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Fortunately, things have changed now. The Internet has made it easier, quicker, and cheaper to generate multiple income streams. .

Creating more than one income stream sounds overwhelming, after all, you already have one supply of work, now you need to produce more But adding more income options to your existing business doesn't need to be overwhelming, and also the benefits of having several sources of income make it worth the effort. .

Beyond making more money, there are several great reasons to consider building more than one source of income, including:

Its simpler to create several small income producing streams over one big one. For example, its simpler to make three streams that earn $1,000 than one flow that earns $3,000. It reduces the risk of being left without any income. If youre laid off or one source of income drops, you've got other resources that will help you get by.

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Its hard to keep on top of all tasks that need to be done for each and every income flow.  Its a balancing act to give enough attention to every income flow to keep them growing and profitable. Barbara Winter likens it to plate spinning.The startup time for every income flow is time and energy consuming. .

Even with all the challenges, the benefits outweigh the potential problems, especially in the event that you build additional income linked to your existing home business.  Here are hints for adding more income streams to your home business.

Take out a Piece of Paper and Write Your Main Business Product or Service in the Middle to Begin a MindmapIf youre a virtual assistant, youd compose VA in the middle of this paper.Create Four Spokes Titled Products, Services, Advertising/Affiliate, and Other from Your Main Product or ServiceThese are categories of types of income you can potentially generate off of your existing business.Create Spokes from Each of These Categories With Suggestions on How You Can Make Money at ThemEarning sources include books, courses, merchandise, coaching, freelancing, speaking, training, selling advertising, and affiliate marketing.

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Under other, she can expand her business by bringing on contract virtual assistants and become a manager of a VA company. Not all businesses are going to be able to produce ideas for each spoke, but each business should be able to develop additional income streams from their home business idea. .

Focus First on Passive Income Streams That You Create Once, but They Continue to Generate IncomeFor instance, writing a book is a passive income stream. You write it click to read more once and sell it over and over. The term passive is a bit deceptive because you need to advertise the book. Nevertheless, when compared with non-passive resources of income, which you need to do over and above to earn money, like providing a service, passive income flows require less time once theyre created.

Next, Focus on Income Streams That Can Expand Your BusinessFor instance, public speaking or teaching can make additional income, as well as generate new clients. Another option is freelance writing, in which you would get paid for an article that would also encourage you and your business.Choose and Set-Up One Income Stream at a TimeThe planning and launching of a new flow is easily the most time-consuming.

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Wait Until One Income Stream Is up and Running Before Starting the NextIf you've several additional income ideas, wait until you've got one up and running prior to starting the next one. Work to get systems, schedules, and tools in place to assist you manage existing income streams, which means you don't become overwhelmed.Drop an Income Stream If It Isnt WorkingYou want to give your additional income streams time and effort needed to get them running, but when they dont begin generating income or if you hate it, then drop it. .

Although adding income streams takes some time, creating them within your current business is quicker and easier than starting entirely new income streams from scratch. This method of generating extra sources of income functions nicely for any size business in any industry. By way of instance, Amazon.com began by selling books. Today it sells thousands of other goods including its own product, the Kindle, is a Get the facts print and electronic publication, and now produces television shows.  Many service-based business owners add coaching and novels to their income streams. .

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Bloggers who start with affiliate marketing, often produce their own books and classes to grow their income stream. You can see it here make additional sources of income to your business, as well. Learn about the rule of 78 for revenue flows.

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Diversifying your income is equally important, particularly when youre running your own business. It will help ensure you arent putting all of your eggs in one basket and gives you variety. If one income stream dries up, you will still have the others to drop back on.If you offer a service-based business, one way to diversify your income would be to incorporate residual income flows into it.

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