Monday, June 8, 2009

Home Based Businesses and Multiple Revenue Streams

Home Based Businesses are springing up faster on the internet than dandelions on a sunny May afternoon. The average internet surfer can hardly go from point A to point B on the internet without being bombarded by advertising messages hailing the newest and highest paying home based business that will solve every persons financial woes. For those that are waist deep in a home based business and are struggling to survive, the answer to your dilemma is to diversify with multiple streams of revenue.

Many home based business owners operate one business and are perfectly content on working their business plan and pushing forward despite less than spectacular results. These same business owners are skeptical of the possible advantages that diversification can bring to their business through multiple streams of revenue. The commonly repeated response is that diversifying into other revenue producing business lines will distract one from the primary business plus it will erode their online credibility.

In response to the skeptics, let me make an argument for the necessity of online diversification for home based business entrepreneurs. Diversifying your online presence is not a sign of a weak business structure or a desperate plea to keep your business alive.

Every home based business owner should have an established list of loyal clients and prospects that are directly marketed to. Cross marketing a new business opportunity or product to your list is an excellent way to grow your business and build you downline through affiliate sales. The people on your list have stayed with you and trust your judgment. You have an ideal target audience that will increase your profits.

Have you ever heard the saying, “don’t put all your eggs in one basket.” Every investment strategist will advise you in your investment portfolio to diversify or spread out your exposure to risk. Well, this certainly applies to internet marketing as well! Your diversification efforts will minimize your exposure to risk and will maximize your opportunity for higher profits.

Lastly, building multiple revenue streams protects you from the continually shifting trends of online marketing. The turbulent tides and every changing booms of internet selling can make or break your business. You can join an online home business opportunity that is at the peak of its online presence and is about to crash. When you started the venture, you were not aware of the over-saturation of the businesses online presence. A diversified online business plan will buffer you from these possible scenarios.

Owning a home based business is a wonderful opportunity to experience time and money freedom compared to the burdensome task of the rat race of corporate America. Maximize your online presence and income by diversifying with multiple streams of revenue.

Michael Smith is a former youth pastor and church planter. He has also experienced significant success as a sales representative with a fortune 500 company, several home businesses, and now is an emerging internet marketing specialist. His primary online business is in the wholesale travel industry with Lifetime Coastal Vacations and As a Level 3 Director with Coastal Vacations, Michael has built his business around a "no-hype" philosophy and an emphasis on sharing his knowledge and resources to help those who work with him to find success in their home businesses.

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