I know. You’re just starting your business and here I am talking about having multiple revenue streams and you just want to get this first one making money, right?
You’re doing the right thing by focusing on ONE thing right now.
I simply want to plant a seed in your brain to keep your eyes open for other possible revenue streams for your business. You’ll want more than one way to make money with your business in the future.
What should you look for? I give you lots of examples and ideas in this video, but think of it two ways:
Wider and Deeper.
Wider: Taking a wider perspective in your business means adding products or services that are related to your core business.
This could mean new formats or new products and services altogether.
Do you help people transition into new careers? What about adding a resume writing course? Or, writing a sellable eBook on the topic? .
Are you a life coach? What about adding speaking or events to your service mix.
Let’s say you’re a creative making amazing bling rings. What about widening the line to include bling necklaces and bracelets?
Deeper usually involves taking your core product or service and going deeper with it.
For example, the career transition coach could add a membership site to her mix or add 1:1 coaching services.
The life coach could do something similar: a course, membership site or 1:1 coaching.
Watch the FB Live for more ideas and learn how to keep an eye out for new opportunities even if you’re still trying to get your first one where you want it to be.
05:02 What multiple revenue streams means?
07:40 Never put ALL of your eggs in ONE basket
11:19 How to come up with other revenue streams for your business?
12:23 Take a wider perspective in your business
13:24 Go deeper
15:27 Going wider vs going deeper
17:11 Going deeper by niching
18:10 Going wider by adding more product lines
23:52 Why is thinking about how else you can make money important?
25:54 What's really great about online courses?
29:33 Creating a product yourself vs teaching people how to do it
31:53 Having multiple revenue streams vs having multiple businesses
40:34 Where are your people? That's the best place to be on social media.
45:34 Where's the easiest to start with your membership?