The New Year is in full swing, and if you’re like most business owners, you’re looking for ways to add to your bottom line in 2017. Many bemoan the lack of options. But, if you know the basic laws of economics, and are willing to get a little creative, it is actually easy to become wealthy.
The trick is to have more than one income stream, regardless of what line of business you’re in. Here are four ways business owners are adding new income streams to their portfolio this year.
- Consider partnership opportunities. Partnership opportunities come in many shapes and sizes.
It could mean running a co-branded marketing campaign and splitting the cost with another company, but still reaping some of the benefits of the campaign. Or it could be as simple as monetizing your blog with affiliate marketing.
Odds are, there are additional monetization opportunities in your current line of business that you’re simply overlooking.
- Invest your profits. This should go without saying, but smart business owners invest. What you decide to invest in obviously depends on your risk tolerance, age and financial goals, but the important part is to get started.
Tobias Robinson, of Binary Options, a training house for options trading, says, “Investment opportunities are only limited by your imagination. Everything from options trading, to peer to peer lending, and regular stock trading are available at the click of a mouse. You can even uncover your risk tolerance, and educate yourself on various investment vehicles using free online tools. There’s no excuse for business owners not to be investing and diversifying their income streams.”
- Think about what you’re good at. This requires an honest self-evaluation of what you are naturally good at doing. If you love what you do, you will do it much better.
If you do not know how to evaluate yourself, try a quality free professional test. By taking an honest assessment of your strengths, you can brainstorm new ways to add revenue to your current business model, or even think of ways to make money on a side business.
- Consider what your competitors are afraid to try. Your competitors are the people or businesses who are good at doing what you are doing.
Identify their fears. If you do what they are afraid to do to appease your target market, you will have the cake, and eat it too. And nothing says additional income stream like solving a problem no one else is solving.
If you’ve fallen short on your business profit goals in previous years, let 2017 be the year you turn it all around. Start by adding one income stream, and then another and another. After all, just about anyone can earn a liveable wage, but very few people will ever become truly wealthy in their lifetimes. And if we’ve learned anything at all, it’s that wealthy people never put all their eggs in one basket.Business & Finance Articles on Business 2 Community