I remember the first time I heard about “multiple income streams”. It was back in 2005 after I had launched my baby blanket business.
I had set up shop on my website and planned to sell Swaddleaze and Blankeaze from there. My best friend said, “Are you going to sell them in gift shops and boutiques, you know, at wholesale?”.
Honestly, I had never heard of wholesaling before. I didn’t even know it was an option.
I thought about it, researched it a bit and decided that selling my products at both retail and wholesale would be an awesome way to create two streams of income. Ka-ching.
Having more than one stream of income not only increases your profit faster, it also increases your security.
Because when you have multiple streams of income, you don’t have to panic when business is slow or work from a big client dries up or you just need some extra cash.
And the best part about multiple streams of income? Every business owner can create them, whether you’re a blogger, product seller or service provider.
Here are 10 streams of income you can create:
1. Wholesale your product – If you only sell your product at retail, consider branching out into the world of wholesaling. Wholesaling is the sale of your goods, usually in large quantity at lower prices, to a retailer for resale purposes. To learn more about wholesaling and how to do it, check out Get Retail Ready.
2. Retail your product – Do you currently only sell your product at wholesale? Then consider selling it at retail. You can set up your own online store quickly and easily or sell on sites like Amazon, eBay and etsy.
3. Create an affiliate program for your product – You can reach more customers and add a nice (passive!) income stream by recruiting affiliates to sell your product for you.
Affiliate programs can be created for physical products (like blankets, blenders or blazers) or digital products (like e-books, audio files or video tutorials) using sites like e-Junkie, Digital Delivery App or Share-A-Sale.
4. Write an e-book – Do you have knowledge, information or experience in a particular area that you could share with others? Then write an e-book and sell it. Not sure how to write and sell an e-book? Check out ebook Evolution from Kelly Kingman.
5. Offer consulting - Share your knowledge, experience and information by consulting with people one-on-one. For example, if you’re a successful graphic designer, you can teach new designers how to set up their website, price their packages, buy the software, bill clients, create a portfolio, etc.
6. Teach a class – Like consulting, teaching a class allows you to share your knowledge, experience and information with others, but on a larger scale. You can teach classes locally or offer them online using a cool Internet-based “classroom” like Instant Teleseminar.
7. Speak – Are you great on stage? Then launch a speaking career and another stream of income. You can speak at conferences, trade shows and sales meetings and earn money doing it. Learn how from Chris Brogan, speaker extraordinaire, right here.
8. Become an affiliate - If you have a blog or website, you can join affiliate programs and set up affiliate links to different products and services on the web. When someone signs up through your affiliate link, you get a small cut of their advertising revenue. That can add up if you get a lot of affiliate sales, and you don’t have to do any of the work to produce physical and digital products. Read how Glen Allsop earns thousands each month through affiliate marketing.
9. Sell newsletter subscriptions – Again, if you have knowledge, experience or information to share, you can profit from it by writing a newsletter and charging a subscription fee for it. Once you build up your subscribers, you can make a nice chunk of change from it. Last January, Chris Brogan started a weekly newsletter called Blog Topics. He charges $9.97 per month and now has 480 subscribers. You do the math.
10. Sell advertising space – Do you have great traffic on your website or blog? Have tons of newsletter readers or podcast listeners? Then sell advertising. Learn more about selling advertising in Anna Viele’s awesome free ebook.
So, what income streams are you going to add to your business? Tell us in the comments.
Photo by Only Alice