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- Generate Multiple Income Streams – Here’s How
Generate Multiple Income Streams – Here’s How
Whether you have a 9-5 and a side hustle or you’re a full-time entrepreneur, creating multiple income streams can bring great financial security and help you achieve your financial goals. Multiple income streams allow you to diversify the various cash flow sources that are coming in. You never want to be dependent on one income stream or one big client and risk losing it all. Try these ideas to help you start creating multiple income streams:
Set an income goal. Then list KPIs (for example, small milestones and also what steps you need to take to reach them). Download a free business plan template here
Create a mind map/ brainstorm on a piece of paper and write down what products or services can link to your current business model. If you’re an entrepreneur, think about how can you bring more value to a client by offering another service and upselling it to them. If you are employed by a 9-5 job, think about what skills and resources you have, and also what you can do in your spare time. Download our free business ideas guide here
Determine your prices - download a free template on how to calculate your services
Remember your network and contact them to let them know about your new product or service.
Plan and schedule your tasks – decide tasks you will complete daily (and/ or weekly) to get to your end goal. Read about how you can automate some tasks
Make sure you market your business and yourself, whether it is online or traditional advertising. For example, connect with past employers/former clients.
Write down your processes as you go along – whether it’s about how you are creating and setting up an online course or e-book, write it down, as well as how you will market it.
Also in this week’s newsletter:- Go from 0 to 1000 customers on Serv- Tech to help you run more than one or more businesses- Download the free copy of SME South Africa Tech Buyer's Guide
Have a great, productive week ahead!
Quote of the Week
“From the onset, I wanted to set up a business with a diversified portfolio to mitigate risk and to provide multiple income streams. Some businesses help keep the lights on and others are for long-term value creation.” - Ike Cha
New on the Website This Week!
**New Brand Review** E-Commerce Website Builder: WixGet more info on Wix, an e-commerce solution for small to medium e-commerce businesses selling both physical and digital products. Find out about the features, pros and cons, and the cost. Review all our E-commerce Website Builders (Squarespace, Yola, Shopify, Shopstar) HERE
Go from 0 to a thousand customers on Serv!
Starting a business is the beginning of an exciting journey, however, nothing beats getting your very first customer. Getting customers can be difficult, but it’s not impossible. You can start getting customers by simply registering your B2B service business on Serv today! Serv is the country’s first B2B service marketplace. We connect B2B service providers such as accounting, marketing, IT, web development, and business consulting services with businesses seeking professional services through lead generation.
Do you provide B2B services? Sign up for FREE and get listed in the directory. Get exposed to thousands of businesses looking for your services PLUS you can purchase leads on Serv and convert them into paying customers. Do you have any more questions about Serv? Visit our FAQ page and get all the answers! Serv B2B service marketplace is the only platform that: (1) allows you to buy leads directly,(2) exposes your business to new markets,(3) lets you to advertise your services,(4) helps you to engage with potential customers and(5) provides you with a full analytics report at the end of month. Upgrade to a Premium Serv membership from as little as R200 per month/ R2400 per annum! Hurry and register now and get a 30% discount when you pay for the full year!
Juggling Multiple Businesses? Use Tech to Help You Grow
Launch a website or e-commerce website to start selling your products or services online. Get a quote for a website builder here
Get a fibre connection to have fast, reliable internet so that multiple users (you and your staff) can be connected at the same time.
Get a POS system that you can operate in multiple locations. Some POS systems can also track inventory- and customers’ data. Read more here
Move to cloud computing so that your team can collaborate and share data from anywhere, meaning they can work from multiple locations. Read about online productivity tools here
Outsource and delegate tasks that you are not good at and let the experts assist you, especially if you don’t have a full-time staff yet. For example, you can find out what services digital marketing agencies offer, here
Keep your business expenses separate and invest in accounting software, which costs as little as R150 per month. It will keep track of your expenses and taxes. Read the full ACCOUNTING SOFTWARE review here
Have you downloaded the SME South Africa Tech Buyer’s Guide? Learn about all the tech and business solutions you’ve always wanted to get but were unsure of! Learn more about:
Accounting Software
Fibre
Web Hosting and Domains
E-Commerce Websites
POS Systems
Download the guide now and learn about all the features of each product, the benefits, and more.
