Tag: YouTube

  • One Business or Multiple Streams of Income?

    Multiple streams of incomeIf you are considering going into business, you may want to consider having multiple streams of business.  Having multiple streams means that you have more than one profit center.  Now you may hold the belief that one should be focused and put all your effort into just one product of service.  Being focused is necessary but most big businesses have  a primary product or service and more than one profit center. Small businesses, too, can benefit from having more than one source of income in a changing economy.

    There are at least three reasons to consider having multiple streams of business

    Economic

    You’ve  chosen a business that  can bring in only a certain amount of profit.  You can write only so many resumes per week and then there are weeks when you have too few clients.  There is a limit to how many dogs you can walk before and after your full-time job.   You can only accept so many children into your popular after-school art classes. You love what you do; it brings in some income, but you are limited by time and/or space.

    Growing Your Main Business  

    Developing new business streams might be a way to grow your main business so it brings in more money or to enables you to do it full-time.  The resume writer can offer interview coaching or job search coaching,  of publish an e-book or paper on Amazon on how to ace interviews.  The dog walker might have a blog or website about dogs that has space available for advertising or that leads visitors to online retailers to purchase their products (affiliate marketing).  The after school art teacher could do affiliate marketing of art and craft supplies for children or create a course (online or DVD) or a membership site for moms who want to learn how to teach art to their children.  (Desired by moms that home-school and moms that are concerned because art is one of those subjects that cash-strapped school systems have eliminated from the curriculum)  These ideas are all related to your core business but they provide another source of profit.

    Variety

    You need variety and change.  You can’t see yourself focusing on one thing for the rest of your entrepreneurial life!   So make or do the several things that you want to do.  Maybe you will have a business for each season.  Maybe you will blog about something you find fascinating and do affiliate marketing for a related product.  Maybe you will write an e-book on how to do something and promote it with YouTube videos.   You probably have more than enough creativity to pull this off.

    Some of the above examples of streams are active and some are passive.   Active income streams generally involve a trade of work for money, which means that your time is consumed.  If you are already trying to do too much, you may want to consider a passive income stream because once they are set up they provide income without additional work contribution.  Some passive income streams require  significant money to start with, but significant cash is not needed to publish an e-book, start a membership site, become an affiliate marketer, or create apps.

    So how can you identify what new stream of business you should try first or next?   Barbara J. Winter in Making a Living Without a Job: Winning Ways for Creating Work that you Love offers a number of tips, that have been adapted for this blog.

    1.  Figure out what you want to do.  Brainstorm, mind map, ask your friends and family what you do best.  Then pick out one stream of income that you will be happy doing and put it at the top of your list.  Prioritize any additional ideas that you might like to try later.
    2. Estimate how much it will cost to put each of your priority business streams into operation.  This step will most likely require some research.  Interview people who are in a similar business, use the internet to find the wholesale cost of item you will need, make an appointment and talk to someone at the SBA (Small Business Association)
    3. Estimate how much profit each of your potential streams will generate in the first year.  You are looking for  a realistic view of what your profit margin will be during your start-up. 
    4. Take a look at the analysis you have done on these business streams.  Which will cost the least to start?  Which will be more profitable?   Do you have the time and energy to get the stream started?

    The best solution is to choose the business that will make the most profit and cost the least amount of money to start.

  • How to Boost Your Income When Your Business Is Slow

    Some businesses slow down on a seasonal basis, summer or post Christmas;  other businesses see income dwindle in response to economic factors.  So what can you do if a slowdown occurs.

    Mind Map
    Mind Map

     First, do some brainstorming and then pick an important project or goal that will help increase income.  Some ideas to jump start your thinking process are listed below.   Second, create a plan, you want to get all your ideas out of your head onto paper, and then organized before you begin.   Make it a visual, you want to be able to see your plan  Create a flow chart or do mind-mapping  to produce doable action steps.  Never tried to use mind mapping,  YouTube has some good instructional videos. 

    Here are some ideas to jump start your brainstorming session:

    • Redo your website:  Home page, About page, Product or Services page.  Make sure your copy is compelling.  What will they gain from hiring your or buying your product?
    • Your Opt-In Gift.   Is it old and tired?  Should be something more interactive like a “quiz” or a choice of the best opt-in gift.  Maybe your Tip Sheet  or White paper should be turned into a video.
    • Create more visibility for your business.  At the very least be on YouTube.  If you want to be more professional, start an online radio show or an online TV show.
    • Not using Facebook Fanpage or Twitter – get started.
    • If you have content, turn it into products and generate a new income stream.
    • Turn your content into an online course or create a membership site.
    • Offer Teleseminars or Webinars to attract new clients.
    • Plan a workshop or group program.
    • Clarify your niche.  Are you reaching out to the right audience?  Is your language and imagery appropriate?  This is important if you are not a member of the demographic group you are trying to serve.
    • Get support.  A business or writing coach; someone to help you with technology, join a Meet-Up entrepreneurial group  …… 

  • Why Should You Advertise on YouTube?

    If you are running an online business or a business that has an online presence, YouTube is one place where you should be advertising.

    Your YouTube video should provide high content information but be non promotional.  The link to your website or squeeze page should be at the end of the video.  If your goal is to increase your list, you should put in a link to your squeeze page and then to your free product or the item that they will be purchasing.   You can occasionally post your advertising videos to YouTube or you can create a channel to show all your videos you have created about your niche.  

    So a resume writer or career coach might create a channel that offers videos on:  how to write a resume, turn a cover letter into a sales letter, conduct an informational interviews, research companies online, and effectively interview for new positions.

    Untraditional resume
    Not your traditional resume – candy-bar-resume

    There are several types of videos that you can be produced.

    • How To videos are popular and if you do not want to be seen, your voice can voice over the procedure that you videotape.
    • You can do a PowerPoint with voice over or present FAQs (frequently asked questions)  An FAQ video might include screen shots, PowerPoints, images, or you speaking.
    • You will have to get in front of the camera if you want to give a demonstration. 
    • Finally there is the Music and Picture video – a series of pictures concerning your niche with accompanying music.
    Cupcake Quilt
    Cupcake Quilt

    So if you sell quilts and quilting supplies, you may create a How To video on making a quilted Christmas stocking, a PowerPoint on what to look for in fabrics, an FAQ on the best supplies to purchase, a demonstration of how you assemble a quilted jacket and a Music and Picture video of all the quilt designs that you currently sell.

    Producing a quality video (which you do not need to star in) brands you and gives you professional authority.  Potential customers will either hear you or see and hear you.  This builds rapport you’re your potential customers.

    There are other good reasons for advertising on YouTube.

    • It is the 3rd most visited website in the world with about 2 billion video views per day.
    • It is much easier to rank a high on YouTube with a video than on Google with a website.
    • YouTube is a community – it has subscribers, friends, likes, comments, share, and views.
    • And maybe the best reason – it is free, passive traffic.