Why companies need to create new revenue streams

What if Amazon still only sells books? What if Starbucks still only sells coffee? What if McDonald’s only sells burgers? Will it be Amazon, Starbucks and McDonald’s? Have you ever heard of them? Maybe, but probably not.

So why are you still selling the same few products or services?

What Amazon and Starbucks and countless other great businesses – both large and small – have learned is that one of the keys to continued success and growth is creating new revenue streams, multiple profit centers.

You see, I understand that being self-employed can be time consuming. Even after things have finally become a reality, there is still work to be done. In particular, one of these ongoing challenges is figuring out how to create a regular, steady stream of revenue. Some days it feels effortless, while others do not.

If you’ve been in business for a while, you’ve come up with some solid strategies that work for you and your business. You know that this sale or this product is profitable. You have created what I call a recipe for success. Like a chef or a baker, your recipes can be used over and over again to create the same financial result. Here’s how you make your dough (play on words). Your recipes can be anything: Twitter ads, monthly sales, e-newsletter promotion and so on.

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However, the deal with the recipe method is that it can have the opposite effect.

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