How To Achieve Multiple Streams Of Income In Your Home Business

It is best to start a business that has multiple streams of income but you need to be successful with one income stream first before you can start to develop more. Fortunately there are a lot of different home business ideas online to help you make this happen.

Starting your own multi level marketing business is just one way of doing this. In this article let’s talk about using the network marketing business model to develop as many streams of income as you desire.

1. Build systems for lead generation. This is the real beauty of the Internet and how it can be used to build an MLM business.

The old days of prospecting in person are long over. There is nothing to say that you cannot still do it – by all means if you enjoy it, then do so! However you may find that you have more success by generating leads online.

When we talk about building systems for lead generation we are talking about a couple of primary components. One essential thing that you need is a squeeze page, also known as a lead capture page.

When you market this directly you encourage people to sign up for something by giving you their name and email address. All of the letters are stored inside an autoresponder so that your prospects will be followed up with automatically.

The whole process can be automated and set up in advance so all you do is promote the landing page and let the autoresponder follow up for you. The more names you get into your autoresponder the more potential new distributors you will enroll.

2. Find unique products. All sorts of products, both digital and physical are being marketed through network marketing programs.

Internet based products are very good because you can build a worldwide business without worrying about shipping them. This also makes it easier to enroll people all around the world when the products can be accessed online.

This means that when you advertise your opportunity you can enroll people no matter where they live. However, this is easier to do it if you are dealing with products that are somewhat unique and can be enjoyed by the masses.

3. Join more than one business opportunity. This is the key to ensuring that you earn more money online.

It used to be you only had time to build one network marketing business. You were actually frowned upon if you were in more than one opportunity at a time.

A large number of successful online marketers promote one or more network marketing opportunities. They are aware that the best way to generate multiple streams of income in MLM programs is to promote more than one opportunity at a time using as many different methods as possible.

These are just 3 ways that you can generate multiple streams of income – if you look further you will find even more.

Multiple Revenue Streams Keep A Solopreneur Solvent

To build a successful career as a Solopreneur consultant requires courage, resilience, possession of marketable skills and relationships with people who are willing and able to refer or endorse you for paid project assignments. Solopreneur consultants must have a talent for selling, the discipline to create and pursue business goals, a knack for big picture thinking and implementing strategies and an understanding of human nature and motivation. The ability to attract good luck and dodge bad luck helps, too.

Precious few Solopreneurs are able to just “go to the office” everyday and delve into the usual work. In order to generate the preferred amount of business revenue, we understand that creating multiple revenue streams may be necessary and to make that possible, we must recognize the marketability of our skill sets, in aggregate and in segments. As well, we must learn to package, promote and sell our skills and value to prospective clients.

Consider my revenue streams, for example. When asked, in my short form elevator pitch I say that I’m a self-employed external consultant who provides business strategy and marketing solutions to mid-size for-profit and not-for-profit organizations. What that means in reality is that I’ve facilitated strategic planning meetings at not-for-profit organizations; edited a 100 page nonfiction book and also served as its photo editor and project manager; developed curriculum for a series of 90 minute sales skills training workshops; and periodically I teach business plan writing.

I’ve been fortunate enough to regularly win business strategy development or marketing campaign assignments, but the fact is that there are often gaps and in response, I’ve learned to branch out and offer segments of my skill set to clients or employers as a way to maintain my required cash-flow and, whenever possible, also enhance my brand. In my experience, it’s the ability to leverage one’s perhaps infrequently promoted competencies that help Solopreneurs to create and sustain a profitable business venture.

My friend Adela is a busy educational consultant who works with college bound high school juniors and their parents to identify suitable colleges for the student and navigate the application process. Adela’s business appears to be thriving, yet she nevertheless teaches Spanish at a local university (she was born and raised in Mexico and came to the U.S. to attend Notre Dame University).

Jackie, a friend of many years, is the founder and manager of a small, full-service fitness center that became very successful in that highly competitive market, yet she teaches a fitness class at another gym a few miles away. Why? Because she gets to observe another style of fitness center management from the inside, she receives training in new fitness techniques that she can evaluate for inclusion in her own gym and she earns a few extra dollars each week, something that a mother of four can always use. Sometimes you can get paid to research the competition!

My friend Carole toggles between freelance marketing gigs at technology companies and corporate positions in that sector. She’s a Lotus alumna who’s also worked for tech giant EMC, distinctions that command respect and open doors in the tech industry. In between corporate gigs, Carole goes out on her own to develop marketing strategies for tech start-ups. A couple of years ago, she was offered a position as director of marketing at one of those start-ups, but when the inevitable reorganization occurs, she’ll re-enter Solopreneur life.

So, Solopreneur friend, I invite you to put on your thinking cap and brainstorm how you can create additional revenue streams by exploring how certain segments of your skill set can be packaged and promoted to current and prospective clients!

Thanks for reading,

Kim

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