Having Multiple Streams Of Income is vital to your business success, with a few tweaks you could create new products and services that help your business grow and make you more profit.
But how can we actually do this? Keep reading for more information.
(I made this video on Route 66 at the Cadillac Ranch in Amarillo. This is one of the most unique income streams I’ve ever seen in a business.)
This business is a great example of Multiple Streams Of Income.
At the Cadillac Ranch is a gift shop people stop in and buy their gifts related to Amarillo and the surrounding area.
The owners of Cadillac Ranch were looking at how else they could make the gift shop stand out?
These guys created their own tourist attraction and it became a destination on Route 66 visited by hundreds of people each day. Therefore it made a once struggle gift shop into a super profitable gift shop overnight.
They came up with this very novel idea of burying Cadillacs in the middle of a field. Who would have thought that would be a good idea?
To make money they sell spray paint you can use to paint the Cadillacs, a very unique idea which is super busy all year round. In other words they created an experience that was totally unique to their business. This got them featured in every guide book and their shop is packed every single day of the year.
The possibilities in your business endless — if you want your business to become more successful, you need to look for different ways to add more value to your customers, especially to your products and services.
Think about your business, what other income streams can you add to your existing business?
A digital course?
New accessories for the product you sell?
A faster more expensive service?
Yearly maintenance of your product?
Your customers want to buy additional products and services and if you don’t offer them they will go elsewhere to buy.
Money doesn’t grow on trees, however it does tend to multiply when you work smart.
By having multiple streams of income, you’ll have your money working hard for you and make more profits.
The Cadillac Ranch was smart, they created a totally unique income stream that got them on the map. Think about what else could you be selling to your existing clients.