subject: Simple Small Business Ideas To Generate Additional Income [print this page] Simple Small Business Ideas To Generate Additional Income
Studies have shown that a business is likely to go out of business within its first 5 years. To help a business to survive, whether a brick and mortar or a home based business, diversity is a good way to keep profitable and to help keep afloat during any economic downturn. This is especially important with downturns in the market place. In other words one should prevent putting all the eggs in one basket'.
If you think about a company brand like Virgin' you could probably name no end of products and services, whether it's the planes, trains, credit cards, media etc. If Richard Branson is having a bad time with say the air industry then it's more than likely the other businesses would help keep the Virgin brand trading.
A great business model to follow is one of front end and back end sales. What does this mean?
For a brick and mortar business, it could be a case of operating, say a small pet shop the front end. A customer comes through the front door and buys a bag of dog food. Any profit, if any, would probably be lost in overheads and advertising. So how does the business keep trading? By taking the customers details, the business owner could offer additional services like walking the dog, animal grooming, pet home care, etc. In other words promote additional services appealing to pet owners. This is the back end offering. This is a great model to follow to incorporate diversity?
Any business can adopt this concept. It's about building a relationship with the customers. It's the up-sales, those generated through back end sales that will help keep the business trading and to thrive. The key is to obtain the customers contact details so that they can be contacted either by email, phone or by post. It's the back end business which makes the real money.
Many are now turning to the internet for e-commerce, income and alternative careers. As a result, internet marketing is becoming more and more used through many businesses. You probably have already noticed when you go to purchase items or make enquiries through the internet that your details are now captured. This is to start that relationship. Regardless whether you go ahead and purchase, your details are on file. And guess what, you will be contacted, generally by email where upon you will be shown the latest and greatest deals. This goes on until you unsubscribe.
If you are already operating, or looking to embark on a small business, then thinking about and putting into place the front/back end sales scenario should help keep the business trading. If you are looking to start a small business and use the power of the internet to market, then the concept of front and back end sales will work for you.
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