Connect with us

Entrepreneurs

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

Published

on

lifestyle entrepreneur

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.

Advertisement
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

Leave a Reply

Your email address will not be published. Required fields are marked *

Entrepreneurs

4 Signs You Need Support in Your Business & How to Pinpoint Where You Need It

Published

on

how to find support with your business
Image Credit: Unsplash

Being a business owner is no joke. It comes with an immense amount of pressure, and forces you to grow or to give up. If you want to focus on success, there are different types of support you need to keep growing both as a person and a business.  (more…)

Continue Reading

Entrepreneurs

7 Financial Health Strategies for Young Entrepreneurs

Published

on

financial health strategies for entrepreneurs
Image Credit: Unsplash

Do you know what the main reason is for the failure of newly created companies? The reason is not that they did not conduct a preliminary analysis, did not create a unique proposal, or began to conduct business in a very competitive environment. (more…)

Continue Reading

Entrepreneurs

(Infographic) 9 of the World’s Most Influential Female Entrepreneurs

Published

on

influential women

The perception that the business world was a male-driven environment has been shattered in recent times by the extraordinary feats of many female entrepreneurs who have chased their dreams and worked tirelessly to make them come true. The wealthiest female entrepreneurs in the world not only should be proud of their own successes on a personal level but can also take pride in influencing and inspiring businesswomen everywhere to dream big, as anything is achievable.

(more…)

Continue Reading

Entrepreneurs

5 of the Best Proven Growth Hacking Strategies for Your Business

Published

on

best growth hack strategies for your business
Image Credit: Unsplash

Tough competition can make growing a new brand seem near impossible, despite the hundreds of new companies that are created every day. Creative solutions offer the answer, allowing you to move in a positive direction with your brand start-up at an affordable investment. To achieve this, speed is the key. Growing your user base fast will allow profits to come in fast, too. This is what growth hacking is all about.  (more…)

Continue Reading

Trending