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Fortunately, things have changed today. The Internet has made it easier, quicker, and cheaper to generate multiple income streams. .

Creating more than one income stream sounds overwhelming, after all, you already have one source of work, now you need to create more But adding more income options into your existing business doesn't have to be overwhelming, and also the benefits of having of several sources of income make it worth the effort. .

Beyond making more money, there are several great reasons to consider building more than one source of income, including:

Its simpler to create several little income producing streams over one large one. For instance, its easier to create three streams that earn $1,000 than one stream that earns $3,000. It reduces the probability of being left without any income. If youre laid off or one source of income drops, you have other sources to help you get by.

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Its hard to keep on top of tasks which need to be done for each and every income stream.  Its a balancing act to give enough attention to each income flow to keep them growing and profitable. Barbara Winter likens it to plate spinning.The startup time for each income flow is time and energy consuming. .

Even with the challenges, the benefits outweigh the potential issues, especially in the event that you build additional income linked to a existing home business.  Here are tips for adding more income streams to your own home business.

Take out a Piece of Paper and Write Your Main Business Product or Service in the Middle to Start a MindmapIf youre a virtual assistant, youd write VA in the middle of this paper.Create Four Spokes Titled Products, Services, Advertising/Affiliate, and Additional off of Your Main Product or ServiceThese are categories of types of income you can potentially generate off of your existing business.Create Spokes off of Each of These Categories With Suggestions on How You Can Earn Money in ThemEarning sources include publications, courses, merchandise, coaching, freelancing, speaking, training, selling advertising, and affiliate marketing.

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Under other, she can expand her business by bringing on contract virtual assistants and become a manager of a VA company. Not all businesses are going to be able to come up with ideas for each spoke, but every business should be able to come up with extra income flows from their home business idea. .

Focus First on Passive Income Streams That You Create Once, but They Continue to Generate IncomeFor example, writing a book is a passive income stream. You write it once and sell it over and over. The term passive is a bit deceptive since you need to advertise the book. Nevertheless, when compared with non-passive resources of income, which you need to do over and over to make money, such as providing a service, passive income flows require less time once theyre created.

Next, Focus on Income Streams That Can Expand Your BusinessFor instance, public speaking or teaching can create additional income, as well as generate new clients. Another option is freelance writing, in which you would get paid for an article that would also promote you and your business.Choose and Set-Up One Income Stream at a TimeThe planning and launching of a new stream is easily the most time-consuming.

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Wait Until One Income Stream Is up and Running Before Starting the NextIf you have several additional income ideas, wait until you've got one up and running prior to starting the next one. Work to get systems, schedules, and resources in place that will assist you manage existing income streams, which means you don't become overwhelmed.Drop an Income Stream If It Isnt WorkingYou want to present your additional income flows time and effort needed to get them running, but if they dont begin generating income or whether you hate it, drop it. .

Although adding income streams takes some time, creating them within your current business is faster and simpler than starting review entirely new income streams from scratch. This method of generating extra sources of income functions nicely for any size business in any industry. For instance, Amazon.com started by selling novels. Today it sells thousands of different products including its own solution, the Kindle, is a print and digital publication, and now produces television shows.  Many service-based business owners add coaching and books to their income streams. .

Bloggers who start with affiliate marketing, often produce their own books and classes to add to their income stream. You can create additional sources over at this website of income to your business, too. Learn about the rule of 78 for revenue streams.

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Diversifying your income is equally important, especially when youre running your own business. It helps ensure you arent putting all your eggs in one basket and provides you variety. If one income stream dries up, you will still have the others to drop back on.If you provide a service-based business, one way to diversify your income would be to incorporate residual income streams into it.