How to Create Multiple Streams of Income from One Product

Sometimes even creative people run out of steam. Fantastic ideas peter out and what’s left behind can leave your shop looking like the dregs of last year’s trends. No one wants that. Or you may have a shop with tons of things in it, but none of them are quite the right thing for your shop. Luckily all you need is one single really great idea. Here are a few ways to turn one great idea into multiple streams of income, each with its own gleaming potential.

Unisex it
Can you create versions of your product for both men and women? What about kids and babies? Indie men’s products are far less abundant than women’s so this is an easy way to create multiple streams of income from an idea. Even if they don’t become best sellers, they’re sure to bring in customers who might not normally shop from you. Marketing for these items can either be aimed at the men themselves or the women who already shop from you. Similarly, children’s and baby items are always in demand and can help you create multiple income streams. Keep in mind that you’ll have to cooperate with the Consumer Products Safety Improvement Act. You can find out more about the CPSIA at www.WhatIstheCPSIA.com.

There are four seasons in every year
And each season is associated with its own weather, foods, and holidays. Think of the multiple streams of income you can add by giving your products a seasonal flair! You don’t have to start churning out Santa Claus-themed belt buckles to get into the seasonal spirit, but you can think in terms of moods, colors, and materials that might add seasonal charm to your products. Even creating one or two versions of your product for the current season will get the attention of your customers.

And every day of the year is someone’s birthday
Or anniversary, or graduation — you get the idea. Special occasions are a great opportunity for multiple streams of income. Think of all of the gift-giving that happens throughout the year. Your products are someone else’s gifts, whether you market them that way or not. So why not create multiple income streams by offering special gift wrapping, shipping options, or customization? Even simple amendments to your shop news and announcements will let customers know that your products make great gifts.

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Those who can do . . . teach!
While you might not want to give away the secrets to your production, sometimes your customers just want a little taste of your artistry. Consider taking some time to create a tutorial or pattern that will give your customers that taste, and give you multiple streams of income. A simplified version of your product can be turned into a tutorial or kit that will potentially create much more attention and revenue than the original product itself! One tutorial can easily become a kit, and a single kit can easily become a “party pack” of kits that create multiple income streams.

Don’t toss those mess ups!
Wonky cuts or stitches can still earn you income. You can either sell them as they are, at a discounted price, or rework them into a new and more interesting product. For example, one printmaker saves his subpar prints and cuts them into colorful flag banners. Use your creativity to find new uses for your old products.

Whether you have one kind of product for sale or a whole slew of them, you have the ability to turn each one into multiple streams of income! Take the time to look at each product and map out a “money multiplication plan” to maximize your profits!

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