The Easiest Way to Create Multiple Revenue Streams
When you’re an entrepreneur, your #1 goal is to make as much money as you can in as little time as possible. Many times, however, this is easier said than done.
Depending on your interests, passions, and what you’re actually good at, you can develop several related streams of income that are tied together yet operate on their own accord to bring you the income you desire.
I’d like to delve into this subject with caution – there’s no “one answer fits all” solution, but hopefully by the end of this article you’ll have a clearer understanding of how you can earn more money from various sources.
Make A List
The first thing you’ll want to do is write down – yes, with some actual pen-on-paper action – all of the things that you’re interested in and passionate about.
You might ask, But what if what I’m interested in is not that popular?
The answer to that question? It doesn’t matter, and besides – it’s probably more popular than you think it is.
Let’s say you’re interested in building ships in a bottle:
By the nature of this art, it’s very difficult to do and takes lots of patience. Because of this, if you were to run advertising selling your ships in a bottle to 30 to 55 year-old males starting in Maine and down through coastal cities along the East Coast of the U.S., you’re probably going to get a pretty good response.
Now, imagine if you also had four or five other products or services you could sell related to this. Maybe you’re good at woodworking, finances, painting, web design, etc.
You could create processes and routines to sell all of these products and services.
Sell It Online
You’re probably wondering, So what IS the easiest way to create multiple revenue streams?
Sell them online.
It might seem like an obvious, cop-out answer, but it’s true. If you sell your products and services locally, sure, you’ll get some customers through word of mouth.
The problem with selling locally is that unless your product needs to be replaced on a regular basis (e.g., selling coffee to customers every morning in your café), your customer base will eventually dry up and you’ll be forced to change what you’re selling or go out of business.
That’s no fun.
A better way that I’ve found is to focus 100% of your efforts completely online and create a digital marketing strategy. It’s the easiest and the most trackable way to get your business ventures off the ground.
One at a Time
A big mistake I’ve made in the past, and it’s still haunting me to this day a little bit, is that I took on too much at one time and it caused chaos in my life…not to mention stress!
The key to making this work is to develop a short-term plan for each venture, and a long-term plan for when to start each one.
Remember this, if nothing else:
Goals are your best friend.
Goals have a start date, a timeline, and a deadline. Give yourself enough time to finish each goal before starting the next one. It’s extremely tempting to launch multiple ventures all at one time (which is kind of impossible since you can only DO one thing at a time), but trust me when I tell you that it never works out that way.
Figure Out Your Budget
When launching a business venture, you need to ask yourself a few things:
- Will it cost more than you can afford to get started? Don’t max out credit cards to make it happen – boostrap everything, raise funds, and be patient.
- How demanding is the market? You can see how popular different search terms are by using a free tool called Trends, developed by Google. Try search terms that people might type in to find what you want to sell, and see what is popular enough to use.
- What will you need? Treat each venture as a full-fledged business, even if you’re selling multiple products and services under one business name, and make a detailed list of any software and/or subscriptions you’ll need.
Set Up a Website
Once you have your ideas, products, and services on paper and develop a solid plan to earn money from each venture, then it’s time to build your first website.
Pitch Alert: Yes, I encourage you to work with Cassus Media to build your website, and here’s why!
Your website will provide a platform to highlight the product and service that you’re selling, and give your customers a way to contact you and/or pay you directly on the website.
If you need some help getting started, book a free consultation with me here.
Paul Cassarly is a U.S. Marine Veteran, entrepreneur, and musician living in Altoona, PA. He is a graduate of the Berklee College of Music in Boston, MA and holds a Bachelors of Music Production.
Paul has assisted businesses with their marketing needs throughout the U.S. and Europe. He founded Cassus Media in 2017 to give himself a creative outlet and forge his own career path.
Currently, Paul is involved in several business ventures and leads a busy life. He always makes sure to make time for his family and their two cats, Boo & Adora.
About Cassus Media
Founded by Paul Cassarly in 2017, Cassus Media is a marketing agency that is involved in various business ventures and provides website, audio, and video production services to small businesses around the U.S. Learn more →
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