If you have a home-based business, have you given thought to building multiple streams of income? When you are first starting a home-based business it’s easy to forget about that concept while you are just focusing heavily on one area.
Multiple streams of income are important for a variety of reasons. They help to build income on top of whatever you currently make. After all, when it comes to income almost everyone agrees: more is better! Also, multiple streams of income help to insulate your business against failure. In case one stream of income fails, you would have other sources of income to back it up and you would not be left with “all your eggs in one basket”.
One way to build many streams of income is to use affiliates. For example, if you have a home-based dog sitting business, you could set up affiliate arrangements with a multitude of dog products; and then promote them. Another way to build more income is to add additional products or services. In the dog sitting example, you could add dog grooming services to the choices and make more money with the added service.
Whatever your home based business is, don’t forget to include additional sources of income in your business planning.