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Why corporations have to create new income streams

What if Amazon nonetheless solely offered books? What if Starbucks solely offered espresso? What if McDonald’s solely offered hamburgers? Wouldn’t it be Amazon, Starbucks and McDonald’s? Have you ever ever heard of them? Possibly, however in all probability not.

So why do you retain promoting solely the identical services or products?

What Amazon, Starbucks, and lots of different nice corporations, each giant and small, have discovered is {that a} key to continued success and development is creating new income streams, a number of revenue facilities.

Look, I get it, being self-employed might be laborious. Even after issues have lastly gotten off the bottom and change into a actuality, there’s at all times extra work to be finished. Particularly, a type of ongoing challenges is determining how you can create an everyday and constant stream of earnings. Some days this feels easy, whereas others it would not.

If you happen to’ve been at it for some time, then you definitely’ve already found some stable methods that be just right for you and what you are promoting. You recognize that this sale or product is a winner. You could have created what I name a recipe for fulfillment. Identical to a chef or a baker, your recipes can be utilized time and again to create the identical monetary end result. That is the way you make your dough (pun meant). Your recipes might be something: Twitter adverts, month-to-month gross sales, an e-mail publication promotion, and so on.

Small enterprise: 6 Certain Methods to Lose Prospects

Nevertheless, the issue with the recipe methodology is that it may possibly backfire.

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