Home
>
Strategic Planning
>
How To Leverage Your Current Ideas And Products Into Multiple Revenue Streams

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, www.in-spiros.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: www.in-spiros.com

weekly home cleaning Highland Park ..

In The News:

Threat intelligence firm Synthient uncovers one of the largest password exposures ever, prompting immediate security recommendations.

Viral video shared by Elon Musk shows Tesla's Optimus humanoid robots performing tasks from cooking to construction, garnering over 58.5 million views on social media.

Chinese hackers used Anthropic's Claude AI to launch autonomous cyberattacks on 30 organizations worldwide, marking a major shift in cybersecurity threats.

Apple's new Sleep Score feature gives you a rating for your nightly rest quality. Learn how to set it up on your Apple Watch and iPhone today.

Essential phone settings to enable before losing your device, including Find My network, location services and security features for iPhone and Android.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Cybersecurity research shows weak passwords remain a major threat, with simple patterns and number sequences putting millions of accounts at risk.

New Android malware BankBot YNRK silences phones, steals banking data and drains crypto wallets automatically. Learn how this advanced threat works.

FDA approves first human trial for Paradromics' brain-computer interface that could restore speech for paralyzed patients through neural technology.

New phishing platform QRR targets Microsoft 365 users across 1,000 domains in 90 countries. Learn how to spot fake login pages and protect your accounts.

OpenTable now uses AI to track your dining habits and share insights with restaurants. Learn what data they collect and how to protect your privacy.

Google's discontinued Nest thermostats still secretly upload home data to company servers despite losing smart features, raising serious privacy concerns.

New Android malware NGate steals NFC payment codes in real-time, allowing criminals to withdraw cash from ATMs without your card. Learn protection tips.

DoorDash confirms data breach exposing customer names, emails, addresses after social engineering attack. Learn how to protect yourself from scams.

Concerned about Google's AI scanning your Gmail? Learn how to disable Gemini features that access your emails, Drive files and Chat messages for privacy.

Google warns Android users about dangerous fake VPN apps hiding malware that steals passwords, banking details and personal data from phones and tablets.

Apple's digital passport feature lets iPhone users breeze through TSA checkpoints this holiday season using Digital ID technology at 250+ airports.

A new phishing scam targets family photos with fake "Cloud Storage Full" alerts. Criminals steal credit card information through fake sites. Learn protection tips.

South Korean scientists create ultra-thin fabric muscles that turn clothes into robotic assistants, lifting 33 pounds while weighing under half an ounce.

Archer Aviation has acquired Hawthorne Airport for $126M to launch an LA air taxi network ahead of the 2028 Olympics, featuring AI-powered eVTOL operations and next-gen aviation tech.

Stay up to date on the latest AI technology advancements and learn about the challenges and opportunities AI presents now and for the future.

Fake AI apps disguised as "ChatGPT" and "DALL·E" are flooding app stores with dangerous malware that steals data and monitors users without detection.

Fake buyers demand specific vehicle reports from unknown sites to steal credit card information from car sellers, but warning signs can help identify these scams before paying.

Android users can now manage apps across multiple devices more easily with Google Play Store's updated remote uninstall button in the latest update.

NASA's Perseverance rover discovers shiny metallic rock on Mars that could be a meteorite from an ancient asteroid, containing high levels of iron and nickel.

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

Strategic Planning