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


Advantages

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

Disadvantages

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


1. BITE-SIZED

  • 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


Example

  • 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 include additional functionality or design revisions? How can you provide more value to larger clients?

3. SUBSCRIPTION

  • Monthly, Quarterly, Annual

  • Services that provide value over the long term – that is the client only gets a small amount of value from purchasing your service once, and they need to commit to it regularly to drive results

  • Tiered approach to subscriptions

Turning your Products into Services


1. SERVICISE IT

  • What problem am I really solving?

  • What deeper need am I addressing?

  • Example: a business delivers high end fashion by mail. Rather than selling $5000 dresses, they rent them for the weekend – they are not selling dresses by providing access to a fashion experience that make customers feel good

2. EXPAND IT

  • Create a service that complements that product

  • What else can I do to reinforce what I am selling?

  • What can I help my customers to do, learn or experience what ties to what I am doing?

  • Add educational or other interactive experiences.

  • Example: a business sells coffees, it also offers events like coffee tastings.

3. DIGITISE IT (‘a living product’)

  • How can I digitize products and processes to reinforce what I already provide or create a completely new offering?

  • Turning your physical products in to digital customer experience platforms – smart tags that enable you to collect data on customers, encourages loyalty sign ups

  • Example: business that sells soccer balls, when customer buys they put their smart phone against the smart tag and that triggers an experience on their phone, like highlights from last night’s match,

  • See: https://info.smartrac-group.com/implementing-internet-things/

ACTIVITY – MIND MAP

  • On a piece of paper write your main business product or service in the middle

  • Create 4 spokes coming out the middle, titled ‘products’ ‘services’ ‘advertising/affiliate’ ‘other’

  • Create more spokes off each of these categories with ideas of how you can make money

  • Books, Courses, Merchandise, Coaching, Freelancing, Speaking, Training, Affiliate marketing

  • Remember set up one income stream at a time – rather than trying to work on several income stream developments all at once

  • The preparation and launch phases are important – what SYSTEMS, SCHEDULES and TOOLS can you put in place to help you manage your income streams (existing and new)?

I look forward to hearing in what income steams you decided to add to your business!

Happy multiplying!

Love Maree x

Maree Cutler-Naroba

Dream Nurturer, Business Strategist, Writer,

Founder The Deborah Conference


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