When you go into business for the first time, it’s easy to set your focus on instant results and making as much money as possible as quickly as possible. That only makes sense. Everyone wants to hit the “ramp” and earn the big bucks. However, this is likely not a viable long term strategy.

Think about it this way: What’s the point of making a slightly larger sum of money up front if you earn next to nothing immediately afterward? The long-term viability of your business is not based on having a one-hit wonder; it makes more sense to focus on how you can develop recurring income sources that can result in passive revenue for an extended period of time.

Consider the health and fitness niche, for instance. It may be great to sell someone an e-book on how they can get into shape. It might be fantastic to sell them some piece of home fitness equipment. However, you will make much more money in the long run if you sell them on a subscription of your online magazine or a membership at your locally-owned gym. These recurring income sources provide a steady flow of money with much less effort on your part.

The same kind of philosophy can apply to any number of other industries and niches. Think about how you can take your existing products and parlay them into opportunities for recurring revenue. This can fund further development and innovation, which can help build a “snowball” effect on your overall income.