How to generate multiple revenue streams for your startup?



Ideally, you should have multiple revenue streams to really accumulate wealth.

In addition to making sure you cover your life expenses or cover your business expenses, there are many revenue streams that also give you the capital to focus on long-term goals.  Here are four ways to build multiple revenue streams for your business.

1. Consider monetization resources

How to generate multiple revenue streams for your startup?

Considering how to optimize the money you earn./ ph: pexels

Creating multiple revenue streams doesn't mean you'll start adding some small business.  The first step is to consider how much money you make and how to optimize the money you earn.  

Ask yourself daily questions such as: "How can one support another?"  Or: "How can I reuse it?".

 There are many ideas for how to generate income.  For example, do you have an unused room in the house?  Sell ​​it on Airbnb.  Is there a video tutorial you don't use?  Complete and sell them as a course.

 Consider the resources you have and how consumers can benefit from to build a business plan out of what you have.

2. Create at least seven revenue streams

 In the process of building a business, try to think big.  It's great to have more than one revenue stream, but it's best to have seven.  

Jenna Kutcher, founder of podcast Goal Digger, shared that she read that the millionaire has seven revenue streams on average.  "So I spent a year building eight streams."

 When your goal is to generate seven streams of income, you should build resources and blueprints that can really help your client.  In other words, continue to diversify product services.  You know more than you think, so think about how you can share your expertise in courses or bundles of information that can be sold and downloaded online.

3. Remember that passive or surplus income is also a source of income

 Not all of your revenue streams should come from the products or services you're selling.  There are multiple streams of passive or surplus revenue that can continue to accumulate as you build or focus on your core business.  

Roland Frasier, founder of WarRoom Mastermind, recommends building these passive streams by adding different types of income.

 There are many examples, but consider adding income streams such as royalties, in which you own intellectual property for books and music, "he recommends."  Or dividend income, in which you own stocks or an interest in businesses that pay you a percentage of their excess profits.

4. Make sure at least one source of income is completely under your control

 As you continue to diversify your sources of income, you should keep at least one source of income under your control.  In other words, make sure you don't depend on the productivity of someone else's product to thrive.

 Building surplus income streams is easy but making sure you have a BIG enough resource of your own making real money that will help you control your own wealth.

 Using these strategies can at least help you generate multiple revenues for the year.  And the more revenue streams you have, the more revenue you have.

How to generate multiple revenue streams for your startup?

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