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A business that offers more can no doubt earn more. For those with limited products or services, it can be a challenge to increase your earnings. However, you might not see the opportunities and not know how you can expand further —yet.
Like having one job, it won’t be enough for a person to make money that’s more than enough. There will always be a need for both individuals and businesses to find more ways to make money. This will not only avoid a low or inconsistent income but also reduce risks and build long-term wealth.
One effective way to avoid this is to create more income streams through your expertise. This will result in a more consistent and steady flow of income for your brand.
The health and fitness industry is wider than it seems. There are lots of opportunities to build multiple income streams. Doing this will not even need a huge amount of investment. You just need to use the right strategy and execute it the best way possible.
As a business, there are a few things you should know when building more income streams. The following are:
Focus On What You Know
As an entrepreneur, you must stick to what your business does and offers. It is a challenge not to deviate from your core business when you’re creating more income streams. Even those who stick to what they are known to do sometimes fail to apply what they know.
One example is a meal prep company that claims to cater to those who are trying to lose weight and those who are trying to increase body mass. However, their knowledge and products are only limited to cater those trying to lose weight. Customers who are trying to do otherwise would later realize that the products are ineffective and opt out from ordering. Instead, it can focus and establish itself as a business that helps people to lose weight. The business must also focus on this when creating new income streams.
This is the importance of making sure that you sell what you only know. Selling or offering different, unrelated, and ineffective things can harm your business. Aside from offering services or products with little to no value, it will decrease the credibility of your business in the industry.
Know everything there is to know about the industry you’re in. Make sure that you’re knowledgeable in the core products or services of your business. Later on, it will set you as a leader in the business you’re in and open other opportunities for more income streams.
Create A Product or Service With Your Expertise
Once you’ve established yourself as an expert in your field, explore other opportunities. Think of ways you can sell this knowledge and expertise to deliver more value for your customers. An easy one is offering services that can help your current customers without extra production costs and investment.
Using the meal prep company as an example, lessons or coaching sessions to find the right meal plan is one service you can offer. You might be offering great products, but the customers may not know to choose the type of products according to their needs. Offering your expertise as another channel will maximize their use of your products while you increase your business income.
Do not confuse your market with what your business does with a variety of offerings. Create new products and services based on your knowledge and expertise. Connect and relate them to your core product or service. You may also align them with your strengths and strategies. This way you are expanding your business without going too far from your niche.
Promote and Improve It
After creating new income streams, promote it the same way you do for your main products or services. Offer it as another service to help your current customers. You can also promote it to attract new customers. You can use channels such as digital marketing or email marketing to do so.
Do not treat these new income streams as a sideline that you can set aside once in a while. They will start producing significant numbers for your business once gaining attraction.
Improve them and keep them updated with the changing market demands on a regular basis. Most of all, you will have to make sure that you’re offering your expertise first. If you’re using too much money to create new income streams, you may not see significant changes in your revenue. Sell your knowledge as the main star. By doing so, you are giving value not only to your customers but to your business as well.
Tried and Tested
Jeremy Buendia, a four-time Mr. Olympia Physique Champion was a testimony to this. He started with a low and inconsistent income from clothing and the occasional affiliate sales. But what appears to be a dead end was a huge opportunity. Together with Fitness Media, we created Jeremy Buendia Fitness. From earning as low as $1,000 a month, we were able to push these numbers to as much as $50,000 a month.
However, we didn’t do it by any luck, we used the right strategies and created multiple income streams through his knowledge and expertise in the bodybuilding industry.
Learn everything you need to know about creating new income streams for your business in detail. Through Jeremy Buendia Fitness: A Case Study, we will carefully explain the strategies and plans to success.
Grab a copy of this eBook right now and start learning how you can create multiple income streams for your business through your expertise and knowledge.
