Tips On Building Multiple Streams Of Income by Maree Cutler-Naroba
Hi sisterhood, here are some tips and ideas on ways in which you could add income streams to your business. Working on adding at least one more additional income stream to your business can have a huge impact. On the other hand, don’t try and introduce too many different income streams at once as that can be overwhelming for both you as the business owner and for clients!
Building more than one income stream for your business
Easier to create 3 streams that earn $1500, rather than one stream that earns $4500
Lowers the risk of an income stream dropping off
Allows you to mix and match your talents, skills and passions
Keeping on top of all tasks per income stream
Giving enough attention to each income stream (‘plate-spinning’)
Start-up process per stream can be time-consuming
Types of income streams
Passive income streams
You create ONCE, but they continue to generate income
Examples: book, course, audio or video creations, membership/exclusivity program, licensing your idea
Such sources of income require less time once they are created
Non-passive income streams
You need to do over and over to make money
Examples: providing the service – haircuts, massages, mowing lawns, personal training sessions
How can you go from reaching ONES to reaching TENS or HUNDREDS?
1 to 1 session, 1 to small groups session – workshops, master classes , 1 to many – conferences, forums, summits
Turning your Services into Products
A foot in the door to create some leads
Think of how you can create a small, bite-sized version of your service and package it into a product that someone will pay for.
It could be a video course/tutorials (see the tool www.loom.com), how-to guide, ebook, cheat-sheet, audit, or something else.
2. ONE-OFF PURCHASES
Look back at your past client projects.
Was there something common across all these projects?
How long did the project take you finish?
How much did you charge? Was it profitable?
You could look to split the prices into different tiers/levels
Small project $5,000, 100 hours to complete, certain set of deliverables, then package that up into a tier called ‘Small Business,’ this is your minimum engagement level.
Then, look at your projects that were higher priced. Did they inclu