Any of this sound familiar?
You’ve heard you should have more than 1 (or 2 or 3) ways of making money in your business and you’re ready to add new ways of making money. Now.
You want it to be easy (don’t we all) so you’re interested in options that allow you to use what you already have - and DON’T require you to create some big, completely new thing. Because seriously, who wants that?
You want your business (at least parts of it) to look like passive income. Or at least more like passive income than what you have now.
You want to do it all quickly (like this week quickly).
If it does, you’re not alone. All of us want more money, and want it now.
Problem is, most of the advice out there isn’t really helpful because it only shows you one way to do things, or it intimidates you into thinking you have to blow up your entire business and start over.
I mean, seriously? Not happening.
Which is why I created this comprehensive guide for you to understand why adding more ways for people to pay you is a good thing (beyond, you know, simply making more money).
Plus 6 ways to do it.
And a roadmap (in downloadable form even! If that’s your thing) on how to get it all done this week so money can start flowing now.
Let’s get started with the basics.
*Why it’s important to have more than 1 (or 2 or 3) income streams feeding your business*
You’ve probably heard the oft-repeated phrase that the average millionaire has at least 7 ways she makes money.
No reason you should be any different.
But why 7? What’s so magical about that number?
It’s not so much the exact number that’s magical, but the smart business strategy it represents.
Here are a few example of what I’m talking about:
1. Tastes and preferences change all the time, especially online. So if you’re only offering one service there’s a decent chance it’s going to go out of vogue sooner rather than later. And if you don’t see that coming you could be in for a world of hurt while you scramble to adapt.
But if you have 7 income streams and one stops works? Still not ideal, but those other 6 will tide you over while you figure out what’s next. And that’s a good thing.
2. You get to meet people at different price points and with different services.
When you successfully build an online business you’re going to gain followers with lots of different financial situations. And while you don’t have to offer solutions for everyone, it’s nice to offer more than one solution.
Think about it: if you only offer high-priced courses you’re cutting out everyone who can’t afford those courses. But maybe some of those people really like you, and maybe they would buy from you if you offered a more accessible product.
And by offering different products at different price points, you’re also giving people the chance to test out you and your services. Because even if someone has 1k or 2k lying around to spend on a course, they may not choose to spend it if they don’t feel like they know you.
By spreading out your offerings you’re allowing more people into your world.
Finally, a note about the flip side: I talked a lot just now about adding a more accessible offer to your high-end services because, frankly, lots of people go for high-end first. But if you’re one of those who only has lower-priced offers, why not try a VIP offer? Some of your audience will go for it, and you only need a few people to make a huge difference in your profit.
3. Another reason you should have more than 1 revenue stream is because doing so helps you get comfortable being flexible, trying things and figuring out what does and doesn’t work for you.
When people only offer 1 or 2 products they get stuck in a mindset of never offering anything that doesn’t resemble those products. And that really hinders growth.
When you learn to be flexible you have the opportunity to also get creative when you need to, and that’ll pay off in spades down the line.
4. You might discover that you like something you had no idea you’d like. This one’s similar to my last reason, but different enough that it was important to include.
When you never try something new, you’re never going to know whether you like it or not. It’s a universal rule that’s just as true for getting 1st graders to try exotic food as it is to your business. So give a few things a try and see what you find. Who knows, maybe you’ll find a whole new direction for your business.
Buuuutttt. how many income streams do I really need?
Well, I just told you that the average millionaire has 7.
Personally, I have 5 and counting.
I have successful friends with anywhere between 3-10.
Only you will know the perfect answer for you.
I can tell you this: if you only have 1, you need more. And if you’re approaching 10 or more, you might want to consider slowing down because, focus and all. Don’t get too far ahead of what you can manage on your own.
When I work with clients my minimum for them is 2-3. And if they’re starting with 1 I try to get them to 4-6 by the end of our time working together (usually 6 months to a year).
In the end you’ll know what’s right for you. Start experimenting and figure out what feels right!
Now that I’ve convinced you how super important it is to have multiple income streams, I can’t leave you hanging without any ideas, right?
Here are 6 ideas that I love because: 1) they can all be added this week (more on that below); 2) they don’t require you to create SOME BIG HUGE THING out of thin air and 3) they’re outside the realm of the usual advice you always hear, so they should spark some brand new ideas for you.
So without further ado...
6 Ideas You Can Add This Week
Idea 1: Bundled Products
What It Is:
Product bundles comprised of a unique combination of your courses, books, workbooks, etc that you offer at a discount compared to purchasing each item individually.
Product bundles can also be joint venture offers where you bundle your product with someone else’s to offer unique value.
How To Create It:
Find a combination of related items you sell (or find someone to pair up with who has a product that complements your own) and bundle them together.
Why It Works:
Product bundles work well for a number of reasons:
1. There’s not much work on your end because the products have already been created, you’re simply offering them in a unique package for a great price.
2. By offering a discount against the full price of each product you’re offering a unique opportunity to get a deal on your products WITHOUT becoming known for discounting your individual products or services.
3. If you choose to offer this as a JV product with another entrepreneur you’ll expand your reach by being introduced to her tribe.
Action: What products/recorded webinars/information do you already have that can be organized around a central theme or need and sold in a convenient, downloadable, savable package?
- Webinars and opt-ins bundled into themed kits
- Jewelry bundled into unexpected seasonal, color, etc themes
- Worksheets bundled into mini self-study courses
Idea 2: Repackaged Tools
What It Is:
This might be my favorite of all the ways to monetize your business because it involves selling tools you’ve already created to help yourself run your business.
Anything goes here from shopping lists, checklists and productivity systems - people are always looking to make their lives easier, so if you’ve found a way to make yours better odds are someone would be interested in hearing about it.
How To Create It:
There’s less creating here and more learning to be aware of what you’ve created for yourself that would be valuable to others. It’s easy for all of us to assume those little checklists and productivity hacks aren’t of value to anyone but ourselves, but they are. Take inventory of all the little stuff you’ve created for yourself and see what looks the most valuable.
What tools have you developed to use behind the scenes with your clients or students?
- Raw materials shopping lists or quality checklists
- Time-tracking sheets, Productivity systems
- Social Media Tracking Tools
- Think spreadsheets, checklists, software hacks, anything that you couldn’t do without and that would be helpful to anyone else who does what you do (but that isn’t central to your specific value prop)
Idea 3: Licensing
What It Is:
We usually think of software when it comes to licensing, but you can also think of it in terms of products you’ve created that may be of help to others in your field (think a system you can license to fellow coaches) or to colleagues whose clients may benefit from your work.
How To Create It:
Look around at the systems you’ve developed for your clients, or the courses or packages you sell. Which would help others in the same profession as you? Package those up and offer with limited use.
What tools do you have that would be helpful to a specific population, or that you could offer publicly while still maintaining some control over the access people have or the number or type of people who have access?
- If you’re a coach what have you developed to manage your clients that other coaches would kill to have? (Think collaboration, not competition)
- Makers: Do you have a unique & efficient production system that others would love to know about?
- Do you have a course that would fit well inside someone else’s membership site? Offer it to them on a licensed basis.
- Remember: You’re not licensing anything that’s a unique selling prop – just the tools you use behind the scenes.
Idea 4: Train the Trainer
What It Is:
Train the Trainer programs exist to train others to do the same thing you do.
How To Create It:
If you’ve become an expert at what you do, consider training the next generation behind you. And remember this doesn’t have to mean you train them only (or even at all) on how to help their clients. It might mean you train them on everything else about the business other than the core work.
For example: if you’re a designer you may not train someone else in design skill (that’s what art school is for) but you may train them on how to run a business, market themselves, etc.
What have you already mastered about your business that would be super valuable and helpful to someone new to your field?
- Mini-apprenticeship or paid mentorship
- If you’re a maker or service provider what knowledge can you offer outside of the actual skill?
- How to manage the business side of a creative business
- How to find your unique style
- How do you offer value that a generic business coach doesn’t?
Idea 5: Specific & Structured 1-Off Offer
What It Is:
The specific and strucutred 1-off offer is a speciality offer you can make to solve one specific thing for your clients. It’s best used once you’ve built up the expertise to solve one specific (and common) issue quickly and efficiently.
How To Create It:
Think about specific problems you’ve figured out how to solve for your clients quickly and efficiently. If you have a specific process you follow to solve these problems, develop a structured offer (1 hour, half a day, whatever) that you know is enough time to solve their specific problem.
What problem can you solve for clients in your sleep? If you have one, you can probably replicate it for everyone.
- For Makers: Personalized art offer: Initial jewelry, Limited edition seasonal or holiday offer, Quote art
- For Service Providers: think audits, calls centered around a common issue that’s solved the same way 90% of the time, Website Checks, Funnel Audits, Email Reviews, Visibility Booster, Block Clearing
Idea 6: Membership Sites
What It Is:
Membership sites are sites people pay (usually monthly) to access. They’re great because they allow people to start working with you at a (typically) lower price point. They’re a particularly good option for entrepreneurs who love churning out content, because membership sites do need to be kept fresh.
What information do you already have on hand that can be repurposed and expanded upon to offer ongoing value?
- Stock photo clubs
- Email template clubs
- Mastermind clubs
While I said my 6 ideas were going to take you outside the norm, I’d be holding out on you if I didn’t include the classic online offers because who knows? Some of you may not have considered these before:
- Evergreen Course
- Done-For-You Strategies
- Borrow My Brain Sessions
- Paid Challenge
- Affiliate Marketing
- Group Coaching Mastermind
Now for the fun part! I promised I’d show you how to pull this off in week, and I will. Here’s the checklist. (Want it in printable form? Click the button below to grab a copy).
Day One: Take Stock & Brainstorm Ideas
- Re-familiarize yourself with your inventory, tools & knowledge
- Review the 6 monetizing ideas and eliminate any you’re not interested in using
- Brainstorm 3 ideas for each of categories you are interested in
- Eliminate any ideas you have no interest in pursuing (Try to have at least 5 left)
Day Two: Assess the Market & Decide on Offer
- Research the ideas you have left using social and online tools
- Narrow down your list to the few that meet the most need
- Decide on what you’re going to offer
Day Three: Develop Promotion Plan
What channels will you use to promote your plan? Typical ideas:
- Your Website
- Your Email List
- Facebook Ads
- Facebook Groups
- Facebook Page
- Local Event
- Where Else?
Day Four: Tech Checklist, Prep Funnels & Emails
Confirm you have:
- Lead Capture system (if you need it)
- Shopping Cart
- Sales Page
- Payment Processor
- Membership Site
- Video Host
- Digital Document Delivery System
Day Five: Design and Prep the Product
What do you need to prepare for your sale?
- Combine bundles into single PDF
- Photograph product bundles together
- Outline mentoring features
- Combine videos, webinars, etc in one place for membership site
Day Six: Write Emails, Sales Page, Posts, etc
- Prep Emails:
- Write and Launch Sales Page
- Write Social Media Posts
- Prep Social Media Graphics
- Prep Email and Sales Page Graphics
Day Seven: Launch!
Activate Promotion Plan:
- Send Email
- Post on Social Media
- Activate Ads
- What Else?
So... what are you going to create and offer this week? Tell us all about it in the comments!