4 Ways to Grow Your Business by Adding Multiple Streams of Income

Adding multiple streams of income is a smart move when it comes to seeing growth in your business. It may seem like the latest trend in the biz world, but it’s actually been around for a while — it just looks like different things for different businesses.

Larger corporations may be more familiar with the term ‘residual income.’ And SMBs may be more aware of ‘passive income.’ But essentially, they mean the same thing. They’re all about creating avenues into your business for additional income.

When they’ve been set up correctly and optimised accordingly, your new streams of income should automatically run in the background, freeing up your time to focus on your premium service or offering.

If you find that your income is inconsistent (killer months followed by woeful months) or if your business growth is inconsistent (you lurch from client flood to client famine), then set up one or two streams of income to help you find more balance in your bottom line.

Here are 5 ideas for income streams that, in our experience, work very well for small businesses:

#1: Create Online Courses

Regardless of whether you offer a physical product or service through your business, creating a course around your…