Every entrepreneur/person’s dream is to have a sustainable and secure income. Multiple streams of revenue for a business allow the entrepreneur to create wealth quickly and ensure that there is always revenue for the business to scale up the business without any difficulty. And that is a good thing because sometimes in most start-ups, there is no guarantee that income will be flowing all the time.

What do you do, then, to create multiple streams of income as an entrepreneur? In this article we discuss a few strategies that an entrepreneur can use.

 Product diversification

One way to earn extra income for the business is through product diversification. This can be done through the introduction of different items on your product line, product repackaging, or brand extensions, all aimed at spurring the company’s market share. This means that a business should sell more than one product or service to bring more revenue to the business.

But entrepreneurs can also earn active incomes through trading, typically to beat average index returns. This kind of trading requires some form of expertise to determine when to buy or sell a particular product or stock. A company is a collection of different minds and expertise, so if you have the skills to trade, please do it and open another revenue stream for the business.

Recommended article: Three things to master as you open your business

Earn portfolio/passive income streams

Portfolio income is revenue that a company or an individual earns from investments, dividends, interest, or capital gains.

As an entrepreneur, your source of income should not only be from the products or services you sell to your clients. Relying on only your business products or services means that on a particular day that you don’t sell, you will not earn. And that puts your business in an unhealthy situation because you will have to meet everyday operational costs. Hence, it is important to devise means of earning a portfolio income. You earn portfolio income if; you invest in real estate or rent out some of the company assets that are underutilized. In most cases, you make a portfolio income without too much tending. It doesn’t, however, come cheap. It requires years of savings and investment to earn this kind of income.

As a company, consider saving part of your income and then investing to make this income as another source of revenue away from your core products/service.

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