A Guide to Multiple Income Streams From the Same Business

As a small business owner or a "company of one," as Paul Jarvis calls it, you've likely heard about multiple streams of income. Who wouldn't want to give that a try, as it promises financial stability and mitigates risk, especially in volatile economic conditions?

When I was writing my last article, where I compared staying focused on one source of income with adopting the concept of multiple income streams, I realized that even though I had a good understanding of the latter, it was not easy for me to achieve. I attributed that to my overcommitment to my position duties at Techie BEC Konsult, family, and social commitments.

One of our readers spoke to me after reading that post, telling me we share the same ordeal. Yet, he, just like many others, is trying to create more streams of income from his existing business without necessarily starting a new business, or project, or diversifying out of his present business or industry.

Of course, that shouldn't be a problem for us at Techie. He seems to want to start where we've just stopped. Here, we have three lines of business in one - education, business, and tech (computer). That's where BEC comes from if you're hearing it for the first time. So, we make money from these three services as if we've created three different streams.

To help hm out and you reading this post, if interested, you should know that in the true sense of it, this is not typical multiple streams of income. Instead, it's a creative way to avoid drying out of sales and revenues if you should focus on a single service or product. Since the fear is not to force yourself out of your existing business or industry, you can always stay there while you generate income from more product or service lines than you presently have.

Your Landscape as a Solopreneur

Before delving into the specifics of creating multiple streams of income as a solopreneur, it is essential to understand the unique characteristics and challenges of operating as "a company of one". Unlike traditional businesses with multiple employees and departments, solopreneurs often handle all (or most) aspects of their business operations, from marketing and sales to product development and customer service. While this level of autonomy offers flexibility and control, it also presents limitations in terms of scalability and resource availability.

One of the primary debates surrounding the concept of multiple streams of income for solopreneurs is the tension between diversification and focus. Traditional wisdom suggests that diversifying into different businesses or projects spreads one's efforts thin, potentially diluting effectiveness and hindering success. On the other hand, proponents of multiple income streams argue that diversification provides stability and mitigates risk, especially in volatile economic conditions.

To critically evaluate this debate, it is essential to consider the goals, resources, and capabilities of individual solopreneurs. While maintaining focus on a core business or niche is required for building expertise and credibility, exploring complementary revenue streams within the same domain can enhance resilience and adaptability. For example, a graphic designer may offer additional services such as freelance branding consultations or online courses, leveraging existing skills and networks to generate additional income without straying too far from his or her core competency.

You're Not Alone

Especially if every decision and action is on your neck, you're not far from thinking creating new streams of income from your existing business will break you down and distract you from other aspects of your life, including family, religion, and community. But be rest assured, you're not the only one in this dilemma. Yet, others are creating more sources right within the same business. There are estimated to be 41 million solopreneurs in the United States, according to the 2021 MBO Partners report. 82% of them are satisfied with keeping their business small, and 56% really want to work alone.

Luckily, the rise of digital platforms and remote work opportunities has facilitated the growth of solopreneurial ventures across various industries, from e-commerce and consulting to content creation and coaching.

HeyJay Intellect Enterprises contacted us a few months ago. Joe was struggling to expand his business without spreading himself too thin. We showed him how to leverage the existing services to create additional revenue streams within his domain. Specifically, we recommended cross-selling complementary products and services to his existing customer base, implementing subscription-based models for ongoing revenue, and exploring strategic partnerships with related businesses. Now, his business is more resilient, and he is seeing steady growth without overwhelming himself.

True Best Solutions turned to us as a solopreneur who was hesitant to venture into multiple streams of income, fearing it would distract him from his core business. However, we guided him to maximize his existing resources and expertise to offer complementary services, resulting in increased revenue and greater stability for his business. Specifically, we recommended creating digital products such as e-books or online courses related to his niche, offering consulting or coaching services based on his expertise, and leveraging affiliate marketing opportunities within his industry.

Omo-Oye Environmental Consult turned to us for guidance. He had started a business but was unsure if the services he had begun with would be enough to sustain the business. Our insights and practical strategies empowered him to explore new avenues within his niche, allowing him to serve his clients more comprehensively while generating additional revenue. Specifically, we recommended expanding the service offerings to include ongoing maintenance contracts, developing premium versions of existing services with added features, and utilizing his expertise to offer training workshops.

Multiple Income Streams for Others

We've picked about two dozen businesses in Nigeria. If you belong to any of these with the intention of generating more income streams for the same business, consider the recommendations below if you haven't done so before now:

1. Retail Stores:

• Offer online sales through an e-commerce platform.
• Provide in-store workshops or classes related to products sold.
• Sell branded merchandise or products related to your niche.

2. Restaurants and Food Services:

• Offer catering services for events and parties.
• Sell branded sauces, spices, or other specialty food items.
• Host cooking classes or food tastings.

3. Agriculture and Agribusiness:

• Diversify crop production to include high-demand or specialty crops.
• Offer agritourism activities such as farm tours or farm stays.
• Sell value-added products like jams, jellies, or honey made from farm produce.

4. Tech Startups:

• Offer consulting services in your tech niche.
• Develop and sell software or apps related to your industry.
• Provide training workshops or online courses on tech-related topics.

5. Real Estate Development:

• Offer property management services for rental properties.
• Develop and sell real estate investment courses or guides.
• Provide renovation or interior design services for properties.

6. Manufacturing:

• Offer contract manufacturing services for other businesses.
• Sell branded merchandise or products related to your manufacturing process.
• Provide maintenance or repair services for machinery and equipment.

7. Construction:

• Offer design-build services for residential or commercial projects.
• Provide property inspection or consulting services.
• Sell construction materials or tools through an online store.

8. Oil and Gas Services:

• Offer environmental consulting services for oil and gas companies.
• Provide equipment rental services for drilling or extraction operations.
• Develop and sell safety training courses for oil and gas workers.

9. Transportation and Logistics:

• Offer freight brokerage services for shipping companies.
• Provide warehousing and distribution services for other businesses.
• Develop and sell logistics management software or tools.

10. Financial Services:

• Offer investment advisory services or financial planning consultations.
• Provide tax preparation or accounting services for individuals or businesses.
• Develop and sell financial literacy courses or seminars.

11. Telecommunications:

• Offer consulting services for telecommunications infrastructure planning.
• Develop and sell communication software or tools for businesses.
• Provide installation and maintenance services for telecom systems.

12. Healthcare Services:

• Offer telemedicine or virtual consultation services.
• Develop and sell health and wellness products or supplements.
• Provide corporate wellness programs or health screenings for businesses.

13. Education and Training:

• Offer online courses or webinars on specialized subjects.
• Provide tutoring or academic coaching services.
• Develop and sell educational materials or curriculum resources.

14. Tourism and Hospitality:

• Offer guided tours or experiences related to local attractions.
• Provide event planning or destination management services.
• Sell branded merchandise or souvenirs through an online store.

15. Media and Entertainment:

• Offer advertising or sponsorship opportunities on your media platforms.
• Provide content creation or production services for other businesses.
• Develop and sell merchandise or products related to your media brand.

16. Automobile Sales and Services:

• Offer maintenance and repair services for vehicles.
• Provide vehicle customization or detailing services.
• Sell branded accessories or car care products.

17. Consulting Services:

• Offer specialized consulting services in your area of expertise.
• Develop and sell templates, guides, or toolkits for clients.
• Provide training workshops or seminars for professionals in your industry.

18. Security Services:

• Offer security assessment or risk management consulting.
• Provide security guard training or certification programs.
• Develop and sell security equipment or surveillance systems.

19. Fashion and Apparel:

• Offer personalized styling or wardrobe consultation services.
• Develop and sell branded merchandise or accessories.
• Provide fashion design or garment alteration services.

20. Renewable Energy:

• Offer consulting services for renewable energy project development.
• Provide installation and maintenance services for solar or wind energy systems.
• Develop and sell energy efficiency products or solutions.

In conclusion, staying within our domain while creating new streams of income can be not just practical but also aligned with our values. Prioritizing health, family, and personal beliefs while maximizing existing resources allows us to tap into untapped potentials without overstretching ourselves. By identifying and addressing untapped income channels in our current operations, we can effectively capture the revenue that rightfully belongs to us, fostering sustainable growth and fulfillment.

Sources:

1. MBO Partners. (2021). U.S. Sees Sharpest Rise in Independent Workforce in More Than 50 Years. Retrieved from https://www.mbopartners.com/blog/press/state-of-independence-2021/
2. Future Tales Lab. (n.d.). Solopreneurs. Retrieved from https://www.futuretaleslab.com/articles/solopreneurs