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Multiple Streams of Income Articles
For a lot of small business owners, the number of “days cash on hand” isn’t very many — and that can get you into big trouble if you experience an illness or other emergency, or if you get an unexpected bill in the mail. But one way you can start to boost this number is by improving your cash flow.
I've noticed an alarming trend: small business owners offering too many different services. They are trying to be all things to all people… and the results can be disastrous. This issue has come up a lot lately with my private coaching clients and in conversations at networking and speaking events.
When building your business, there are just three different income streams you need to create to build a successful business. I've called it the Successful Business Building Formula.
Creating and offering new ways to work with clients – such as group programs, teleseminars, live events or products – is a fantastic way to leverage your time and open you up to new and exciting ways to grow your business. Sound daunting given your current schedule? Take heart. Kendall SummerHawk shares how you can transition your 1:1 coaching business to a more leveraged model by following a few key steps.
In a nutshell, multiple streams of income means your business has more than one way to make money. For instance, you sell products and you sell services. Those are different streams of incomes. But that’s just the beginning. Michele Pariza Wacek shares 10 ideas of different income sources you can use to increase your business’s bottom line.
Imagine — money flowing into your business from all sorts of places. That’s what it’s like to have multiple streams of income. Your business isn’t dependent on one stream of income but instead you can make money from a variety of places. Is that what your business actually looks like?
These days, you can find membership/continuity programs everywhere. The trend started years ago with book-of-the-month clubs, and today it’s the most popular way to sell products ranging from wine to flowers, and services ranging from massages to coaching. But, here are three things that most people in growth stages DON’T realize about continuity programs.
Here’s the scenario – you book a workshop at a local community center for four weeks from now. You rush home, call your mom in excitement, and then immediately begin working on your workshop content. Then you get to the event. One person walks in. Then another. And then another. But then it stops. There are four people in the room. It just wasn’t worth spending all that time preparing only to speak to 4 people. So what’s the trick to fill your room?
It's Wednesday, and you already feel tired. You are busy with your client meetings and racing to back-to-back calls. Inside of you, you're thinking...something has got to change. You're working hard but you can see the limit of what you can make. You can only make as much as the number of hours you are working. To make more you have to work more. This is NOT a sustainable business model. And, it will lead to burnout, health problems, stress, frustration, and the feeling that there's never the time with your clients to do the richer, deeper work that you know you're meant to do. How do you move from that hourly model to a model where it's not about how many hours you are working, but instead it's about the amazing experience you give to your client. Here are four possible high-end programs to give you ideas for what you too can offer your clients.
Did you know you could expand your knowledge base and your business is through affiliate programs. If you are new to the online business world you might not realize how much you can learn from affiliate programs.
The old adage advises against what the title of this article says, but sometimes it is a wise thing to do.
Do you have a clear path in your business? By that I mean do you have the structure in place so that your clients always have somewhere to go i.e. your next level of service? One of the best ways I've found for doing this is to utilize the Product & Marketing Funnnel. Read on to see how you can utilize this model too.
For years, decades actually, you’ve been taught to create marketing “funnels” and “pyramids” and that these, in essence, create the backbone of your marketing plan. Truth is, they don’t work.
When looking to increase leverage in your business, chances are, you’ve considered the most obvious. But when was the last time you took a good look at your readers and list for leverage?
It’s often said that online, content is king. Certainly it’s central to social media, which often revolves around sharing that content, whether it be via blog posts, status updates, videos or countless other channels. Creating original content is what helps to get your name out online, build your credibility and drive traffic to your website.
There is a misperception that it’s difficult to create information products. Nothing could be further from the truth.
Sometimes you need to give product sales a little helping hand, particularly if you’re launching a new product. In today's brand new article I’d like to share with you three ways in which you can increase your product sales through using special offers.
Many coaches, consultants, authors and other experts have amazing knowledge and know-how that others would be willing to pay for, but they just don’t know how to turn their wisdom into a 6-figure business. Yes you can always work with clients individually, but that should be your highest priced service—after all your time and know-how are very valuable.
As a small or solo business owner you undoubtedly have a wealth of knowledge and expertise that others need and want—probably more than you realize. Many of you may have purchased downloadable e-books, home study courses or other information products in order to learn about some aspect of business or marketing.
When you create a product, service, process or system for your small business it takes a lot of thought, planning and time. It's important that you find ways to leverage your work by using it again and again to make more money in less time.
Here are three easy tips on how you can turn one idea into multiple streams of income. Remember that this simple shift in your business model will make a HUGE shift in your income!
Once you've figured out your target market (or you've at least narrowed it down significantly), it's time to figure out what problems they are struggling with, and what they want by way of solutions. Remember, if you will only ask your market, it wants to help you create the products it wants to buy!
Most businesses start out with just one or two products or services. Maybe you’re selling services like coaching, event planning, personal training, web design or massage therapy, or maybe it’s an online info product like an e-book or course. Whatever it is, before long you find yourself selling time for money with your income limited by how many hours there are in the day.
Recently I offered a free tele-class called The 10 Profound Breakthroughs That Created My 6-Figure Business. It was the first time I truly opened up about the underlying breakthroughs that have been responsible for my business success and that I’ve passed on to my small business clients.
You’ve heard of repurposing. It’s the smart, systematic practice of taking a piece of high-quality content – say, a teleclass – and re-using it in other forms, like blog posts, articles, podcasts, videos, news releases and more. Here are some reasons why repurposing your content is actually a good business practice.
It’s never a good thing when you rely on one stream of income. That stream dries up and you’re, ahem, up that creek without a paddle. That’s why having multiple streams of income is so valuable. One stream dries up, you’ve got a few other ones to depend on. Here are 3 quick and easy ways you can start adding more streams right now.
Marketing isn’t a one shot deal. It’s an ongoing opportunity for you to offer your ideas, packaged into programs, products and services. Just remember that in the long run, making one offer at a time will help you create the ultimate outcome you desire, which is to help more people and to put more money into your purse!
Your Compelling Free Offer (CFO) is what entices people to want to find out more about you and what it is that you're offering. When you make your complimentary offer compelling enough, more people will be interested in taking advantage of it, which increase the audience to which you can then market to.
Have you ever seen the movie "Bridget Jones Diary"? There's a scene in it where Bridget notes that one of her friends had one hit song in the 1980s and realized that was more than enough to carry him through the 1990s and so didn't bother doing anything new. When you look at your business, have you TRULY set it up for success in the long term?
I've been set off once too often by business owners imposing "forced continuity" on unsuspecting clients. While this may work for months 1 and even 2, the long-term damage such business owners are inflicting on their client relationships is incalculable. Learn why.
Yes, you love your clients but honestly, too much 1-on-1 work can leave you feeling exhausted and strapped for time, plus limit how much you can make. You end up not only feeling burnt out but feeling broke too, even though you’re working plenty hard. The good news is that the solution is actually pretty simple.
If you’re trying to wean off of 1-on-1 client work then you’re probably exploring different options available to you to replace that income. The choices can seem overwhelming. Do you add a membership website, launch a high-ticket coaching program or produce a home study course and sell it online? Maybe host a teleseminar series? All of these are great income streams to integrate into your business. The question is, which do you try first?
In re-designing my business I discovered how to create both “passive” and “leveraged” income streams. Passive income is money that flows in from the sale of products or programs that have already been created. Leveraged income is large amounts of income created from very little time spent, such as with a membership program. It didn’t take me long to see that EVERY business has the opportunity to create both kinds of income. But, creating passive revenue can take some time. Which is why I recommend focusing first on creating leveraged income streams such as membership programs. Here are three more quick tips you can use to creatively add membership income to your business.
I've noticed a trend with my clients: they're either struggling to make low 6 figures (say up to $200,000) or they're at the million dollar mark and beyond. Why the marked difference in revenue?
Before my business evolved into what it is now, I was trading my time for money, dollars for hours. As a website designer and developer, I charged by the hour. As a writer/editor, I charged by the hour. As a public relations and marketing consultant, I charged by the hour. Do you see the problem here?
Here is an introduction to a marketing funnel and how it can help create income for your business.
While the rest of your friends and colleagues may be hemming and hawing about how bad the economy is, smart entrepreneurs are quietly calculating not only how to thrive in these times but dramatically increase their incomes as well!
Most small and solo business owners don’t begin to see the profit potential in their business. If you own a small or solo business, I’m sure you had a big dream when you started. Whatever your dream was, it certainly included making the most of your business. Here are just a few tips that can help you be more successful than 90% of your competitors.
Do you often find it difficult to make time for your marketing activities? Or do you find that when you do market, it's not consistent enough to bring you the results you want? Marketing your business is as important as what it is that you do. If you embrace that, you will stop struggling so much and reach a whole other level of success!
Focus on creating a steady stream of potential clients. Here are 3 ways to take action right now.
Creating a profitable business online is a process, just like creating any other business. Regardless of what it is that you're offering, your cash flow is based on your sales. Once you know and implement the online business sales cycle (which anyone can follow), you'll be able to create consistent cash flow for your business, too.
One of the most effective ways of getting people to discover and try your products or services is by offering a Free Taste - which is just that, a taste of what it is that you offer.
One of the biggest shifts that came for me in building my own successful business was learning about - and implementing - what I call my Marketing & Product Funnel.
Learn how to create dozens of income streams from prweb guru Marnie Pehrson.