Monday, February 06, 2006

How to Create Multiple Income Streams from Your Editorial Biz

NOTE: A variation of this article was published some months ago in this blog and on our website. However, as it's the beginning of the year, we thought the article worth regurgitating as many are seeking ways to increase income from their editorial business. Enjoy again!

To survive, most small business owners need more than one revenue stream. Two easy ways to create multiple revenue streams is to:

1. Listen to your customers: Do you get repeated requests for a specific product/service that you don't offer? Then it may be time for you to explore what that product/service can add to your bottom line.

Consumers are very busy these days and the more they can get done in one place, the better. A huge example of this is WalMart. You can buy everything from patio furniture to diapers there. Why would you go any place else? Although you probably can't operate on that scale, don't let the message escape you.

Examine your products/services. What can you add that will grow your bottom line? Eg, are you an illustrator? How about a funny t-shirt or greeting card line. [I'm constantly amazed at the number of talented artists, writers, photographers, etc. who only think "service", not "product". If you're blessed with a creative talent, use it as many ways as you can to make money!

2. Partner with complementary vendors: If you are a proofreader, then obvious "partners" are graphic and web designers, printing and copy shops, resume writing services, etc.
One effective way to capitalize on these partnerships is to create a brochure where each business owner advertises his/her services (ie, a co-op ad brochure). By splitting the costs to produce the brochure, each participant slashes their advertising costs and gets their name out to more customers than if they went it alone.

This way, you kill two birds with one stone -- save money and increase your bottom line. Now, you have a real reason to look forward to networking with similar business owners!
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