You might be thinking that creating multiple streams of income is something that only those who want to reach 7-figures need to do. That it isn’t right for your business. But let me ask you this.
Do you want to work with more clients but there doesn’t seem to be enough time?
Or have you heard you should create a marketing funnel for your business?
Creating multiple income streams helps you to open your business to reach a greater audience. When created correctly, you can help walk your clients through your funnel. Creating different types of products is the simplest way to help you create multiple income streams. Here are a few products you can create to get you started.
Self-Pace / Do-It-Yourself Course
Utilize technology to provide a self-paced / DIY course. This can be something simple that you create using audios and PDFs through email delivery or a more complex course site product that incorporates videos, autoresponders, pdfs and a forum. Your product must be targeted to the needs of those who will buy the product. Not sure what to offer them? Survey your list or online communities of your ideal clients to see what their pain is and what their needs are. Create your product based upon those needs.
Group Coaching Program
Creating a group coaching program allows you to serve and help more clients at once. Create a course that is extremely targeted to a specific need. Is there a topic that continues to come up with private clients that you can help tackle and solve with more in a group course? Generally you charge less than you do for private work because you are leveraging your time in a group. This also gives more people the opportunity to be able to afford your rockstar services. You can include 1:1 time with you in this course if you choose, just be sure to factor in your private time into the cost of the course.
Joint Venture Product
Joining forces with another kick-ass-preneur in creating a product is a fabulous way to add another income stream to your list of products. This also helps you reach a new audience. Consider someone in your field that you can partner up with. Or find someone who teaches something you don’t offer to create a product with your two super powers. Some examples are:
life coach + business coach = awesomeness
copywriter + video guru = awesomeness
Be creative and innovative in what you offer. Don’t know of anyone off-hand? Cruise around your social networks and social groups you are active on to see who you could partner with!
Leave a Comment Do you have multiple streams already? What is your fav? OR are you now going to be adding them to your business? Leave me a comment and let me know!