Step 1) Just as it is essential to diversify personal streams of income--it's essential that you diversify business streams of income as well. The first step in diversifying business income streams is finding a NICHE that is related to the business you are currently in. For example, if you own a successful tutoring business, why don't you write a book on how to start and run a successful tutoring business. That's smart business diversification.

Step 2) The second step in diversifying business income streams is INCORPORATING YOUR NEW BUSINESS NICHE WITHOUT LOSING YOUR COMPANY VISION. It's one thing to add onto your business--it's another to lose your business vision as a result. Good businesses have a successful business vision--bad businesses try to do everything, but do nothing successfully.

Step 3) The third step in diversifying business streams of income is TRIAL AND ERROR. Try your new business concept for say 6 months to see if it's going to work--if it doesn't, throw it out and try another. Don't fundamentally change your core business and your policies and procedures because of a good business idea. You'll regret that later believe me.

Step 4) If you're new business idea is successful, you might want to make that new business concept A BUSINESS OF ITS OWN so as not to dilute your original business entity--this is step 4.

Step 5) I hope this has been a helpful article on how to diversify business income streams. Good luck!