How to leverage your current ideas and products into multiple revenue streams

Written by BZ Riger-Hull, Certified Success Coach

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 onrepparttar big picture and clearly seerepparttar 117082 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 sellrepparttar 117083 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 andrepparttar 117084 costs of marketing and customer or client acquirement and boost your profits. Itís 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 onrepparttar 117085 same program for $49.00, a series of teleclasses onrepparttar 117086 same program for $69.00, a full day seminar onrepparttar 117087 same program for $125.00Ö

This allows clients to chooserepparttar 117088 product that isrepparttar 117089 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 understandrepparttar 117090 quality and value of your offering.

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