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7 Ways to Make Multiple Streams of Income as a Business Lifestyle Entrepreneur

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In light of all the changes that are occurring in the world, there are many people that desire to make multiple streams of income in their businesses to give them the security that they need. As an entrepreneur, this should always be your goal and it is not as hard as you make think to make it reality in your life and business.

Creating multiple streams of income without trying to use get rich quick scams, or doing something that is completely against your ethics can be your reality after you get clear as to where you want your business to go and how much money you want to make.  

Implementing these 7 strategies will set you up to successfully achieve multiple streams of income:

1. Always have low priced valuable items to sell

These lower priced items is the way that you are going to be able to get your foot in the door to help your potential customers. This will give them a taste of what you are about and if you give them enough value, for a low price, they will be compelled to work with you further. When you are thinking about your lower priced items, your goal should be to turn a customer into a repeat customer.

2. Write a book

To clarify, writing a book usually will not make you rich unless you have a huge following and can get a book deal. But what it can do is help you to have a book sized business card that no one will probably lose or throw away and you will be able to make money off of that same book if it is priced correctly.

A book that is written well and positioned correctly is a client magnet that can generate money from new and existing customers. It also gives you social proof to position yourself as the expert which can also bring clients knocking at your door.

“There is no greater agony than bearing an untold story inside you.” – Maya Angelou

3. Launch a virtual summit

Summits have been known to attract a nice sized crowd while giving you the ability to create multiple ways for you to make money. With a viable summit you will be able to make money upon registration, with partners that you have strategically partnered with, and if you have marketed it correctly and was able to draw in a nice sized crowd, you can choose to sell something during the summit.

4. Create an online course

Your ideal customers are hungry to learn about what you have to offer them. An online course makes it convenient and available. If you record it once effectively and give the value that your customers are looking for, you can use it again multiple times by just updating it by adding the best value and taking away things that are no longer working. Your online course can also be repurposed for other things that you can sell like virtual workshops, mini courses, and boot camps.

5. Start doing bi-monthly, monthly, or quarterly webinars

Webinars are amazing tools for you to make an impact on your audience as well as your pocket book. You can either do a paid webinar or a free webinar offering the people that are eager to work with you at the end an opportunity that they can’t refuse.

6. Create an effective up-sell

Effective up-sells help you give a person what they need that compliments something that they are already getting. Imagine that these people are checking out at a grocery store, they will see your valuable offer that is something that they now realize that they need and want. Think about how many times that you’ve walked into a store and didn’t know that you needed something until you saw it.

Once someone sees the valuable item that you have for sale for a reasonable price, they will have that same spontaneous desire to buy that so many others have also had. Perhaps, you are giving them something for free and you have this great product or service that can go along with it.

This is the perfect opportunity for you to introduce your irresistible offer and give them something priced just right for them to add value to what they already have. This strategy is best accomplished with an effective traffic generating plan. The more traffic that comes to sign up for what you have, the more people that will purchase.

“If you believe in what you are doing, then let nothing hold you up in your work.” –Dale Carnegie

7. Launch a membership site

Membership sites done correctly are amazing ways for you to give value for a reasonable amount and also have the opportunity to make a lot of cash. Depending on the kind of site that you create, members will be privileged to a certain amount of valuable content that you will give them on a monthly basis.

These are usually with no contracts so members could cancel their subscription at any time. The good thing is that if you are giving great value and have a certain amount of members per month, you can build up a lucrative residual income that can bring you security while you build up all of your other streams of income.

The very wealthy have said that you shouldn’t have less than seven streams of income and if you haven’t created your seven yet, utilizing these strategies will help you to get there.

What are some streams of income you have in your business? Leave your comments below!

Image courtesy of Twenty20.com

Hi, I'm Denise Damijo, I'm a Business and Lifestyle Strategist and a #1 Bestselling author of "When You're Done Expecting." I love helping other entrepreneur's get laser-focused on plugging the holes in their business so that they can improve their lives. You can find me writing for cool publications like this one, Huffington Post, Thrive Global, and She Owns It. I also love cooking up a good business plan and spending quality time with my family. Connect with me on my Podcast, Mind Money Mogul or on Facebook.

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1 Comment

1 Comment

  1. Muyiwa Osifuye

    May 28, 2017 at 6:48 pm

    A good line of thought you have here.

    I will chip in…

    It is important to add to these list of online activities other offline business ideas.

    There still exists many rewarding brick and mortar business ideas out there.

    Many smart business owners make a cocktail of the virtual and the real.

    For example…you if you have made good profit from an online course, you could take a portion of that and start a manufacturing business or food business arc

    or buy equipment in a needy industry and start an equipment leading business …for doctors,artisans,crafts men

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Entrepreneurs

7 Things You Need to Do to Grow as an Entrepreneur

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Startups are on the rise and youngsters are keen to launch their own business instead of a nine-to-five job. As simple as it sounds, opening a business needs patience and the right planning. Moreover, the profits gained can help you meet your financial obligations and realize other dreams.

Young entrepreneurs must learn the skills of investing money within the right channels as most startups fail because of a shortage of funds. Every entrepreneur has a chance to innovate, create new jobs and have an influence on society. It’s our responsibility to continually grow and push forward, usually beyond our comfort zones.

Here are the seven must-learn tips to grow as an entrepreneur:

1. Read Books and Articles

For many new entrepreneurs, your first mentors are usually found in the pages of books and blogs. Much often learned from the writings of others, and fortunately these days, people are sharing their experiences. A survey found that 88% of the world’s wealthiest people read for a minimum of 30 minutes daily. By comparison, only 2% of the overall population reads this much daily.

Read chapters in books, and articles to get new ideas and skills. Some ideas might not be directly relevant to what you’re doing these days however, it could come helpful a year or so down the road.

My advice is to search out those leaders and writers who resonate with you. You’ll understand when you’ve hit on something when you find yourself returning to a book for answers and inspiration time and time again.

“Books give a soul to the universe, wings to the mind, flight to the imagination, and life to everything.” – Plato

2. Perform SWOT Analysis

Business students and old-school marketers should be very aware of mapping out SWOT Analysis charts (Strengths, Weaknesses, Opportunities, Threats). If you’ve never made a SWOT chart, write out the strengths, weaknesses, opportunities, and threats in four quadrants on a piece of paper.

In reality, you’ll jot down a couple of notes on the back of a cocktail napkin, however despite the simplicity, if done right, a SWOT will shed light on crucial areas that require improvement. Most significantly, don’t shy away from the truth. Dissecting your weaknesses isn’t fun however, no good comes from avoiding the fact.

3. Be Willing to Take Risks

It’s impossible to become an entrepreneur if you don’t take risks. Doesn’t matter how many times you’ve fallen. See how many times you stand-up. Being an Entrepreneur isn’t that easy; it’s an up-and-down game like a business. Be willing to come up with new plans even when old strategies are working. It’s through such risks that your business will grow. You’ll learn and meet new partners or investors. Even so, the risks must be calculated. Doing the analysis and making consultations is vital in this case.

4. Open Your Eyes Wide

Many opportunities are arising in the business world every day. For instance, many companies are willing to come up with a mobile solution for a startup without charging immoderate prices. This info can only be discovered if you’re keen.

Before dismissing adverts from websites and mainstream media, conclude if they’re relevant to your business. Also, follow the events happening in the stock market and international business summits. You’ll find the opportunities which will take your business to a new level.

Becoming successful as an entrepreneur is possible if you learn, take risks, evolve, innovate, and stay motivated. You must be realistic regarding your abilities and watch the events that unfold in your world.

5. Lead the Way for Your Team

Young entrepreneurs need to encourage employees and provide help at every juncture. For any young entrepreneur who aspires to be a leader it’s necessary to be:

  • Honest
  • Ambitious
  • Courage and Risk Taking
  • Dedicated
  • A Team-player
  • An effective listener
  • An effective communicator
  • Able to inspire confidence
  • Positive

An entrepreneur who has all the attributes of a leader leads the employees to productivity. It’s essential that the team respects a leader. The hunger and aspirations of the leader to strive for success inspire the employees to put in that extra effort to be successful.

“A leader is one who knows the way, goes the way, and shows the way.” – John C. Maxwell

6. Learn How to Keep Initial Success at Bay

Do not enjoy the shrubs of initial success for too long. Return to the drawing board and draw the future course of action. To move on to the next phase:

  • Utilize local and online channels to make hype for the services
  • Start expanding by hiring employees to enhance productivity
  • Cater to a good segment of the audience by providing various services
  • Re-invest the profitable revenue into new business efforts

Never let the initial success get to your head. The online platform is an ever-changing arena. Analyze what’s working and what new tactics can be utilized to strengthen the market base.

7. Find and Keep Business Partners

You will always go far if you have people to carry your hand during hardship in business. They’ll share ideas that have made them successful and provides you funds whenever necessary. Demonstrating that you are organized, capable, and serious is vital when nurturing such relationships. Keeping records, creating financial contributions to society, and attending forums are some of the choices worth trying.

Being an entrepreneur isn’t as easy as it looks. You’ll face many up-and-downs, risks, financial crisis, and many more. Be ready to face these problems if you want to be an entrepreneur. Entrepreneurship isn’t about making money, it’s about innovating new things and represent new concepts and ideas to the world.

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Transitioning From Employee to Entrepreneur? Try Intrapreneurship First

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Studies show that 15 million Americans are self-employed full-time and that an estimated 27 million Americans will transition from the traditional workforce to full-time entrepreneurship by 2020. Additionally, it is asserted that entrepreneurs are 125% more successful if they have previously been employed in the industry in which they presently do business. This is all great news on many levels.

Chances are, if you are reading this article, you are considering transitioning from employee to entrepreneur, or perhaps you have already made the shift. I get it. I am one of the millions who has made the switch – trading stability and comfort for passion and freedom. However, if you are a potential full-time entrepreneur, there are many things to consider before making the leap.

How will I support myself and my family in the initial stages of development? What do I do if I fail? How do I maintain the drive needed to make a business successful? How will my business harness the creativity and innovation required to thrive in the marketplace? These are all valid questions and should be considered deeply.

If only there were a training ground to test your management capabilities, gain knowledge, think innovatively and be solution-focused. But, wait, there is. Your current employment can offer these opportunities and more – through intrapreneurship.

By definition, an intrapreneur is an employee of a company who has adopted an entrepreneurial mindset. Intrapreneurs are highly motivated self-starters and innovative, solution-driven thought leaders, who work within an organization. Because of this definition, acting in an intrapreneurial capacity in your current place of employment makes a great deal of sense when considering the move to self-employment. You can use your current employment status as a testing ground for where you want to be.

Here are four reasons why intrapreneurship can work for you:

1. See a problem. Solve a problem

All businesses should be designed to fulfill a need. Just as your own business should be able to justify its existence in the marketplace, initiatives within an organization should do the same. Closely examine processes and products in your place of employment. Determine what could be executed more productively. Alternatively, design a new initiative to creatively meet and exceed customer expectations. Acting in this manner will prepare you for building the structure and mission of your own business.

2. Creatively capitalize on skills and talents gained outside your employer

In many instances, we separate business from personal, and there are many good reasons for this approach. However, there are notable skills and talents used in your personal life that are transferable to the workplace. For example, if you engage in team sports, use your team building skills and charisma to involve your colleagues in projects.

If you love to read fiction books, integrate the creativity of the stories to bend the thinking of traditional methods of operation. The possibilities are many. Business owners rely on all life experiences, directly or tangentially related, for the benefit of their enterprises.

3. Intrapreneurship is for all employment levels

If you think intrapreneurship is only for c-suite executives, think again. Intrapreneurship is for the mailroom to the boardroom. As noted in the definition, intrapreneurship is about being a self-starter. You do not need permission from anyone to be highly motivated. Just as all parts of our bodies have a function, so do all positions in an organization. Even if you feel your position has no purpose in your organization, make one. We all have to start somewhere in our entrepreneurial journeys, so start right now, where you are.

4. Experiencing failure is inevitable. Move forward anyway.

All of us will experience failure at some point and multiple times as well. Failure will happen regardless if you remain employed or set out on our own. Be bold enough to move forward with establishing your voice and your place anyway. Business and life are about forward movement. Decide now what next step you will take if you fail. There is always a path forward. Get used to the possibility of your ideas being rejected and your designs being flawed now, so when you are a full-time entrepreneur, you will know how to advance.

Whether you are at the infancy stages of developing your own business, currently self-employed or even wish to remain an employee, establishing yourself as an initiator and innovator can reap many benefits for you and your company. That is the beauty of it.

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3 Ways to Remove the Hustle From Your Business Through the Power of Automation

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If you’re anything like me, when building your business online you may see asking for help or taking short cuts as cheating. I can’t explain why but when I first launched my business online, I wanted so badly to be able to do everything for myself. It gave me more of a sense of achievement, and I worked many extra hours than I probably needed to trying to do everything myself.

The admin, content creation, marketing, prospecting, web design…I’m sure you get the picture. But it all came to a head when I would burn myself out time and time again. I kept hitting a wall where my business was concerned as there was only 1 of me and only limited hours in the day.

I got bored of the hustle and thought there must be a much simpler way to build and market a business online. Especially as I was a single mother, looking after my child when I wasn’t running a business single handedly. That’s when I discovered something that not only gave me back my freedom but also transformed my business, bringing in enough revenue within 8 weeks to enable me to leave the day job and become a work from home mum.

It was the power of automation!

I looked all around me as well at the other mum’s building their businesses online but desperately struggling to make ends meet and wearing themselves out. I knew there was a way to simplify my sales and business processes.

Here are my top 3 recommended tools to start removing the hustle from your business today:

1. Messenger marketing

I use Manychat which is a messenger marketing platform which enables you to market to your subscribers directly through Facebook messenger. The ways in which you can use this incredible technology is endless but I will name a few ways in which you can use this in your business.

Automate your sales process! You can build a sales funnel with a messenger bot that can take your prospects through a warm up sequence, build the relationship with them, showcase all of your products and services and even take payments on autopilot.

You can register people for online events or training sessions using your messenger bot, communicate with everyone simultaneously and provide any updates direct to their messenger.

Do you have a membership, team or group of people you need to communicate with? Create a messenger bot specifically for them to enable you to communicate with everyone directly at the same time with just 1 click of a button. Subscription messages can also be sent and scheduled in advance.

“The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.” – Bill Gates

2. Email marketing

Another form of digital marketing, email marketing has been around for some time but still very much has a place in today’s marketing world. You can use a lead page/landing page and an account with an email provider to automate all aspects of your sales process and communicate regularly with your subscribers.

Treat your list well, provide them with valuable content and you can build a tribe of loyal followers. If you match this with an ongoing ad campaign you have the ability to be making sales on autopilot.

Set your automation up and you can take your leads through your whole sales process and all the way up your product/service value ladder. If you sell digital products such as courses, this allows you to be earning a residual income whilst you sleep.

3. Automate your social media content

Zapier is the most incredible workflow automation tool I have ever come across. Allowing you to create automations between most apps that you can use online. For example, if you use spreadsheets, you can create a trigger every time a new entry is entered on your google sheet with an email address, they automatically get added to your mailing list and sent automated emails.

My favourite zap (an automation created between 2 apps) is between Trello and Buffer. You can connect both apps together in a seamless way which allows you to plan your social media content in Trello, write your content, set the date you wish the content to post, add an image and this will automatically send all of the information to your Buffer account and schedule the post for your social media accounts.

Even more incredible is that this system works across multiple platforms so you can use it to schedule content for Facebook, Twitter, Pinterest, LinkedIn and Instagram all at the same time.

“Automation and technology don’t cure behavioural ruts; they just create new instances of them.” – Kenneth Goldsmith

I can’t even begin to tell you how much my life has changed since implementing these into my business. In just 3 months my income increased by 500%. So it’s time to relax and start implementing some automation into that business of yours. The hustle is all a myth.

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5 Challenges New Entrepreneurs Will Face While Starting a Business

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Entrepreneurship is a field that comes with many obstacles and challenges. It’s important to be aware that sometimes it can be extremely difficult, especially for first-time entrepreneurs.

Before you launch your business, you need to be well equipped to face the challenges that’ll surely come your way. Mark Victor Hansen, Founder and Co-creator of the Chicken Soup for the Soul book series, said “You don’t become enormously successful without encountering a number of extremely challenging problems.”

Here are the 5 challenges that you are likely to face and how you can overcome them:

1. Lifestyle Change

The experiences of entrepreneurship will change you profoundly, from the way you think, to how you act, to your manner of living. You begin to realize you’re not getting enough sleep, have little time for yourself, can’t spend the same amount of time with friends, and you get complaints from people closest to you This is all because you’re putting most, if not all your energy and focus into running your business.

The solution, in order to sustain your passion, is to make some tough choices and identify your priorities. You’ll need to sacrifice much while you learn new things. You can start by organizing your day the night before, by creating a list of your activities for the next day in terms of priority.

Constantly, visualize your destination and surround yourself with people that motivate, inspire and push you to be your best self. By the time you apply these principles, you’ll feel more relaxed and energized.

2. Facing Uncertainty

When you launch your business, even if you offer the best product or service in your industry, you’re bound to face uncertainty.

Your marketing strategy might fail, your customers may not be ready for your product or service because it’s too early, and your competition may be a little bit tougher than expected. Even if you’re able to handle all of this, it doesn’t mean you’ll get your desired paycheck. However, keep in mind, that if you are well prepared, you’ll be in the best position to handle any of these roadblocks without stress.

An important thing to do is to test your product in the marketplace. By doing this, you will observe how the market views your product or service and can get feedback as well. If you do this right, you’ll be on your way to launching a successful business. The joy that eventually comes from launching a successful business is the greatest feeling ever.

“Exploring the unknown requires tolerating uncertainty.” – Brian Greene

3. Team Building

Recruiting a trustworthy and reliable team is an important part of building a successful business. Every entrepreneur should know it’s important to recruit a strong team because your team can either make or break your business.

Lawrence Bossidy, Former Chairman and CEO of Honeywell, once said “I am convinced that nothing we do is more important than hiring and developing people. At the end of the day, you bet on people not on strategies.” The common mistake new entrepreneurs make is hiring too quickly and if this doesn’t turn out well, you might be setting yourself up for failure before you even begin.

One solution is to hire individuals you already know or get references from people you trust from your professional life. Having the right people around is significant because they will influence your decisions and therefore the success of your business. Choose wisely.

4. Capital Management

One of the major reasons many startups fail within the first few months of business is because of capital mismanagement. The common mistakes entrepreneurs make are spending prematurely and not separating personal account from your corporate account. Spending too early on items like business cards and marketing materials might just end up being too costly for your startup.

You need to stay on top of your cash flow by keeping track of all your business expenses. You need to create a budget and set up an emergency fund account. You may decide to hire an accountant to help handle your finances, so they can assist you in fine-tuning where the money goes.

“Money is usually attracted, not pursued.” – Jim Rohn

5. Loneliness

Starting and running a business can be very stressful. This pressure can cause entrepreneurs to feel alone and maybe even depressed. If it’s extreme, you may develop mental health problems. Studies show that 30% of entrepreneurs report a lifetime history of depression.

It’s vital to reach out to your support system regularly. Family, close friends or mentors can be a big help in getting you back to your best. Once in a while get together with your family and friends and do some fun activities.

Starting a business has it’s challenges but if you’re prepared and know what’s ahead or what to expect, it will be a little less surprising when you run into an obstacle and you’ll be able to take the hit better than you thought!

Have you wanted to start a business? If so, what’s holding you back from pursuing it 100%? Share your thoughts with us below so we can be of service to you!

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