It’s a perfect time to expand your home-based business – and here’s how!
Business is cyclical. It goes up, it goes down. Customers come and customers go.
Ice cream stores see sales spike in the summer and drop in the winter. Similarly, Starbucks used to see sales rise in the winter and drop in the summer (as coffee is more of a cold-weather beverage.)
But you notice I said, “used to.”
That’s because Starbucks learned a business trick that you can use in your own home-based business. And if you like this one, you will love our free e-book which has many more:
5+ Ways to Grow Your Home-Based Business – Even in the Coronavirus Era!
The secret is to create multiple profit centers. The idea is essentially this: To succeed long-term in business, you need to diversify your income.
That’s what Starbucks did.
To avoid the dreaded summer blahs, Starbucks introduced new products. It began to sell Frappuccinos – slushy-type coffee drinks. Then they added food. And music. And products. Thus, when coffee sales are down, food sales are up.
So too Amazon. Amazon began by selling books online. Now it sells everything. Why? When one of its businesses is slow, it is unlikely that another will be as well. Instead of the business suffering a cash crunch, the money continues to roll in.
A smart stock investor does the same thing. He or she knows not to buy just one stock. That stock may go up, but it may go down. Having more than one stock, having their portfolio be diversified, not only lessens the risk, it creates more opportunity.
More profit centers = more profit.
The problem for many home-based businesses is that they learn one way to make a buck, stick with it, but then often run it into the ground. And without another profit center, they are can quickly get into trouble.
So the answer is to create some new profit centers, right now.
- Look for natural extensions of your business. For instance, say that you sell dance clothing and accessories for adults online. Well, consider creating a new kids division, full of ballet and tap shoes.
- Look at what the competition is doing. Check out your competitors websites. What do they sell and who do they sell to? Do they have a plan you can adopt?
- Look for teammates. Is there a copasetic company with whom you could team up? Consider doing a joint project together. You will learn some new tricks, get exposed to a new customer base, and yes, learn about a new profit center you can adopt.
Come up with a list of five ideas, narrow it down to your best one and test it out. If it works, roll it out big. And then do it again. Voila! You now have multiple income streams.
Multiple profit centers are the key to success, even during this unpredictable era.
As I said, if you like this strategy, we have many more, and you will find them in our free e-book,