Posted on October 22, 2014 by Donna Price, Marketing Strategist & Business Consultant
Bizology.Biz — the science of building YOUR thriving business — improving and increasing business results has added new modules and updated information.
What is residual income? It is income that comes into your business each month after you have made the sale or entered into a customer partnership. You have done the work in the beginning and then because the product is a consumable product, the customer continues to buy the product or service, month after month, without continuous sales cycles. We see this type of model in many services that we use in our homes — cable or satellite television services, phone services and in some of the consumable products we buy — food, cleaning etc.
But have you created such a revenue stream in your business? It gives your company predicatble and reliable income, month after month, while you are also developing new clients and customers. Your renewing customers are laying a foundation of income in your business.
Many businesses think they have created that consistent revenue stream but in reality it can evaporate as quickly as it appeared, leaving the business floundering.
Working with other companies can be one way to create additional streams of revenue into your business. This is one of the strategies that I have implemented in my business. I shop regularly for my family and business. Now, I do some of that shopping through my own businesses. It has become a strong revenue stream to bring other services and options into what I offer to clients and in building new clients.
I love watching people create new income and thrive in doing so… I love helping them do that through coaching and mentoring them…. and I love seeing the results in a changed lifestyle.
What are your dreams? How are you making them happen for you and your family?
Take 5 minutes right now and write down your vision and dream. Then read it every day.
If you aren’t realizing your dreams, then call me. I have lots of resources, ideas and strategies for helping you to LIVE your dreams instead of daydreaming!
You can create a business that is thriving and viable even in the worst economy. Ensure that your business has redunancy in revenue. Don’t count on one stream of income. Create multiple streams of income. Integrate other resources that enhance your business and your life — and result in additional income.
As a business owner, you know that you are on a great path and that there is no turning back. It’s like an addiction. Once you have tasted business ownership it is hard to imagine going back to a J.O.B.! So make sure you are creating strategies that ensure your success.
Category: Social Media Marketing