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 include additional functionality or design revisions? How can you provide more value to larger clients?
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,
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!
Love Maree x
Dream Nurturer, Business Strategist, Writer,
Founder The Deborah Conference
Come and join our FREE KWE Facebook Community and join in the conversation!