Most business owners rely on only one business as their sole source of income and cash. Don't get me wrong, if that one business is providing you with all the income you need or desire, then by all means continue on that path.
However, most business owners who make their living through entrepreneurship do so by maintaining several profitable revenue streams that bring in a steady and dependable flow of cash. Multiple streams of cash isn't anything new, especially today. We hear this most often in reference to having different lines of products and/or services.
For example: Yahoo! began as a directory, and gradually developed advertising to those who were searching the Web. Then it began to diversify, so today you can find Yahoo! investment information, white pages, online store hosting, e-mail accounts, and links to a shopping network. Lycos, Alta Vista, Excite, HotBot, and Infoseek and many other would-be portals are doing the same. Amazon.com began by selling books, then CDs, then videos and gifts, and I can't even list all the things their doing now.
The promise of multiple streams of cash sounds good. It takes hard work and a focused vision. But there are also other options available.
Multiple Streams of Profit Vehicles. There are many other ways to find additional sources of cash; some are right under your nose.
When you open your eyes to the potential cash opportunities that exist in the marketplace, you can begin to explore a constant and predictable flow of income.
Here are some quick tips to get you movin and shakin:
Clear Vision and Focus: Before you can venture off into other businesses or partner with existing businesses, you have to have a clear definition of where you're trying to go personally and professionally. Effició, Inc. has a very clear and concise vision.
Our business ventures were developed to achieve that vision. We are not trying to replace or forget Effició, Inc.; we are succeeding at executing Effició, Inc.'s vision by acquiring the monies needed to move the vision forward.
Time Management and Multi Tasking: Don't bite off more than you can chew! In order to begin other ventures while maintaining your existing one, you have to do things that you can manage. If your current infrastructure is suffering because of time and the inability to multi task, it's not a good idea to add additional stress.
Take the time to get your current business on track before acquiring another. Especially if it's the business you love.
Focus on Profitability and Low Investment Cost: Every business activity you do impacts other things; and sometimes those things allow you to gravitate to a complementary business. The key is to focus on the profitability potential of the new venture and it should have a very low investment cost.
For example: At Effició, Inc. we help small business owners build and grow profitable cash-rich businesses. Our vision includes developing ancillary solutions for our clients. As a result of feedback and being aware of trends in the market place we developed a service (which is a completely different business entity) that helps business owner's network more effectively.
We've acquired 3 clients before the venture launched just by fulfilling a need, but...it was easily implemented and our clients can transition to this service without much education.
Take some time to think about what problems your clients are having that you currently do not solve. Maybe there's an opportunity to create a new venture or partner with an existing business that provides the solution.
Realize there is no box! In order to see opportunity you have to be aware. Aware of current events, Aware of your environment, Aware of past experiences, Aware of new trends, etc. You never know where ideas or opportunities will come from. Be open and venture outside of your normal life to explore new things and meet interesting people. I'm not talking about networking, I'm talking about being an explorer.
Always keep your ear to the ground and act on those things that you can capitalize on.
Use Online Marketing and Networking to generate buzz and possibly cash! I can't mention this enough.
You've heard about the different courses we're offering and the successes our clients have had. Have you jumped on the wave yet? If not, it's time to let go of any fear or doubt and utilize the Internet effectively and profitably. If your a novice or are not sure where to begin, check out the free virtual tools telecourse I'm hosting.
Believe me, I was a novice when I started so the process I've created is easy and simple. Of course I would love to have you but the bottom line is..."Do you have a multiple online networks that generates leads and cash for your business?" You should!
Sherese Duncan, the 'Entrepreneur's Strategic Partner.' teaches entrepreneurs how to grow profitable cash-rich businesses. Get your free tips and report today: http://www.tacticalgrowth.biz/.