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    Take Your Business to the Next Level with Multiple Streams of Income

    If you're like the majority of entrepreneurs, you aren't satisfied with letting your organization sit in idle mode for long. You want it to continue to grow and reach the amount of success you've been dreaming about. Well here 's you possiblity to light a fire under your company's success.

    It seems that many people are talking about how exactly to generate multiple streams of income, and they're discussing it for a reason--it works. While a business might be able to run with a few services and products for awhile, it's the introduction of new products and services that expands underneath line.

    To get a better idea of how multiple income streams can propel a small business to new heights, have a look at a number of the biggest success stories.

    Yahoo! got its begin in 1994 in a Stanford University campus trailer as "Jerry and David's Guide to the World Wide Web." Founders David Filo and Jerry Yang, PhD, began keeping track of websites they liked. Soon a huge selection of visitors were logging on and the duo realized they had a small business in the making.

    After incorporating in 1995 and taking the company public in 1996, Yahoo! is continuing to grow to attain over 345 million individuals. The long list of services offered include website hosting, e-mail, personals ads, yellow pages, maps, instant messenger, a shopping network, and dozens of other services. Full Time Job Market of Yahoo's services are offered free of charge and revenues are generated from upgrades to premium services, advertising, alliances with other businesses, and the introduction of new services.

    Starbucks is really a favorite destination for coffee lovers, and the passion for a good cup of java was the building blocks because of this hot company that began in 1971 as a small shop in Seattle's Pike Place Market. Once established, Starbucks began adding new products, like the signature Frappucino, to reel in customers. Patrons can also purchase fresh beans, mugs, candy, coffee brewing equipment, gift cards, and music CDs, or enjoy the one of the tasty ice cream flavors from the brand new retail product line. There are currently 4593 company-owned locations and an additional 2158 licensed Starbucks locations, proving that thoughtfully planned revenue streams can catapult an organization into phenomenal success.

    eBay began in 1995 as a forum for swapping Pez dispensers and has morphed into an on-line giant reaching a lot more than 135 million users. To achieve its record growth, the business expanded its product categories to add everything from office supplies, sports memorabilia, and music to property, automobiles, and concert tickets. A lot more than 1.4 billion items were listed accessible in 2004. Acquisitions of PayPal, an online payment processing service, eLance, a directory of freelance providers, and several others also have helped eBay grow in record proportions. eBay has sites in a lot more than twenty countries, delivers a popular storefront program, hosts user conferences, and continues to grow the customer base through an affiliates program.

    Home Depot crafted its niche by offering clients a large variety of products once the doors opened in 1978. Now over 1800 stores strong sufficient reason for a selection of over 40,000 building materials and lawn and garden products, the house improvement giant has expanded its offerings to include installation services, how-to workshops, home delivery, tool rental, truck rental, and a favorite series of books.

    A Call to Action

    So how can a small operation achieve a good fraction of the success experienced by the big companies? By emulating their business models.

    If sales are flat or just not growing fast enough at your organization, consider tips on how to build on the foundation. Consider these questions:

    *What services or products would my existing customer base prefer to see?

    *What services or products could lure in new clients?

    *What services or products are being offered by my competitors?

    *How may i implement my new offerings?

    *How will the new offerings affect my important thing?

    Here are ten ideas to consider:

    1. Offer consulting services in your town of expertise.

    2. Add a new type of products.

    3. Form an alliance with another business.

    4. Sell advertising on your website, in your e-zine or at your house of business.

    5. Launch a second business that's complimentary to most of your business.

    6. Offer new services and outsource them to contractors.

    7. Create a subscription-based offering like a newsletter or mentor program.

    8. Create your own products for resale.

    9. Train others to run a small business likes yours.

    10. Publish books, e-books or other info products.

    Not only can the introduction of a new product or service increase your bottom line, nonetheless it can boost exposure for the business. Since most people need to be exposed to a product or service at least eight times before they pull out their wallets and purchase, your business has to be seen everywhere. Services and services mean new ways of advertising and the potential to expand your customer base.

    Implementing a new revenue strategy isn't the only way to grow a business. You need careful planning, capital, and a good marketing plan. Even the largest companies began small so with just a little ingenuity plus some careful planning, your business could be the next success story.

    Stephanie Chandler is the author of "The Business Startup Checklist and Planning Guide: Seize Your Entrepreneurial Dreams!" and founder of [1], a directory of resources for entrepreneurs.