One of the first thing I show my Business Accelerator students is how to get multiple streams of income.
Without having multiple streams of income your business is at risk. You see when one income stream drops another can pick up the slack. Its normal at various points in your business that sales might drop.
In my first business it was a roller coaster, one month we would do really well. The next sales would drop due to the seasonality of the products I sold.
Now my business is protected from various streams of income. Its taken a huge amount of pressure of me as a business owner, doing the same in your business will be one of the best things you do.
How do I get multiple streams of income in business?
If you are thinking about diversifying your income, you may be asking yourself, “How do I diversify my income?” Its actually pretty straight forward, and many of us already have multiple income streams, we just don’t realise it
Now, my first business was an e commerce business. We sold a lot of iPod accessories via my ecommerce store, this was one stream of income.
I then introduced a second stream of income which was a Sky TV channel.
This made my income more stable, on days my website sales were slow my TV channel picked up the slack and vice versa.
We also added two further income streams which were Amazon and Ebay. Ideally I would have added even more streams to make the business even more successful.
Advantages of having multiple streams of income:
When your business has many streams of income that means the business isn’t reliant on one single stream.
It’s more secure and stable and profitable because of that. So we have various different streams and you should to.
Examples of my stream of income in my Business.
- My book Expert Mastery, this is cheapest product. It helps reader build a system to get and keep clients online. If you want a FREE copy of my book click here.
- Online membership site that we teaches Facebook advertising, Google SEO and more.
- We also have our online Business Accelerator, which is our intense 3 day program, where we take entrepreneurs from amateurs online to real experts.
- Another income stream is my Academy where I work with them one on one in their businesses. I mentor the business owner over a year to get them super fast results.
- Youtube Adsense revenue, I regularly produce content on my Youtube channel. Google pay me a cut of the revenue they generate from the ads shown in front of my videos.
- Affiliate revenue, there are lots of tools that can help you run your business more efficiently. If I use a tool in my business and they have an affiliate programme I join and offer that product to my customers. When they buy the software using my link I make a small commission each time.
Disadvantages of having only one stream of income:
Now, if we just had that single stream like most businesses it would be really tough if things slowed down. Any slowdown in one income stream has an impact on your business. However if you have 6 streams of income like I currently do, you wont feel the pain so much.
Its also easier to get on of the other streams to pick up the slack.
Things to consider before adding more streams of income:
- Each stream of income requires its own skills and expertise.
- It has a separate culture and network
- Makes demands on the most precious and limited resource in your life – time.
Think about having different streams of income in your business and see what you can add. Can you add some high level coaching? Can you add some lower level products? Maybe offer a retreat to your customers.