Most often when I work with new clients and help them to look for ways to increase their revenue without working any harder. It’s normally a gap in their “funded proposal” or sales funnel design that causes them to not have income consistency in their business.
I know when making the decision to start out on my own, the security of having regular income was really important. I’m sure you feel the same, that knowing you always have some regular income coming in.
So, in order to offset the highs and lows it’s best to create multiple streams of income.
Before we start though, it’s key that we cover a few fundamental things:
- Great Creating & Think Outside The Box: Remember there is normally more ways than one to create an income, the key is to design a business model to include them (eg. Speaking/workshops/online courses etc). So get creative, do your research and look at other ways to create income streams.
- Link Your Knowledge: The hardest thing to do is to pull all your knowledge and services into a “funded proposal” or some like to call it a “signature system”. By doing this it’s easy to realise you have multiple income streams, or also where you could create another one as well. This should be your first step when getting started.
- Marketing Strategy: Once you have your funded proposal in place, then you need to create some awesome marketing and have one or two methods to drive traffic to them. You need to create a marketing stategy which includes list building, creating value and selling your products/services. When you have a signature talk that drives traffic to you and your income streams you have a constant flow of leads and revenue.
So now we have the basics covered, let’s get some creativity going and think about ways in which you can increase your revenue.
Here are some key elements to consider which you maybe able to incorporate into your business model:
- Breakthrough Sessions/Webinars/Q&A calls
- Half and Full Day VIP Retreats
- Multiple month programs/Group Programs
- Web tv/podcast shows
- Masterminds (one-to-one or in groups)
- Audio or video downloadable product
- An online 4, 6, 8 or 12 week training program
- Interview Series
Ideally you want to create a mix of products that “you do the work once”, then they get “sold over and over again” without you being involved (like the online course). Then have higher ticket items which are limited in numbers and time to deliver them, but much more exclusive (3 day retreat $10K).
Also once your signature program is defined, you could also look at speaking opportunities to sell people into your program, especially your higher ticket ones.
The idea here is to always create more revenue, through doing the work once or to delivering to more people at once.
I look forward to hearing your thoughts on this, and to see what income streams you have created in your own business that has worked for you to increase your revenue and decrease your time involved.
Please do comment and share below.