Did you know that diversifying your income will bring consistent cashflow? Diversifying the way you show up in the client’s eye is a surefire way to bring in new and unique businesses.
Diversifying your income will help you feel more secure in the current times.
Having multiple streams of revenue is not a new concept, but many have gotten comfortable depending on just one stream of revenue. Here are three things to consider when thinking about new revenue streams.
Is there a service/product that might be complementary to the one you already have?
One industry that has done this well is the restaurant industry. The question, “do you want fries with that?” is a regular turn of phrase. You cannot get through a drive-thru service line without being upsold on something. Add on services are a wonderful way to increase your revenue and diversify your income in each sale you make. Spas, nail salons, hair salons, and even gyms can add menu items to the regular services to add starting at just $5. The bottom line is, it is much easier to sell additional services to happy current customers than to create all new clients.
Collaborations are an amazing way to bring two separate audiences with similar interests into one.
The music industry does this really well! Remember Dolly Parton and Kenny Rogers “Islands in the Stream?” How about Ozzy Osborne and Post Malone “Take what you Want?” Or Taylor Swift and Brendan Urie in “ME!” Collaborating with other businesses is a great way to form new ideas and reach new people you might not have before.
Expanding your sphere of influence with a collaboration helps in two ways: it boosts your influence, and if aligned correctly, your income too. Martha Stewart is a wonderful example of collaboration and diversifying income. She is constantly reaching for new products and ideas and using her influence to create more. Most of her work is done in collaboration with others. She isn’t the one creating new paint products, but through collaboration, her name ends up on the bottle anyway.
Diversifying your income by looking into Digital work or the business of influencing.
In 2020, many businesses start on Instagram or YouTube. Getting to 1,000 YouTube followers or 10,000 Instagram followers is the magic number and there are all kinds of strategies to get there. Once that happens you are monetized or have the option to monetize. Digital work is sometimes an additional revenue stream for people who have established businesses too. You can use your platform to teach more about what you do. Additionally, you may have a hobby that could integrate well into your business. Get creative. There are no rules.
We live in a challenging yet exciting time! To succeed in your business right now, you must train your brain to look for the opportunities and then go.
If you would like to learn more about diversifying your income, please contact us. We would be happy to coach you through the process and brainstorm together.
Author: Gabby Luoma