Just like investing, earning business income should not be done from only one source. When you invest, you choose a wide variety of different types of businesses in which to invest in order to leverage losses and keep them to a minimum. The same thing can be accomplished with your business income if you diversify the places from where you can earn, and the types of products from which you can earn.
It doesn’t matter what kind of business you have; you can multiply your earnings by creating multiple streams of income.
First, create a product or service. Then figure out different ways to make money from it. You can offer a whole sale price for your product and even a bulk order discount on services. You can sell your product full price on your own website or if it’s a physical product in a store.
You can recruit affiliates (start with customers) who will promote the product and/or service for you. You can write a book, and open up a coaching business or consulting business. You can even teach a class about your topic. These are all different income streams surrounding the same product or service. Continue reading
Profiling your customers is an important method of gathering information to help you better serve them. You’ll not only be able to create more targeted marketing materials, but you will also be able to create better products and services as well as improve the offerings you currently have.
Nothing can improve sales more than enhancing your current customers’ experiences with your company. If you practice customer profiling correctly they will think you are reading their mind, but they will not feel exploited since you will keep all their information only for your purposes.
The things you need to know about your customer are:
- Family situation
- Income level
- Cultural background
- Purchasing habits
- Shopping behavior