Successful business owners understand one very important thing: multiple income streams are not a luxury, they are a necessity. [Tweet This.] When I had a chat with a client who has very profitable business, we evaluated his profitability factors. He realized that the majority of his income was tied to just one organization. There is a big risk factor with one main source of income tied to one organization.
With technology, creating multiple income streams is easier than ever. Here are three questions to help you create multiple income streams:
1. What information could I use for a digital product?
While you may not want to give away all of your secrets to your program or proprietary model, create a tutorial. Your tutorial may be the first step of your training to give your customers a taste of your proprietary model. It may be in the form of an audio or an eBook. Once a person purchases the item, they receive the digital download instantaneously without you having to do a thing. One tutorial can easily become a guide or kit creating another income stream for you and an option for your clients to work with you! (Note: Before you start developing your product, make sure it is something your customers want to buy.)
2. What could I license?
You might want to consider licensing your software, program or materials to others. Licensing is a high form of leverage and a way to create recurring income by charging a yearly licensing fee.
3. How can I restructure the way I work?
Working one on one with others has its limitations. You’re limited in the amount of hours you can actually work one-on-one. Shift the way you work by the one-to-many model. Offer workshops, teleseminars or webinars. These are ways to leverage yourself, expand your business, and create alternative income streams for your business.
Review your entire business model. Identify all of the possibilities where you could create multiple income streams and cash flow.
- Specific ways your customers find you, choose you, and buy from you
- How to develop products your customers want to buy
- Your unique sales flow that help you to authentically close on sales that resonates with your preferred client
- Exact ways to systematize and monetize your business
- Ways to restructure your work