Tuesday, October 4, 2011

Create multiple streams of revenue

The weather in Grapevine is incredible after an entire summer of 100+, isn't it? I am loving it. I want share with you an important component to building a successful business, but I want to start with two questions. 
  • How many income buckets do you have? Do you have 1, 2, 3 or 10? This is an incredibly important question to ask yourself.
  • And, do your income buckets require active selling to generate any revenue?
It is an important component of business for you to have multiple streams of income or multiple buckets, and some of those buckets need to generate income residually. As an exercise for you to work on, I want to ask you to spend an hour over the next week brainstorming other ways you can generate income through your clients and relationships by bringing more value to them.
Next week, I will share with you several strategies to creating multiple income buckets. And, the reason this is so important is that all markets fluctuate to a certain degree. You do not want to be held hostage by one product or service. Develop multiple streams of income starting today!

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