The old adage of putting all your eggs in one basket and watching the basket does not work in a society that is has constant change as it’s mantra.
Multiple streams of income means dividing and or adding to your products and services so that you can have an income from each of them. A recent example was small insurance firm that was struggling with it’s marketing process. I asked the owner what he was selling and the answer was “insurance” . All his marketing material was branded as “insurance” . He saw himself as an insurance sales person instead of a firm offering solutions to many of life’s problems.
We broke down the various products he sold and them put the target market by each product as well as the value that that product provide to the market. The next step was to take each of the target markets identified and to look at two factors:
- How is the best way to reach that specific target market?
- What is the profit that each product delivers to the company?
This simple exercise gave us many possible sources of income and many target markets to consider. It also allowed us to look at the profitability of each product and to select those that we felt provided the best value to our clients and a reasonable profit for the company.
Next was to take each selected segment and devise a new marketing plan for that specific product.
New energy was created as well as a new outlook for marketing. The owner found out that he truly had the potential to create multiple streams of income.
Change is the only constant if business today and by creating multiple streams of income within your present structure will help you see your entire marketing process in a new light.
No, we did no accomplish this in one hour, but the six weeks it took us to develop and implement the entire multiple stream concept is now reaping great rewards.
If you think you can, you can. And if you think you can’t, you’re right.
Have a Great Day!
Certified Financial Planner
Business Coach and Mentor