If you have a home based business, sometimes it can be challenging to make ends meet. But did you consider that you may have multiple streams of income from your product based business?
When I retired from full time, on the road, sales repping, we were faced with adding multiple streams of income quickly or fold our business. I was not healthy, my wholesale business had declined due to the downturn in the economy, and we were scrambling to come up with new ways to create income.
We came up with a few really profitable ideas, some of which, I would like to share:
- Multiple labels for the same products! If you are looking to sell in mass market outlets and independent gift shops, a second label is a perfect solution.
- Repackaging the same products differently — which is similar to the first suggestion. Once again works for selling to different outlets.
- Expand your product line to include accessories, such as earrings to a necklace line.
- Start a website drop shipping product that complement your own line. A friend of ours tried this with pet products.
- Write an ebook on how to do your craft or product.
- Teach a class on making a type of product you create. Film the class and sell the video online.
- Selling advertising blocks on your website.
- Become an affiliate for products your customers may like.
- Open an AdWords account and place Google ads on your website.
- Start a membership site — for crafters or producers in your field. Offer a monthly webinar or eguide each month.
- Buy your supplies in large quantities and part out smaller quantities to sell to other crafters or producers.
The above are just a few of the options you can pursue to add multiple streams of income to your business. Personally, we have tried and succeeded with many of them.
How about you? Can you think of any more good ways to generate income from your business that I have not listed here?
Please share your thoughts and ideas with us.