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One important thing to remember when developing multiple revenue streams they should be complimentary to one and other. This will allow products or services to cross promote each other appealing to 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 initial creative process, but once 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 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 ideas you have had for starting a business while you still have pay security of your current career.
~~~ Resource Box ©BZ Riger-Hull. http://www.in-spiros.com For valuable free articles, assessments, & practical success tools mailto:A1@smartautoresponder.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.