|How to Build Cash Rich Businesses|
What is a cash rich business and how do you build one? You may be surprised to discover that there are a variety of small businesses producing cash that can be started within an hour or two. You may even have some set up already and not realise you have a ready made business. The list below is just a start to get you thinking. They are also, some of the businnesses I started and continue using today. They provide multiple streams of income
Multiple Streams of Income - is exactly what it says, having income coming from lots of different small businesses which overall provide a larger income. Starting small businesses is how we help our clients get cash for investing.
eBay - most people have an eBay account where they sell anything from unused items from their homes to products they acquire with the intention of on selling them. A friend of mine, goes to French Markets and buys boxes of items very cheaply which she then puts up for sale when she returns to the UK. She has an ebay shop and it is a very lucrative way of creating an income.
Amazon - is great for drop shipping or affiliate marketing. Drop shipping companies will usually help to stock you shop for you. Amazon runs an affiliate program where you can earn commissions if an item is purchased using your link.
Youtube - recording information videos is quite simple. They can be created on most mobile phones or computers and uploaded direct to your account. When you first start recording videos they don't need to be perfect. You can develop the skill as you go along.
Network Marketing - a quick and cost effective way to start a business. Network Marketing covers almost any product you care to mention. The key to success with Network Marketing companies is to tap into the training and culture.
Books, eBooks and Audiobooks - if you are a writer, blogger or have some great information to share writing your own ebooks, paperback books or producing your own audiobooks can bring in additional revenue from your sales.
Information Products/Internet Marketing - this is creating a package of products for sales to a client. Normally, you generate sales by enticing potential clients to click onto the link to buy the product which is then downloaded or sent directly to the client. You can create your own products or use affiliate links to sell other people's products.
Product Reviews - blogging or creating videos about other people's products where you explain how the product works and provide recommendations for potential clients who buy from you or via a specific link.
Social Media Marketing - is becoming a popular way of advertising other people's businesses through your social media contacts. (I do not do this one) I have some clients who have large social media following and each week they send out advertising information from small businesses, who pay a small fee every month for the service.
Add-on to Existing Business
If you have an existing business, is there any add-ons you can sell to create extra income within your business. For example, one client runs a Chiropractic Clinic and add-ons for the clients to purchase are exercise bands; kinesiology tap, treatment balls etc.
Today Vet practices will have lots of add-ons such as pet food, collars, leads, toys and pet insurance.
What can you add to your business?
There are a wide range of small businesses that can be set up quickly and easily for little or no money that will help bring in additional income for you either allowing you to invest the extra income or taking the stress off strained finances.
Franchising an existing business is a way of expanding the business, attracting new customers in different locations without the normal cost of setting up branches. While there are rules that need to be followed to set up the franchise, it can be a great business opportunity for you and potential franchisees.
Becoming a franchisee - this allows you to buy into a ready made business with a track record of performance. You purchase the right to use logos and products for a Franchise Fee and ongoing management fees. It's like buying a business in a box where you have to find the customers and deliver the product or services while benefitting from the existing profile of the business franchise you are purchasing