Over the last 15 years in business, I’ve created dozens of income streams that have bullet-proofed my business, bringing consistent cash flow regardless of seasonal valleys or dips in the economy. The first step in creating your own multiple income streams is to assess your resources. What talents, abilities, strengths and tools do you have? Are you good at sales? Do you communicate well with people? Can you write? Do you have a flair for the artistic? Do you have a unique skill or ability that others do not? Do you know how to sell things on eBay and Amazon? Write down all your skills, knowledge and talents.
Then write down all the physical resources you have. Do you own a computer? Do you have a color printer, a scanner or a digital camera? Can you burn CD’s or DVD’s? Do you have an unlimited long distance plan? Do you have one of those little gadgets that can record a phone call? Perhaps you have a cell phone? A parcel of land? A van? A pickup truck? Write it all down – write down anything of value that you have that could be used as a resource.
Now, think about your friends and family. What do they possess that you have access to? Do you know someone who is a fantastic marketer? Do you know someone who is a copywriter? A lawyer? A mechanic? A chef? Everyone you know is a resource to you. You are not an island! You have access to the talents, skills, knowledge and resources of everyone around you. You may have to barter with them for their resources, but what they have is available to you!
Let me give you an example of what I mean here. My friend, Alanna Webb, and I have been developing internet communities since 1995. We have lots of friends who are webmasters of large internet communities which represent millions of page views of internet traffic per month. A couple years ago when the bottom fell out of the banner ad industry, many webmasters were struggling financially. Through a serendipitous string of events, Alanna learned about a type of advertising that some businesses were buying up like ice cream on a sweltering July afternoon. In addition, they were paying excellent rates for it.
Not only were our sites candidates, but also were those of our friends. So together, we started an advertising network and sold these advertisements on all of our friends’ sites. In a period of 6 months, we sold over $50,000 in advertising revenues for our friends and ourselves. It helped a lot of people put food on the table while solving a marketplace need.
So as you assess your resources, look beyond yourself! When you think creatively, you make the pie bigger for not only yourself but for those around you.
This article is an excerpt from Marnie Pehrson’s ebook Bullet-Proof Your Business with Multiple Income Streams. Click here to learn more about it.© Copyright 2005 Marnie L Pehrson