Diversification is one of the best and yet most overlooked network marketing business strategies available to the home business owner. There are two primary reasons for diversifying your business:
1. Creating additional income streams
2. Managing business cycle risk
Creating multiple income streams is not a foreign concept in the business world. A company looks for additional lines of business that will supplement, enhance or support their primary product line. A home network marketing business can be diversified in much the same way. Let’s use the example of a primary product that is a berry based health juice. Our primary product is touted for its benefits to maintain a healthy heart. If we were going to build additional streams of income we might look at some of the following ideas:
* Market a line of blood pressure monitors, heart rate monitors or other similar devices.
* Market a health and wellness supplement that is focused on improving heart health.
* Market a heart healthy diet program
Additional revenue streams could be created by incorporating one or more of these ideas into your overall business. The sales from these supporting businesses can be used to fund the building of your primary business. These additional streams of income can be accomplished through other MLM companies or affiliate marketing relationships.
Risk management is another reason to create diversification in your business. Most businesses tend to be somewhat cyclical in nature. There are some products and services that are highly sought after for a period of time that then experience a later downturn. If a network marketing distributor has placed all of their eggs into one basket, this downturn could prove devastating. These cycles become much more manageable with the addition of other business ventures. When diversifying for risk management, you will generally use unrelated businesses to form the foundation of your business model. For example in my own business, I am building businesses in the household cleaning, health and wellness and automotive care market segments. I use a separate company for each of these sectors. If the business of one of these compan
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