Many business owners are very concerned about their revenues in today’s economy. They usually have only one source of revenue - their services. So when just a few of their clients stop paying for their services, their revenue takes a big hit. If your revenue will take a huge hit if just a few of your current customers stop doing business with you, listen up! You must create more income that you can
add to your revenue model. Doing this will help you shield yourself from revenue going down dramatically when just a few of your clients decide to stop doing business with you.
Here are other income streams you can add to your business immediately:
- E-books. An e-book is a digital document that is anywhere from 30 to 500 pages. Create e-books on topics that are of interest to your target market and increase your revenue with every e-book sale.
- Teleclasses. Teleclasses are classes that taught over the phone. Teaching teleclasses is a good way to demonstrate your expertise and increase your revenues at the same time.
Material taught and discussed during teleclasses can be reused to create special reports, audio and other products.
- Audio Products can be delivered in two different formats. They can be instantly downloaded from your web site any number of popular audio formats, or you could burn them onto a CD and physically ship the product.
Either way audio products will help you increase your revenues since many people like listening to
information instead of reading it.
- Affiliate Programs. Even if you do not have your own products yet, you can still increase your revenue by promoting other people’s products. You can do that through affiliate programs. When
you register for someone’s affiliate program, you can promote their products and receive commissions every time you sell a product.
- Multimedia Products. You can create a large multimedia product by combining a few different formats of the same product. For example, when you teach a teleseminar, you can bundle together the teleseminar, its audio recording, a transcript, etc, and create a large multimedia product that you can sell.
- Advertising. You can sell advertising on your web site, blog and in your newsletter and create yet another income stream.
- Brainstorm and get creative! There might be another product that I haven’t mentioned but that you can create and use as an income stream for your business.
As you can see, there are many different products you can create for your business. Having many products and many income streams will help you keep up your revenues in any economic times.