image by www.empowernetwork.com
As I write this, I’m sitting on a chair with four legs. I’m more secure with 4 than I am with 3 or 2 or 1. When I stand on two feet, I’m more secure — and can stand longer — than I can on one foot. Two parent homes have distinct and proven advantages over single parent homes. And, of course, there’s that song, “One is the loneliest number.”
One is also one of the most dangerous numbers in business — if it defines your number of income streams.
The truth is that your business will be more secure, less vulnerable to economic “realities” and last longer if you have MULTIPLE ways of earning money and serving your clients. On September 20th, I’m taking a deep dive at the Women Who WOW Business Development meeting, on WHY you need multiple income streams and HOW to create them without:
- risking your core business;
- diluting your brand or message; or
- pulling your hair out.
But, for those of you who won’t be in that room, here’s a quick (and very broad) overview — giving you some ideas for future income streams.
- If you’re consulting, consider a do-it-for-them option;
- If you’re in the service business, consider a teach-them-to-do-it-themselves option;
- If you do most of your work one-on-one, consider an event- or group- based option;
- Take a look at all you’re already doing for FREE for prospects and consider turning it into a LOW PRICED membership option;
- Look over your emails for the past year. WHAT have you referred out most consistently? Perhaps bringing that service under your business umbrella would make more sense.
This just scratches the surface of the “multiple streams of income” topic, but hopefully it’s enough to get your creative juices flowing. I’ve worked with pastors who created impressive speaking and consulting incomes; therapists who created membership options for their self-pay clients; copywriters who created amazing incomes in info-products related to their skill set; doctors who opened up phone consulting hours; contractors who began consulting on home improvement jobs rather than doing the work themselves; retail establishments who began offering group trainings; and wine shops that offer education classes.
Creating your FIRST stream of income is good. But, don’t stop there. More on this in the coming weeks…. =)
