Unique Beautiful Fun

      14 July 2017 by Sarah-Jane Smith

Income Streams

When you first start out in business you're delighted to get a sale - any sale.  As time goes by you might start to find that sales peak and dip at various times.  Maybe its seasonal, maybe its because of factors your customers are experiencing and nothing over which you have any control.  How can you overcome these peaks and troughs and stabilise your income?  One way is to look for other income streams.  An income stream is just another term for a different product or service that you sell.

I talked a while ago about Passive Income Streams (Blog No. 60 ) and these can be great to add to your list of offerings because it provides income with little or no input from you after the initial set-up.

Currently, I have three main sources of income - my cleaning company, my online art store and rent from investment properties.  In each of those main sources I have a number of different products or services.  For example, our cleaning company’s primary business is offering daily cleaning services for offices but we offer a much bigger range of products and services than just that.  We also offer carpet shampooing, window cleaning, stripping and sealing of hard floors, pest control and supply of all of their toilet requisites to name a few.  These additional products and services add considerably to our bottom line and also provide customers with a one stop shop for all of their cleaning needs.  If they need something beyond their daily cleaning service, we’re the first company they call.

The other way to provide alternate income streams is to consider your business and think about what add-ons or variations you could offer to your existing customers.  Do you have any additional services or products you could offer your customers to improve your sales and increase your income streams?  

If you're a service provider, and your currently work one-on-one could you offer a group service or run an online course?  If you currently work online, are there avenues in real life that could further your sales.  If you make or manufacture, could you teach classes or provide fact sheets or a short book on your processes or techniques?

Other income streams might come from new market outlets,  if you're selling in real life, can you offer an online alternative.  Is there another type of business that could use your services beyond your current clientele.

The whole reason for expanding your services or products is to increase your sales base and provide other avenues for growth and, so other avenues for sale.  The broader your sales base the better chance you have of riding those crests and troughs that every business goes through.

Till next time,

Sarah-Jane X