What Are Some Common Methods for Diversifying Income?
Entrepreneurs have several options when it comes to diversifying their income streams. Here are a few common methods:
Adding New Products or Services: Expanding your product or service line can attract a broader customer base and increase sales. Passive Income: Investing in assets that generate income without active involvement, such as rental properties or dividend-paying stocks. Online Courses and E-books: If you're an expert in your field, selling educational content can be a lucrative income stream. Affiliate Marketing: Promoting other people's products and earning a commission for each sale made through your referral. Franchising: Allowing others to replicate your business model in different locations for a fee.