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    Take Your Business to another Level with Multiple Streams of Income

    If you're like the majority of entrepreneurs, you aren't content with letting your organization sit in idle mode for long. You need it to continue to cultivate and reach the amount of success that 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 are talking about it for a reason--it works. While a small business might be able to run with a few products and services for awhile, it's the introduction of new services and products that expands the bottom line.

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

    Yahoo! got its start 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 hundreds of visitors were logging on and the duo realized that 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 reach over 345 million individuals. The long set of services offered include web hosting, e-mail, personals ads, yellow pages, maps, instant messenger, a shopping network, and dozens of other services. A lot 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 a favorite destination for coffee lovers, and the passion for an excellent cup of java was the foundation for this hot company that began in 1971 as a little shop in Seattle's Pike Place Market. Once established, Starbucks began adding new products, just like the signature Frappucino, to reel in customers. Patrons may 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. You can find currently 4593 company-owned locations and yet another 2158 licensed Starbucks locations, proving that thoughtfully planned revenue streams can catapult a company into phenomenal success.

    eBay began in 1995 as a forum for swapping Pez dispensers and contains 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. More than 1.4 billion items were listed for sale in 2004. Acquisitions of PayPal, an online payment processing service, eLance, a directory of freelance service providers, and several others also have helped eBay grow in record proportions. eBay has sites in more than twenty countries, serves up a popular storefront program, hosts user conferences, and continues to grow the customer base via an affiliates program.

    Home Depot crafted its niche by offering customers a large variety of products once the doors opened in 1978. Now over 1800 stores strong and with 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 popular 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 how one can build on the foundation. Ask yourself these questions:

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

    *What services or products could lure in new clients?

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

    *How may i implement my new offerings?

    *How will the new offerings affect my bottom line?

    Here are ten suggestions 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 own website, in your e-zine or at your place of business.

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

    6. Offer new services and outsource them to contractors.

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

    8. Create your own products for resale.

    9. Train others to perform a business likes yours.

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

    Not merely can the introduction of a fresh product or service boost your bottom line, nonetheless it can boost exposure for the business. Since a lot of people need to be subjected to something or service at the very least eight times before they pull out their wallets and purchase, your business should 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 cultivate a business. You need careful planning, capital, and an excellent marketing plan. Even the largest companies started out small so with a little ingenuity plus some careful planning, your organization could be the next success story.

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