WHY DO IT

In new entrepreneurial era where most businesses are aligned to World Wide Web, a smart wealth building strategy is diversification. With multiple revenue streams you not only avoid putting all your eggs in one basket but also create several sources of income so that when there is a slump in one other one is still around to keep cash flow healthy. When you offer a host of related and complimentary products and services to customers you are offering them more value and opportunities for repeat business. Not only that diversifying also means you spread out your risks and minimize cost of marketing and acquiring new customers. Offering multiple products and services gives your business a challenge and friction required to keep moving ahead.

Last but not least, creating a multifaceted business is also good for creative spirit of owner

GETTING THERE

Let’s start with an example. Say you are a small business owner-manufacturing pet grooming tools. You set up a great website to offer your products online to an existing and potential base of customers but want to expand your sales and maximise profits. Diversifying into related product and service fields is just idea for you. Here are some thoughts to get you started:

1.Sell your own products: you can sell your own product (pet grooming tools), earning largest profit margin. This should be your main source of income, so make sure you focus on this first.

2.Sell related services: You could also sell a service that complements your products or that your customers might need before or after using your product. Your pet grooming tools sales site, for example, could offer grooming service and consultation with professional pet care providers.

3.Drop ship products: Next, you could find products available to drop ship that complement your main product. Maybe your new pet grooming tool owners will need other items for their pets. Find a drop shipper that offers leashes, collars, food bowls and pet toys and arrange to offer those products for sale on your site.

I really love that quote from Robert Schuller. Think about it ~ "tough times never last, but tough people do". This seems to have become my motto in life. If you were to ask me if I'm tough, I would honestly have to say that sometimes I'm tougher than at other times. Are you "tough" when it comes to this crazy Internet business?

Whenever I think about past failures with my Internet business, I wince. I've failed so many times. People thought I was crazy to try a "home business" that promises overnight wealth. There were times when I thought I was crazy! It not only made me poor and miserable (because I'm an "opportunity junkie", when I first started out, I joined almost all programs that came my way) but also frustrated. I spent countless hours, money and effort trying to make this business work.

I thank God that one day I managed to find key to success on Internet. Not only have I learned how to run my business so that it's simple to operate, but it brings me a good income so that I'll be able to retire comfortably. This is where toughness comes in. Even though I spent so much time and money on net, working very late hours and seeing little return, I didn't give up! I don't consider quitting an option and I'm so glad! Back when times were tough, I told myself I couldn't quit because I hadn't yet achieved goals that were so important to me.