s a gap, a huge gap between theory and practice. There are books about customer relations; there are videos about customer relations; there are Gurus (mostly self-appointed) about customer relations. None of them actually have to deliver customer relations. That chore is left to what was known in the last two World Wars as the PBI – as in “Poor B….y Infantry”- the foot soldiers. The front line people, your front line people. So what do they make of it all?You know about Pareto
4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they'd rather do it themselves. Or maybe they don't have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you're widening your net. Not only are you able to help more people, but you'll also be making more money doing it.
5. Diversify. The more income streams you have, the less devastating it will be to lose one. Not to be negative, but things happen. Industries change. Economies change. People want different things. If all you offer is services, and those services suddenly become obsolete, what happens to your business? Or, a more likely scenario, what if you lose your biggest client? Or a couple big clients at the same time? Sure, eventually you'll find other clients to make up the difference, but what happens in the meantime? What if it takes a month or two or six? Your bills certainly won't wait that long. But if you have other income streams, a dip in your services (or a dip in product income) is no longer so scary because you'll still have money coming in.
Creativity Exercise -- Find time to create multiple income streams
Probably the hardest part of creating multiple income streams is a lack of time, especially when your primary business is service based. So, now that you know how important it is, how are you going to find the time to start doing it?
Here are a few ideas to get you thinking:
* Hire a virtual assistant (VA) or bookkeeper to take care of some tasks you have no business doing anyway.
* Create systems in your business so you can complete business tasks faster and more efficiently.
* Raise your prices so you can take on fewer clients and make more money.
* Dedicate a Saturday or Sunday to working on your business. (Be careful with this one as you could very quickly end up burning yourself out.)
Get a pen and paper and do some brainstorming to see how you can find more time to start creating more income streams.
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