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How To Develop Multiple Streams Of Income In Your Small Business

Every week as SmallBizLady, I conduct interviews with experts on my Twitter talk show #SmallBizChat. The show takes place every Wednesday on Twitter from 8-9 pm ET.  This is excerpted from my recent interview with Joel G. Block @JoelBlock. A money business insider, Joel’s a long-time venture capitalist and hedge fund manager (gobbledygook for professional investor) who lives in a Shark Tank world like TV.  Since selling his publishing company to a Fortune 500 company. Joel delivers the inside track with strategies for business, money, and success to business executives and their teams. SmallBizLady: Why is it important to have more than one stream of business income? Joel G. Block: All small businesses need to be concerned about diversification of revenue streams, because they can run into all kinds of problems if they’re dependent on only one type of revenue coming into their business. So, for example, there could be seasonality for retail companies that causes them to take in all of their money at one time of the year, and they need to diversify so that they level out their cash flow. There could also be a risk of concentration, where they have one really big client, and then something happens to that client, so diversification of not only revenue streams but the client base, is critically important. It also helps small businesses to grow faster when they are more diversified. SmallBizLady: Help us understand more about streams of income. Joel G. Block: Multiple streams of revenue does not mean that you go into multiple businesses. So, for example, you don’t start a lawn mowing service and then a pool cleaning service, and then a bakery and a butcher’s shop. What one would do is to take the primary revenue stream and repurpose whatever assets or skills they have into another marketplace in a similar way for similar but different customers – or so they can sell more to their existing customers. SmallBizLady: Can any business generate multiple streams of income? Joel G. Block: Most businesses can generate multiple streams of income, but it requires creativity on the part of…

Who’s on #Smallbizchat October 2018

#Smallbizchat is a weekly conversation where small business owners can get answers to their questions. The focus of #Smallbizchat is to end small business failure by helping participants succeed as your own boss.   Please join us live on Twitter every Wednesday 8-9 pm ET. Here’s how: follow @SmallBizChat on Twitter and follow the hashtag #Smallbizchat and click here for directions to join the weekly conversation.   In October, we will be talking about packaging your genius, content marketing, and monetizing your expertise, and join us on October 17th, where we will be hosting #Smallbizchat LIVE on Twitter, Facebook, and YouTube, about the following topics: building a sales process, making connections, and developing your personal brand through video. Here is a list of who is on #Smallbizchat in October: October 3rd – How to Package Your Genius, @amandamogul Amanda Miller Littlejohn is a personal branding coach who helps high achievers make their ideas and their work VISIBLE in the digital age.  She’s the founder of Package Your Genius Academy, and the author of Package Your Genius:  5 Steps to Build Your Most Powerful Personal Brand. For more information, visit www.amandamillerlittlejohn.com.   October 10th – Content Marketing for your Small Business, @PhilGerb Phil Gerbyshak is a bright, bold, and enthusiastic speaker who never holds back and leaves it all on the stage, energizing and inspiring audiences to take action immediately.  He is a highly respected speaker, trainer and coach who has been on the cover of Marketing, Media & Money magazine, the cover of Speaker Magazine and has presented at Influence, the national conference for the National Speakers Association (NSA).  Connect with Phil on LinkedIn at http://LinkedIn.com/in/PhilGerb or learn more at http://philgerbyshak.com.   October 17th – #Smallbizchat LIVE on Facebook How to Build a Sales Process, @aliceheiman Alice Heiman has been helping companies increase sales for over 20 years.  Her firm specializes in the complex sale, strategizing with sales teams to find new business and grow existing account.  Find out more at www.aliceheiman.com.   Start Making Connections, Stop Adding To Your Connections, @PhilGerb Phil Gerbyshak is a bright, bold, and enthusiastic speaker who never holds back and leaves it all on the stage, energizing and inspiring…

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