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Financial Wealth
Business & Finance Articles
Residual Income: Multiple Streams - Where To Begin?
By:
Hamish Hayward
One of the great things about the web is that things change so quickly – this allows new marketers to take advantage of novel trends and new developments. On the other hand of course, if you don’t respond quickly to new market conditions, your business – and income – can be adversely affected.
That’s why you need to have multiple streams of income – so that if your current top earner disappears off Google’s radar or one of your many competitors introduces a new product that wipes the floor with your best offering, you have other income streams to fall back on.
It’s just like buying stocks and shares – you want to have a diverse portfolio to avoid any sudden spikes and glitches in the market. Or put it another way – don’t put all your eggs in one basket.
That’s all well and good, but just where are you going to find these multiple streams of income? Sometimes it can be difficult to find even one business opportunity that’s worth investing your time, energy and money in. The first logical place to look is the market.
It’s not always easy to get hold of hard facts and figures when it comes to marketing and often, when you do get some, they are well out of date. However, the figures below show the UK market percentages of directly sold goods for 2000, a year when the total spend in this area was $2 billion. These figures are sourced from the UK Direct Selling Association and make interesting reading.
Services 32%
(telecoms, utilities)
Personal 26%
(cosmetics, fragrances, skincare…)
Family 17%
(Books, toys, games, business aids …)
Household 14%
(Security, water treatment, electrical…)
Wellness 7%
(Nutritional, diet plans, supplements)
Food 4%
(Frozen)
This article was posted on August 1, 2005
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