When considering when to add additional income streams in your business, timing is critical. And, the right time depends on where you currently are in your business.

Before adding additional income streams to your business, you need to really focus and hone in on the one thing you’re uniquely good at, or the one thing people know you for the best. When you get to that point is when you should be thinking about what’s next. Before you’re clear about these things, it would be premature to think about adding an income stream to your business, as it would more than likely fail.

As you evolve in your business, the next income stream will become clear and apparent.

When deciding on your next income stream, it’s important for you to consider income streams within the core area of your business. It’s not logical to think you can add additional streams of income in different business areas especially if you’re new to business as a whole.

For example, if your core business is Information Marketing, it’s probably not reasonable to start your additional streams of income in the real estate business and then add stocks and bonds to that. You probably won’t be able to concentrate fully on three completely different business areas at the same time, and do them all well.

A more effective strategy is to take your core stream of business, Information Marketing, and look for ways to make additional streams of income within that core area.

So, with Information Marketing as an example, you might start with a particular product and build your business with a video or audio course that you sell online. As that income stream grows, and is successful, you can add direct mail to your services. As you perfect those income streams and they begin to run smoothly and make money, you can add coaching services, or a done-for-you service to your income stream, then maybe event planning, and so on. Each of these areas within Information Marketing is an additional income stream to your core business; however, they are an extension of your core area, and not a completely new area of business.

Concentrate and hone in on each of these areas and build each one to the point where it’s running smoothly and making money before you add the next piece. Focusing on a few additional income streams within your core business is the key to building your six and seven figure business.

Author's Bio: 

Diane Conklin is an author, entrepreneur, coach, consultant, event planner, speaker and copywriter. Diane is a direct response marketing expert who specializes in showing small business owners how to integrate their online and offline marketing strategies, media and methods, to get maximum results from their marketing dollars. Diane also shows entrepreneurs and small business owners how to outperform their competition by measuring their marketing, and strategically use multi-media campaigns to stand alone in their marketplace as the go-to provider for their products and services.

She is the co-founder of Complete Marketing Systems and for more than 15 years has been showing small business owners how to start, build and grow Information Marketing businesses where they take knowledge they already possess and turn it into passive, ongoing, leveraged profits.

Through her company, Complete Marketing Systems, Diane helps event promoters market, plan and manage their live events, workshops and seminars, using cost effective, multi-step marketing strategies that put butts in seats, without the promoters losing theirs. As an Event Marketing & Planning expert, Diane has planned and produced multiple events grossing over $1,000,000.00.

As a business and marketing strategist, Diane has been involved in numerous campaigns grossing over $1,000,000.00 in sales several times in her career.

Diane has proprietary home study systems, coaching programs, and provides done-for-you services in the areas of Social Media, Information Marketing, Direct Response Marketing, Direct Mail and Event Marketing, Planning and Management.

As a speaker, Diane has shared the stage with the likes of Joan Rivers, George Foreman, Dan Kennedy, Bill Glazer, Lee Milteer, Harry Dent, Lee Phillips, Fabienne Fredrickson, James Malinchak, Dov Baron, Peggy McColl, Marshall Sylver, Alex Mandossian, Marie Forleo, Barbara Corcoran and many others.

Diane was voted Information Marketer of the Year for her innovative marketing strategies and campaigns.