Diversifing Streams of Income

You are rocking and rolling my friend!

By now you should either have a nice slow but steady drip of sales coming in or perhaps the faucet opened wide and they’re flowing in thick & fast!

Either way, once you feel comfortable with your content efforts, your review system is all setup, you have ad campaigns running and things are moving along ticketyboo, it might be time to add in some further streams of income to make your store even more profitable.

Income stream 1

You of course have your store. That’s where the bulk of your sales will come from.

Income stream 2

Can you add a digital product to complement your physical products?

For example, let’s say you sell golf equipment. Can you create a video series and interview / video golf pros on perfecting your swing?

Or perhaps you sell pet products, can you also sell pet training or grooming video training or an ebook?

As per my gardening example, not only do we sell gardening tools, but ebooks & videos on different elements of gardening.

There are a multitude of ways you might be able to add a digital product to your arsenal and be able to offer it out to all your current and new customers visiting your store!

Income Stream 3

Much like No 2, but taking it a step forward, can you offer a coaching or consulting service to your store.

For example a friend of mine recently asked for advice on selling her skin care products and something she wants to do is charge for one to one online facial training services.

Back to my pretend gardening site, if you remember one of my income streams was a done for you service to design your garden.

Maybe you sell jewelry that you make yourself can you charge an hourly fee for someone to get lessons directly from you for them to start making their own?

Perhaps you sell female empowerment t-shirts & products because you’re passionate about women stepping up. Can you sell hour long empowerment coaching sessions for ladies who need a bit of support and encouragement?

Income Stream 4

Now you have a bit of traffic coming to your site, can you attract sponsorship or advertising deals for well placed and relevant products or services complimentary to yours?

Income Stream 5

Perhaps there are lots of products on Amazon that compliment but don’t compete with yours. Can you become an Amazon Associate and affiliate for those products, by adding them to your site?

Using Ladyboss as an example again, she sells supplements, merchandise, coaching programs, digital programs and a book. She pretty much does it all!

You don’t have to go this far, but you can see the potential to diversifying into lots of streams of income.

Please note though….

Start with one! Focus in, make it work and then add in others as you grow.

Get big doing one thing, stay big by diversifying!