I’m sure you’ve heard that the average millionaire has 7 streams of income. I know, not EVERYONE dreams of being a millionaire. So, why generate new revenue streams?
The more you diversify the ways you get paid, the more money you can make.
Why generate more revenue streams?
As entrepreneurs, we are hit with many conflicting messages about income streams.
“Have only one core offer”, “only sell $97 courses”, “make sure you have passive income and funnel services up”. It’s a lot to decipher. And it can be truly overwhelming figuring out how to make more money in your business.
There is no “right” way to run your business. But there are a ton of fun ways to make money.
As a DEI consultant and business coach, I have four to five income streams that keep my business steady and fulfilling. My streams are:
- Corporate consulting
- 1:1 business coaching
- Coaching/consulting hybrid
- Live workshop facilitation
- Courses/workshop replays
- Editorial contributions
I’m not yet at seven streams, but still pretty diverse, right!?
Tips for expanding your revenue streams
Expand your revenue streams while keeping your business sustainable. Here are my top tips.
Obsess over your core offer
Identify your main course (main offering), then determine your appetizers and side dishes (additional offerings)! This should be the offer that feels fun to sell and fulfills most of your financial needs.
For example, my main course was 1:1 business coaching – up until recently – and my appetizers all led back to it. If someone bought a $197 workshop (appetizer), it promoted my 1:1 coaching (main course).
Identify your skills
As an entrepreneur, you’ve spent years honing and cultivating your skills. Start writing down all of the experience you have on entrepreneurial and prior employment levels.
These skills can be translated into revenue streams like:
- Writing books
- Contributing to articles
- Coaching + consulting
We don’t realize just how much experience we have – and how many people we can serve.
Make a list of all the jobs you’ve had in the last five years and how many different types of companies and entrepreneurs you’ve served. Bonus points if you’re an expert in certain processes, programs, and software.
Explore passive opportunities
Once you have that list of skills, it’s time to get to work. Now, you can start dreaming of the passive possibilities!
We’ve all heard about the cliché make-money-in-your-sleep YouTube gazillionaires, but they aren’t totally wrong about one thing:
Passive income can equal more free time on your calendar and provide more access to those who may not yet be ready for your core offer.
But what the heck can you sell passively? Everything, my friend! Start with what you already have: a course, a template, a workbook, a video training – and expand from there. You don’t want to create extra work for yourself.
Take some time brainstorming
If you have absolutely nothing to sell passively, it’s time to brainstorm.
Think of an offering that:
- Requires zero 1:1 support
- Is consumed without help
- Provides a solid transformation
Some examples are:
- Video trainings
One of my favorite “low-lift” passive income streams is hosting virtual workshops. I usually charge under $100 per person for my live virtual DEI workshops and then sell the replay. At the end of these workshops, there is a call to action to purchase my inclusive business course or apply to work with me 1:1.
I’ve converted multiple four-figure clients as a result of promoting these workshop replays on podcasts, emails and story highlights on IG. The beauty is it has been passive and without promotion!
If you want to learn how I’ve hosted workshops that have brought me over 20k in income during 2021, check out my Paid + Poppin’ Workshop Bundle. I partnered with a sales funnel strategist to create a profitable workshop from the inside out, complete with templates and directions on how to create your first workshop or masterclass. It covers everything from email marketing to workshop creation promotion.
Determine what’s next
It’s important to have a clear path on what’s next after a client purchases one of your appetizers. Whether it is an email sequence selling another course – or an application for your premiere service – you don’t want to leave them hanging, wishing they could work with you again.
The accessibility of your appetizers can mean more inclusivity for those who may not be not be able to access the capital to purchase your main course.
After you’ve decided on your winning offer, try to have an organic launch, and gather social proof on how rad the offer is. Then consider the use of paid ads in the future. These can help put your passive income on autopilot.
Lastly, don’t forget to track your efforts! Diversifying your income doesn’t mean throwing spaghetti at a wall, it means creating repeatable actions that result in a predictable and sustainable outcome! Document those metrics.
Expand your reach
Establish passive income with the tips above – then expand. You can expand your marketing and promotional reach simply by being yourself. I’m talking about revenue streams like trainings, books, public speaking opportunities and editorial contributions. These opportunities all have a far “evergreen” reach that can bring in hot leads for years to come.
There are some editorial opportunities that can pay up to $4 per word to be a regular contributor, which could add an extra $4,000 of income in your pocket per month – from one article!
These opportunities are easy to overlook because we are often focused on working “in” our business instead of “on” our business. Be intentional about your time, bandwidth and skills – and open to new opportunities that come your way!
Focus on one project at a time
Remember that expanding your business and its revenue streams take time and planning. Pick one stream to focus on at a time to avoid burnout and frustration. You’re in this for the long haul, so take it slow. It took me 2 years to truly diversify my income and I am glad that I chose not to rush it. Which revenue stream are you most excited about adding to your business?
Simone McNish is a business coach and DEI Consultant. She works with moms and women of color on running profitable and sustainable businesses. As a DEI Consultant, she helps small businesses and non-profit organizations create more equitable and impactful workplaces. Simone is a mom of 2 and an avid reality TV lover.