How You Can Diversify Your Income Streams

With all of the channels and technology available to personal trainers and fitness professionals via social media in particular; it has never been easier to find innovative ways to diversify your income streams.

By diversifying your cash flow sources, you make your business and income more stable and resilient to forces that aren't necessarily in your control, like seasons for example.

I've written about different income streams that you can look at in the past; things like:

• Starting a blog
• Creating products (a DVD for example)
• Affiliate sponsorships
• Writing a book
• Writing an ebook
• Producing a clothing line

One of the reasons I'm writing this article is that if you weren't already aware; I have VERY recently (this week in fact) launched a new business which is one that I've been considering for quite some time...several years in fact.

My new baby is a gym wear clothing line called FKN Gym Wear. So far I've only released several different style T-Shirts, but they're already flying off the shelves!

The reason I started a clothing brand is simple. I wanted to start a new business that I'm passionate about, is completely different (yet still related) to what I'm already doing, is something I would use and something that reflects my attitude to training and being fit and healthy.

Coming up with different income generating ideas is actually a lot of fun (well it's my kind of fun). It's a great opportunity to fill a few whiteboards with scribble and brainstorm every possible avenue that could potentially earn you a few dollars...and they ALL count!

Even if you create a stream that makes just $2.80 a day, like selling your clients a few bottles of water or running some adsense ads on your site or blog; you're annual income just went up $1,000.

The opportunities are endless and while it's hard work, it's fun and rewarding work.

Here is some of the criteria and considerations I addressed (in brief) making the decision to start FKN Gym Wear:

Is there money to be made?

First and foremost. It's no good spending a lot of time and money coming up with and developing a product if there is no margin for profit. We're creating income streams here not anxiety attacks!

Are you passionate about it?

If you're going to do something, you might as well enjoy it. There are plenty of things that we HAVE to do each day that aren't much fun, so make the things that you CHOOSE to do FKN AWESOME!

Is there a market?

The market doesn't have to be big, but there has to be one. Test the market using your social media accounts. You may have seen me sneaking in images and questions over the past few months on the My Business Is Fitness facebook page and through Twitter.

Put your idea out there and watch the response. Do people like it, are they asking questions? It doesn't take long to figure out if it's something that could work.

How will you promote it?

Do you have the resources to promote a new product or brand? Set up a marketing strategy and budget. These are all added expenses that you need to consider.

Don't be afraid to fail.

The thing with business is that even if you can tick the box on all of the above criteria, your new product could still bomb; but that's OK.

If you let fear stop you taking a chance, you will never know what you MIGHT be able to achieve.

Make sure to check out the new FKN Gym Wear line and let me know what you think and if you have any questions or need help coming up with some income stream ideas for your own business, don't hesitate to shoot me an email.

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