So if you’ve taken any financial literacy course, read a book, listened to a podcast or even washed your face this morning, you’ve probably heard that the way to achieve financial freedom is to create different streams of income. And while you don’t want to put all of your eggs in one basket, that doesn’t necessarily mean you have to have hustles in different industries to secure the bag.
You can take your existing business and create different streams of income within your existing business. Here is how:
1. The product or service itself. Your first stream of income is going to be the primary services or products that you currently offer. Hopefully you are VERY familiar with this one; otherwise we’re in big trouble. If you are a personal trainer, this would be your training services or gym membership dues that you collect from clients. If you have a company that sells eyelash extensions, then this would be the lashes that you currently sell. The list goes on and on. The first bag is your product or service.
2. Teaching, classes & consulting. The second stream of income comes as you begin to establish as an expert within your given industry. You will be able to offer classes, workshops or even private coaching and consultations to both clients and other professionals that want to learn from you. For example, if you are a hairstylist, you could teach a class on a new hair straightening technique. Or if you have a credit repair business, you could teach a webinar on “How To Write An Effective Dispute Letter”.
In addition to having a marketing strategy for your company itself, you should be branding yourself as well in order for this to be a lucrative stream of income. The better job you do at branding yourself while you build your business, the greater the return will be. And the best part is, unless you are in a heavily regulated industry, like real estate for example, you can usually offer classes without any additional training or educational requirements.
3. Digital products & eBooks. While this is similar to number 2, there is one key difference. With teaching, classes and consulting, it requires you to be actively involved. With digital products and eBooks, you do the work of creating the content once, and you don’t have to ever think about it again. This is passive income. You could take that same “How To Write An Effective Dispute Letter” workshop from above, put it in writing, add some graphics and offer it as a download on your current website. This is where the term “make money in your sleep” comes from. You do the work once, and then sell it over and over again. An eBook that maybe took you 4 hours to write, can be downloaded hundreds or even thousands of times without requiring you to put in any man-hours.
As with teaching and consulting, in order to see the best results, you’ll want to make sure you are branding yourself.
4. Memberships. In addition to offering one-time services like classes or eBooks, you can offer subscriptions as well where you will periodically post exclusive content. You can charge anywhere from $5-20 per month, sometimes even more to post tutorials, products recommendations, etc. that is not accessible anywhere else. The key to being successful with memberships, to make sure you are providing valuable information to your subscribers. You want to make sure that your members see the value so they will continue to renew their subscriptions each month.
5. Events & Pop Ups. Another great way to increase your revenue it to literally “take the show on the road.” You can look for exhibitor opportunities, or reach out to other local businesses and offer a pop-up. This will give you exposure to potential clients that may never stumble upon your website or walk into your business. And if you are strategic in selecting these opportunities, they can prove to be very lucrative. You want to ask yourself questions such as “Who is most likely to buy what I am selling? Where do they usually go? What day and time are they most likely to be there?” Once you’ve answered these questions, you can begin to create a budget and strategy to take your business to your customers and secure another bag.
What do you think? Can you see how adding these streams to your current business can create more revenue? Which of these would you need the most help with? Let us know below.