5 Ways to Grow Multiple Streams of Income
Your marketing must be on target and directed only toward your most ideal prospects. Ensure that each client you take on is a good fit for your programs. If they are not the right fit, it will only cause you more work and headaches in the long run. If you believe that a prospect is not the right fit, be honest with them upfront. You can say NO and still remain professional and fair. If you are doing personal coaching or consulting, you only want clients that can afford your fees and those who appreciate the high-quality expertise and service you have to offer. And, if you are hiring other coaches, they must be the perfect fit to allow your company to grow.
Manifest and multiply only your most ideal clients.
- Develop joint venture affiliates who can sell your products.
Develop joint venture partnerships and affiliate programs so that others can help you promote and sell your products. You can also make affiliate income from their product sales in return. Affiliates can become another income stream where you promote someone else’s products, events, etc., and get paid a percentage for the sales that you generate. Most affiliate programs are done via email or social media connections.
- Generate big income days.
Events will help you gain instant clients in one day. Focus on selling your high-end programs at these events. Set up your own live events or workshops. An event can be an evening seminar, full-day to multiple day workshops or even an online course.
Create high-level coaching or consulting programs.
- Support people one-on-one (or in small groups) in a specific niche or industry.
Share your wisdom and expertise to show others how to improve either their businesses or personal lives. You also can add additional coaches to your team to expand your reach.
- Develop a license or franchise business model with your expertise.
Set up a systematic program you can sell to others. This could include licensing or franchising your existing expert model of training, or by expanding a coaching business by adding additional coaches. If you can sell your training programs from a licensing deal, it can become very profitable.
Develop your multiple streams of income plan
Consider what streams of income would best work for your expertise. As you develop these different streams of income, consider how much annual income you plan to generate from each stream. Also consider what percentage of income each stream would generate. Keep in mind how much of your personal time each product or service would require and how quickly you can generate income from each project.