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
How To Build a Six Figure Content Platform
There’s never been a better time to get started on your entrepreneurial dream, and most can start a business or launch a platform in 24 hours or less. With virtually free distribution in our pockets, attracting and building an audience has never been easier. But with great freedom and unlimited options comes great responsibility: with all the choices available to you, which do you pick? Most people get stuck at this point, sliding into paralysis by analysis with endless options. (more…)
18 Must Read Business Books for Emerging Entrepreneurs and Startups
Reading is both relaxation and training for the mind. Who reads, dives into another world. Learning, entertaining and breaking out of everyday life for a short moment. One could go even so far as to say reading is the second most beautiful thing in the world! Whether it is non-fiction or a novel of all the world’s man has created, the book is the most powerful tool. That is also, why we wanted to find out which business book you should undertake in the new year. (more…)
How to Become a Solopreneur and Lead an Independent Life
Solopreneur refers to an individual who sets up and runs a business on their own. Now, who doesn’t want to start their own business? I am pretty sure that most of you at some point in your life have thought about building your own dreams. (more…)
What Entrepreneurs Need to Learn From the Fyre Festival Disaster
By now, you’ve undoubtedly heard of the infamous Fyre Festival. This 2017 music festival turned disaster/international laughing stock has re-entered the public eye due to documentaries released by both Netflix and Hulu that detailed precisely what went down. If you haven’t watched either doc, let’s just say it’s somehow much worse than we all initially thought. (more…)
Why You Need to Push Yourself and Aim High in Everything You Do
How Mindfulness Can Improve Your Productivity in 3 Easy Steps
Here’s How to Achieve the Success You So Desperately Crave
55 Inspirational Quotes That Will Change Your Life
72 Positive Thinking Quotes For More Inner Strength & Growth
30 Famous Quotes That Will Inspire Success In You
- Quotes3 weeks ago
90 Success Quotes You Should Have Tattooed On Your Body!
- Quotes4 weeks ago
31 Highly Successful Women Share Their Most Powerful Quotes
- Quotes4 weeks ago
42 Les Brown Quotes That Will Intensify Your Motivation
- Success Advice3 weeks ago
5 Must Read Books That Will Skyrocket Your Productivity
- Success Advice3 weeks ago
The 2 Behaviors That Will Guarantee Your Success
- Entrepreneurs4 weeks ago
An Entrepreneur’s 7 Secrets to Owning Multiple Enterprises
- Success Advice3 weeks ago
3 Lessons From a Race Car Driver: How to Prepare When There’s No Time to Practice
- Life3 weeks ago
5 Reasons Why You Aren’t Going to Reach Your Goals This Year