Have you ever wondered as an entrepreneur what other product or service your business could offer?

A business can increase its sources of income by offering new products or services to both its existing customers and new customers (new markets).

There are many examples of companies that have implemented the above practice:

·            In addition to loan / deposit products, banks also offer a full range of insurance products, gaining a large share of a very important market.

·            Hotels that used to be only rooms for rent, now offer beauty services (spa, massage) as well as excursions.

·            Web design companies have recently started offering integrated Social Media Marketing services.

·            Accounting firms, which simply kept corporate books, have now begun delivering accounting seminars.

If a business is dependent only on one source of income, there is a risk of becoming vulnerable to competition and losing customers. By offering more products or services, it is much easier to convert a customer into a multiple source of income. A customer who is happy with a product or service is usually willing to trust the same business for something new to offer.

Another way to increase your business's sources of income is to enter into partnerships with other businesses and receive commissions from the clients you recommend to them. But beware: The companies you work with should be worthy of the trust your customers have shown you.

In times of financial hardship, such as the one we are in, we need flexibility and creativity. Just because you started with a product or service doesn't mean you can't do anything else. Think about what extra you could offer as a business and create new sources of income.

Want to know more about how to increase your sources of income? Contact an AMT consultant today.