Money, Money – Finding Wealth in All the Right Places

How to Create Multiple Streams of Income to Add to Your Bottom Line!

“Multiple income streams allow you to diversify your efforts and your talents. If you loose one income stream you have others to fall back on while you replace the one you lost.”

This past week I had the privilege to attend Loral Langemeier’s BIG TABLE in South Lake Tahoe, Nevada. I came away from that experience bursting with ideas and more than that a solid game-plan for how I was going to create more prosperity in my life and that of my clients.  You can read my Story here http://wemagazineforwomen.com/flying-first-class/

Have you ever noticed that when it comes to making money, some people just seem to be “lucky,” that money comes to them with what looks to the world like little or no effort. Others just cannot figure out how to add to the income they already earn. Even hard work doesn’t seem to help them get ahead. Maybe that’s the problem! It isn’t about luck at all or even hard work. Multiple streams of income require a person to have a plan, a process and a pocketbook (or bank account, investment account in which you put all that extra money).

Having multiple streams of income has several advantages. It offers more security, helps build your nest egg and gives you more peace of mind. So just how do you create those income streams to achieve all this… and more? Do you have a full-time job working for someone else? Do you have a small business that is not yet turning a profit? Are you retired or semi-retired?

There are many benefits to harnessing the POWER of multiple income streams. You can increase your customer/client base by providing a needed/wanted product or service. You can make money while you sleep (passive income). When you have passive income streams you can leverage your time and use it for those things you want to put effort into whether it be work, family, recreation or otherwise. Having multiple income streams give people the opportunity to choose a product or service they can afford and “try you out.” Multiple income streams allow you to diversify your efforts and your talents. If you loose one income stream you have others to fall back on while you replace the one you lost.

There is more than one way to make money. Multiple income streams could be products and/or services you add to your current business or it could be a totally different source for creating more income. There are many ways to add income streams to the one(s) you currently have working for you.

Here are just a few:

1. Add a new product line to your offerings. I have a retail florist and when mylar balloons hit the market (several years ago) it was a product we did not offer. I started out small buying only a few pieces of a select number of styles (a moderate initial investment). When people started asking for them I knew they were a hit and increased the line from five styles and sentiments to well over 250. This added 17% to my bottom line the first year.

2. Add a service to your offerings. A dentist I know bought a software program that showed people what they would look like with straighter, whiter teeth. Teeth whitening soon became a staple of hers rather than an option. She told me that the first month it was used, the software program paid for itself five times. This one service added 37% to her bottom line.

3. Help someone else with a job they don’t want to do and that you are skilled at and capable of doing. The Virtual Assistant emerged because business owners realized there were tasks they just didn’t want to do or were not good at accomplishing.

4. Create a home-based business. Multi-level marketing companies have captured many entrepreneurs who want to add to their income stream and some have gotten rich from MLM products. Make sure you have a passion for the product and a willingness to “sell” other on the idea. The real money is made in building your team.

5. Informational products are sought-after by the masses. Be sure you have information someone wants to ‘buy” and that can’t be gotten all over the WEB for Free. Informational products can include ebooks, special reports, audio/video offerings, software, printed books, booklets and more!

6. Sell stuff on ebay. Many a wealthy person started out with her own eBay market. Check out www.ebay.com for information on how to become an eBay Power Seller.

7. Create a website and sell products/services and advertising space on your site. By the way, if you don’t already have a website or blog presence, now is the perfect time. Today a website just levels the playing field in business. What I love about it is that it makes businesses of all size look larger than life. If you need a good web designer or blog expert, drop me a line.  My team at Redhead Marketing can help you get listed and more importantly, FOUND online!

8. Become an affiliate of several companies and market, market, market via your website, email messages, ezines, brochures, postcards and letters.

9. Bundle your products and services to sell at a package rate and sell more of what you already offer.

10. Offer a teleclass, seminar, workshop or other event. Charge an entry fee. Sell informational products with the event. Record the event to resell to those who were unable to attend.

11. License your program or service. The key to building wealth is duplication, duplication, duplication. Offering your programs to other resellers give you a way to duplicate your brand without the effort involved in delivering it yourself.

12. Start a product of the month club. We have a flower of the month club to which people pay an annual fee and get flowers every month for a year. A great way to sell your product ONE Time. You could create a monthly ezine or newsletter and charge a subscription fee (more on this in another post).

13. Create a monthly/weekly service offering. A good friend of mine is a massage therapist and many of the clients she sees are on a every weekly or monthly schedule. She offers this service at a lower discounted rate. This guaranteed income helps you plan how to use your free time to get more business.

14. Tutor, teach, write for others. If you have a specialized knowledge or skill, capitalize on it – charge for it. Add to your income stream.

15. Sign up to participate in online and in person surveys and focus groups. Some pay money for your input, others pay with products. I signed up with Plaza Research and participate in two focus groups a year. The pay ranges from $75 to $250 dollars for a one or two hour session so I make on-average an extra $400 per year for less than 4 hours work! If you did this with several companies, you could add a lot to your bottom line without creating any product or service.

16. Freelance in an industry in which you are proficient. There are many industries that hire part-time seasonal staff and pay premium dollars for the extra help.

In my next post I will share eight tips to help you carry out your Multiple Streams of Income Campaign.

If you would like to learn more about Loral’s  Big Table, or join the Live out Loud Community (for free) visit Live Out Loud TODAY!