Wednesday, April 27, 2011

Because Two is Better than One: Creating Multiple Revenue Streams with your Small Business

Hello, hello! It's Brittni here from papernstitch. Over the next few weeks I'll be stopping by to share tips with you on running an online business, selling your wares, and other helpful tips and tricks. Today's post is about creating multiple revenue streams. So let's jump in...
Are you counting change to make ends meet? Do you want to make some extra cash with your small business? Of course you do. Who doesn't?
But where do you begin? Well, that’s the part that gets most of us stuck. And really the answer is less complicated than you might think. In fact, it's actually quite simple. You need to create multiple revenue streams. I mean, it makes sense right? If you have a regular 9-5 job and it's not bringing home as much bacon as you’d like, than you’d probably consider getting a second part-time job wouldn’t you?
Well, being an entrepreneur brings about the same set of circumstances. If the project that is making you money isn’t cutting it on its own, than you may want to consider adding additional revenue streams.
"Additional revenue streams? I don't know. That sounds a little scary."
It's not. I promise. In fact, here's an example: You sell handmade jewelry (bracelets, necklaces, and earrings) online, and you're really happy with the items you are creating. But you're not making enough sales to quit your day job anytime in the near future. Well, that's when it's time to start working in those multiple revenue streams. Since you already know how to create beautiful jewelry, consider teaching a paid class where your students can learn how to make their own unique pieces. That's additional income right there. Or consider compiling patterns or kits that you sell in addition to your pre-made pieces that give potential customers more options for buying. That's additional income stream number two. And here's another idea... Branch out. Start seeking wholesale orders for the jewelry line that you already sell online. Having an offline presence in addition to your online one, will expose your work to new audiences and it will start widening your cash flow too. And one more thing... don't rule out other products you can sell online, such as Ebooks and Ecourses. Use your expertise to put more money in your pocket.
That wasn't so hard, was it?
So the next time you are scratching your head trying to figure out how to grow your business, think about the ways you can move beyond that singular thing you are already doing and bring in some additional streams of income using the expertise you already have.
Brittni Mehlhoff is the editor of the handmade blog, papernstitch, where she regularly writes a small business advice column for artists and makers. And she is also the founder of the art and handmade exhibition site, also named papernstitch.

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