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5 Ways to Create
Multiple Income Streams
 As a sole proprietor of a
small cleaning company, you know just how challenging it is to make ends meet,
pay your employees and continue to grow your business. The service industry is
especially vulnerable to recessionary downturns. So when a client loses a job,
"luxury" services such as cleaning are often the first to get cut.
You suddenly realize (or realize yet again) how vulnerable your business is.
The best way to defend
your company from this vulnerability is to diversity your business model -- also
known as implementing a "multiple income streams" strategy. If this
is all still Greek to you, imagine your grandmother admonishing you "not
to put all your eggs in one basket" and you'll get the general idea.
While creating multiple
streams of income may be necessary to protect you from the ups and downs of the
market, it might seem easier said than done. Today we'll examine a number of
different ways to put that multiple streams strategy into place.
1. Have multiple types
of clients. If
you rely solely on one type of client -- all private homes in a particular neighborhood,
for example -- you are especially vulnerable to the demographic or economic
shifts that might affect that client base. To diversify your income streams,
begin by slowly branching out to add new clients. Perhaps that means adding an
additional neighborhood to your service profile. Or maybe you can reach out to
business clients to round-out your largely home-based cleaning business. Window
cleaning is another option, as is pre-inspection cleanings for homes and
businesses up for sale/auction.
2. Teach a
class. You have valuable skills and
teaching those skills to others is a great way to diversify your income.
Consider offering a workshop on home cleaning secrets or tips on cleaning
green. You might even be able to help teach others how to start their own
small, service-based business.
3. Create a
product. Now
this option requires some creative thinking. Do you always clean your
clients' baseboards with a special spritz of lavender scented oil? Perhaps your
clients -- and others -- would be interested in purchasing some oil for
their own refreshing during the week. Perhaps you can create a podcast explaining how
to clean windows or disinfect a bathroom.
4. Write (and
sell) an e-book. Traditional publishing is an expensive long-shot, but
e-book publishing is relatively easy and inexpensive. You can offer copies of
the book on your website at a low cost. To market the book, consider some
inexpensive Google ads to boost your revenue source.
5. Open an online
business. Again, this will require
some entrepreneurial ingenuity, but a recent article in the San Diego News
Network gives one such example: Gavin Stone teamed up with two partners who
have traditional house-cleaning companies to form an online business where users
can solicit bids and schedule cleaning appointments. Gavin says the business is taking off slowly, but he's hopeful that it will soon become a viable stream of income. Does Gavin's venture appeal to you? Ask yourself: What could you sell online?
Have you had the opportunity to diversify
your income streams? What multiple streams of income worked -- and flopped --
for you? Send me an email so we can share your experience with our other pro readers in the future.
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