Do you find yourself feeling trapped on the treadmill of a business model that trades time for money? If you are offering products and services that require your time for delivery, then it’s likely that you will answer a yes to that question!
For those of you stuck in this business model, entrepreneurial life can equal a lot of hard work and a constant struggle to meet your business and income goals. I feel the pain…well, I used to anyway. Before I started creating multiple income streams of my own, that is.
What you need to do, is realise and appreciate the potential of multiple income streams in your business. If you’re not sure what multiple income streams are, or you have been procrastinating about introducing new income streams into your business, then it’s time to check out the following five expert tips on creating multiple income streams.
Expert Tip 1: Understand you can earn multiple passive incomes at the same time
If there is one thing that is holding you back, it is likely to be your belief or your knowledge of passive income. There are plenty of great examples of work-at-home parents who have turned their businesses around using passive and recurring income streams.
There’s no doubt that many entrepreneurs everywhere are successfully creating multiple income streams to their businesses, effectively making money while they sleep, play, go on holiday or spend time with their kids.
If you’re not sure exactly what we mean by ‘passive income’, I like to describe it as ‘any income that doesn’t require work on delivery’. Simply put, it’s a product or service where you don’t trade time for money. For example, you create an ebook or an album. You sell an album and the artist doesn’t need to do any additional work.
This doesn’t mean there is no work involved – you still have to create and market your product, however the point is that you can deliver the product again and again without putting any extra work in. Bliss!
Expert Tip 2: KISS… keep it simple, stupid!
It’s easy to go too big with your ideas when you are first considering the introduction of passive (or other) income streams into your business. This can lead to feelings of being massively overwhelmed and actually prevent you before you even get started.
When considering your first passive income stream, please do your best to keep it simple. Take a small ‘slice’ of your topic. Make sure this slice clearly hits a pain felt by your customers, then turn it into a compelling offer. Don’t go too big with it, narrow things down and keep it specific as possible.
Expert Tip 3: Pick a delivery method that works for you
There are lots of different ways you can deliver a product or service as a passive income stream. You can use methods such as ebooks, video courses, paper books, CDs, MP3, powerpoint presentations, etc. The trick is to pick something that fits with your particular learning style and passions.
If you aren’t into writing, for example, then don’t choose an ebook as your delivery method! If you are an auditory learner, try using video or public speaking, record it and turn it into a passive income product. Then if you still want to produce an ebook, you can use a transcript!
The point is to think about what you enjoy and craft your passive income stream around it. This makes creating multiple income streams effortless, and also means that you will actually look forward to it.
Expert Tip 4: Transitioning from a traditional business model may require a mindset shift
If you are currently stuck in a business model that trades for money it may seem overwhelming or too time-consuming to consider the creation of new income streams (probably because you are so busy caught up in delivery right?).
You need to look around at what else is happening within your industry. It is very likely that there are competitors already doing just this; generating information products or resellable services, and enjoying the income that multiple passive streams can create. Don’t become disillusioned with this though; all this means is there is validation in your business idea.
Get creating multiple income streams!
If you are ever going to escape that time for money treadmill, you have to take the leap. The change you seek won’t happen until you prioritise it, so if you truly want to break out of the mould and create a business that works for you and not the other way around, it’s time to commit!
I recommend that you start by setting aside 1-2 hours every week, for you to step out of your business and plan the introduction of a passive or recurring income stream. Over time, this will become easier and more efficient. Before you know it, you’ll be creating multiple income streams, and enjoying the additional free time.