You’ve heard the saying, “Don’t put all of your eggs in one basket,” right? The same goes for your business.

Diversifying your income streams and not relying on one source of income is a theory/thought that a lot of firm owners struggle with. They have their bread-and-butter services, but expanding into other income streams seems daunting and, at times, scary. 

According to this recent article from Accounting Today, client demand for a product or service is the top factor when deciding to offer a new service. This is probably the best place to start when you are looking to diversify your income streams. Upselling additional services to existing clients is easier than converting cold traffic into paying clients.

Knowing where to start when it comes to creating a strategic client accounting service (or CAS) is another major bottleneck firms face when trying to diversify their income streams. Creating a strategic CAS is key to the success of the launch of your service. Being strategic with the technology you use and how seamless the workflow process is for the clients is key, as is the cost. Knowing the answers to these questions will help you create a CAS strategy that will lead to success. 

How have you diversified your income streams? Have you launched the products or services outside of your current clientele?