You probably hear people talking about setting up your business with multiple income streams. How we simply can’t afford to put all our eggs in one basket when it comes to growing a sustainable business. It’s just too risky. We not only need to diversify our product offerings, but how we generate revenue as well.
Let me explain. Imagine your business as a pie cut into wedges with each wedge representing different avenues of generating revenue, how many wedges are you using? And what percentage of your whole is each one occupying?
Simple Ways to Add More Wedges to Your Business Pie
Consider adding one (or more) of these business models to your current business pie:
- One-on-One is the simplest service model that any entrepreneur can offer without anything technical behind us. We all have the ability and knowledge to offer the one-to-one service in our particular niche – whether you’re a graphic artist, virtual assistant, marketing consultant, etc. One on one means working directly with your clients, typically trading service time for an hourly rate.
- Expand to Group Work. Moving into the coaching and consulting role, you can still deliver what you’re delivering in a one-on-one model, but now you can leverage yourself by working with more people in the same amount of time. Examples include live or prerecorded teleseminars, group coaching sessions, or group workshops.
- Creating a continuity membership program generates a monthly income from those who pay a monthly fee to receive something of value on a regular basis. The challenge is to create value that attracts people and keeps them coming back for more.
- Affiliate revenue is generated when a business in your related niche wants you to reach your audience. Because you’re driving traffic to their product or program, they pay you a commission in exchange for generating sales.
- Add train the trainer to your business pie. Instead of you delivering the One-on-One or Group coaching or consulting services, you license your program or systems to others. In essence, you train them how to teach your system to others.
- Information products and/or regular products help you to leverage your time by offering a bigger market of people the opportunity to benefit from your knowledge. They can sample your expertise through an eBook or a home-study audio course, and if they like it, they will come back for other things you have to offer, including your One-on-One programs.
After reviewing all the wedges your business could be using, which of them makes sense for you and for your ideal client? Maybe it’s time to get out of your comfort zone and add a whole new dimension to your business!
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