I recently had the pleasure of conducting a teleclass on creating multiple streams of income for a service-based business. The participants were made up of several different types of entrepreneurs who all had one thing in common — the awareness that having multiple streams of income is a sound business decision.
Many of my business coaching clients, whether they are professional organizers, redesigners, home stagers, coaches, or any other type of entrepreneur, know how important it is to have multiple streams of income in their business. But knowing that something is a smart business move and actually doing it are two different things! I try to help my clients move from “knowing” to “doing” by assisting them with taking action. So, grab your business umbrella because it’s raining streams of income!
Why Create and Offer Multiple Streams of Income?
Before you can take action, it is often extremely useful to figure out the “why” behind the actions. Creating and offering multiple streams of income for a service-based business helps you build a business with less work by taking your core business expertise and delivering it in multiple ways. You do the work once, repurpose it, and then keep using it and benefiting from it. This is often referred to as “leveraging” your content and expertise. Consider ways that you can move from delivering your content from 1 to 1, to 1 to many. Also, by offering options at several price points, you are able to reach a wider audience and assist more people.
What Kinds of Multiple Streams of Income Can You Offer?
Think of your business as an umbrella that has divisions underneath it. There are multiple ways to package your information, content and expertise. Think broadly! You can offer different types of services, products, and programs.
Your services can be delivered on site and in person, or via telephone or Skype. You can offer services to just one client at a time, or groups of individuals. You can price your services by project or by package. The sky is the limit. With the invention of newer and better technology tools, service offerings will continue to expand.
For products, listen to your prospects and clients. What do people keep asking you for? What could you create and offer that would solve some of your client’s problems, while allowing you to have a product that provides passive income? There are audio and video programs (CDs, MP3s, video, etc.), and print mat erials of all kind (e-books, tips booklets, White Papers, special reports, books, etc.). Think of what your clients and prospects need, and then provide them with the content in numerous ways. This is especially important if your clients are do-it-yourself kind of people and want to access your expertise on their own time.
For programs, use your imagination! There are teleclasses, webinars, group coaching programs, mastermind groups, boot camps, retreats, mentoring programs, training and certification programs, and membership continuity programs. The list is endless and grows every day as clever entrepreneurs come up with new ways to package their content and expertise.
What if I am Not Ready to Create Multiple Streams of Income?
Even if you are not ready to create your own multiple streams of income, you can become an affiliate of other business owners’ programs, services and products. This allows you to provide a wide range of offers to your prospects and clients, and receive passive income for introducing them to fantastic offers that you believe are in their best interest. It is a win-win for all involved: you, the business that you are an affiliate for, and your client.
How Can I Take Multiple Streams of Income a Step Further?
If you want to take it a step further, you can create your own affiliate program once you have several streams of income. Don’t be close minded and think, “But then I have to pay my affiliates a portion of my income.” Yes, you do, but they deserve it as they brought you the sale in the first place! Take it from someone that has an affiliate program – I love nothing more than knowing I have “sales representatives” out there letting their clients know about my great services, products and programs. I smile every time I pay out an affiliate commission!
Coaching Challenge: Look at your business a s an umbrella and figure out what natural streams of income fall under it. Choose one income stream this summer and create a service, product, or program that you can offer to your clients in order to leverage your content, and provide them with another way to access your expertise!