Multiple Income Streams
Home-Business-Help.com
18 July, 2004

Getting Started Written by Steve: HBH Admin Dont worry, this pic isn't me... I dont wear glasses..? A short introduction about myself for those that haven't read anything about me yet. This intro is to qualify my comments on this subject. Multiple income streams the passive way. I'm 49 yrs, a Fully licenced Plumber and Gasfitter (self employed). I've built all my own homes myself. (not that building houses has much to do with this though) I've built up, run and owned several businesses in the real world that have involved marketing one thing or another with mixed success. I've 9 years or so experience online in multiple areas of internet use. These include my love of webdesign as well as hosting services, graphics design, p/c construction, repairs etc., plus a few online small businesses where I quickly learned, that a lot of so called online businesses are not what they are cracked up, to be to say the least. This does not make me an expert at all, but it has given me a broad range of experiences to draw from. Enough of me for now. Back to the plot.... You already have your primary business selling your "widgets" and you would like to add to your income but not die ten deaths financially or physically doing it ...hmmm...sound familliar? Tall order? No, not impossible by any stretch of the imagination. Your multiple income streams should be developed from new businesses you take on board that do not hinder, degrade or conflict in any way with your primary business preferably. Many people have second and third and sometimes more businesses running in the background so to speak. This is a very sound business practice and in alot of cases a lucrative one. As long as you pick the right ones? Much is said online, of making the most from multiple business income streams. A very true statement indeed if done in a sensible, thought out way. In this article I only want to focus on the basics. ( im my usual dyslexic way I'm afraid ) I think myself, that the way to go about this, when looking at adding new income streams, is by trying to incorporate any new business enterprise that you take onboard, into, or alongside the ones that you have at the moment. Using as far as possible the tools, skills, resources that you are already using now to operate your primary businesses. Online or web based businesses are probably the easiest types of businesses to achieve this goal, as opposed to "real world" businesses that seem to take far more individual resources and time than do web based marketing ones. The tools and skills that you develop to operate one web based business are usually very similar to the ones that are needed to promote just about any online enterprise. When you go looking for your next add-on business, you might like to make sure that you pick one that does not stretch your available resources, nor should it have as a pre-requisite, the need to pour funds into large product expenditure or extra advertising costs etc. The type of business, that you ideally should look for, is one that can be operated in a passive manner and not in an active way. Passive businesses tend to be run in the background as I mentioned above and do not have the need of huge cash inputs, nor huge amounts of time to promote them. To define passive as opposed to active in a little simpler way, I ask you to... take a look at your potential new business opportunity. If it does not require that you do much more, than to market its products in the same,    or similar ways that you are using and doing with your primary business now. If it does not need to use up resources, that you would normally use for, or allocate    to your primary business . If it does not need to take much extra, valuable time, away from your primary business. If it has no need to keep product stock, nor the need for time consuming paper work. If it has full company backing and support so that you aren't tied up 24x7    doing all the leg work with your new members or customers to get your product marketed. ( THIS IS what i would call a perfect Passive secondary business.) A full on actively run business on the other hand, has far more reaching effects and consequences that involve much heavier costs, time and commitment. I will cover some of the main points to watch out for when engaging, or thinking of getting involved, with a second buisness that requires an " ACTIVE" business approach in future articles soon. ------------------------------------------------------------------------------ To continue though.... As mentioned above, much is said about passive businesses online and to this end I make two very strong clear comments. 1/ A passive secondary buisiness, still will take some limited time and some resources. As in all businesses, real world or online.. ( " DO ABSOLUTLY NOTHING / EXPECT ABSOLUTLY NOTHING " ) 2/ Your new passive business must still have "REAL PRODUCTS" It should not be one of the plethoras of "SCAM" type opportunities that we trip over, or more to the point have shoved in all our faces every day online. You know how they go ....... (Earn cash fast.... no selling....no effort...) and all you need to do is just pay $29.95 to become a gold "upgraded member"and we do the rest".?????.. Yerr right ... These types of cash based money making schemes do work very well ... FOR THE ORGANISERS / PROMOTERS / OWNERS of them but be assured that in real life these types of businesses no matter who operates them or how they are presented they " DO NOT WORK " They are, these days presented in many many forms," be very aware is all I can advise " One simple way I identify them quickly is... ok you go to their website and get the full blurb thrown in your face, then go and check to see if you can ring on a land line, or if they have a real address " not a post office box number ". (Usually they don't and you can't) so do yourself a favor, just close the browser and leave. ------------------------------------------------------------------------------ Your new income stream must have a very REAL product range to stand any chance. Preferably... your new business's products should fit the best standard working model of ideal products to market online or off. The product/s on offer need to have at least these features below. I might add that these features apply to PASSIVE or ACTIVE business products. NOTE:These features will make a Passive business much easier to operate online. ( You, I know, realize that the main features required will vary from product to product) But you will find that if the business that you are looking at has a product or range that does not have the majority of these features , you will be hard pressed to do much with it.. ------------------------------------------------------------------------------ The 1st main feature or requirement that "unbelievably" alot of people overlook is...... would, and more to the point "WILL" you use or buy the product for yourself ????????. You can be sure that if you won't or couldn't use the products that you have chosen to promote , no one else will either. ------------------------------------------------------------------------------ Your product/s should also... Be of top quality.. ( no one wants or will re-order rubbish ) Be of good value.. ( not many people will waste their money or over spend ) Be highly consumable preferably.. ( products that are used regularly by most people are the best for volume ) Be already used regularly by a large number of consumers .. ( more people will be willing to "change" to your product rather than "add" to their normal purchases ) Be of some benefit to the consumer.. ( people in general will not buy unless they derive some benefit from their buying experience of your product or range. ) "including the above mentioned ones" Be easily accessible.. ( most people have little patience. Your product must be able to be delivered directly and quickly ) There are a few other preferred features of your new business's product range that you may like to consider but perhaps are not quite so important. If you are focusing on your domestic market, you might like to pick a company based within your region or country. ( mostly people, deep down, do like to support their own local manufacturers or producers ) One other feature that only effects some products is that if the range does have any possible environmental impact, you might like to be sure that your new business's products do not fall into the category of being or having any effect that is to the detriment of our environment. ------------------------------------------------------------------------------ Applying the above check list to the next opportunity you look at may shead some light on its potenial at least. I am sure that if you use this type of check list, you will soon see if your new add-on passive business that you are looking at, is the best, or at least stands a chance of success. To summarize... We personally operate several online small businesses and have had some that did not work out like we had hoped. I think the fact that everyone has to deal with, is that we are all different and the over whelming amount of online opportunities available, makes it a little hard to exactly say what or which one is just the right for you. If you use a little of what I've mentioned above to at least sort through the opportunities that you take a look at, you will at least have a realistic chance of making your next add-on passive home business a going concern. ------------------------------------------------------------------------------ Keep your eyes and ears open as well as your mind. Your next add-on business could be staring you right in the face or be just around the corner but you might not be able see it yet.? ------------------------------------------------------------------------------ Remember... # Success is not only measured in dollars all of the time. # One persons measurement of successes is another persons measurement of failure. If it doesn't send you broke, or give you a migraine and you do have some fun, plus you enjoy what your doing ... gee wizz guy's, I think that also can be seen to be a great success. till next time. ( orr.. yer I forgot to remind you , I'LL BEBARK ) with more shooting from the hips style comments and advice... Kindest regards Steve your friend and... webmaster@home-business-help.com P/S Dont forget ,feel free to post any thoughts that you may have on this subject .