How I Create and Manage My Multiple Income Streams

I want to talk about something that has really helped me scale my business.

Many people often ask how I’ve been able to grow my business consistently and manage through the impact of COVID.

One of the reasons is through having multiple income streams.

There are different areas of my brand including:

Now, you may look at this list and feel overwhelmed with my offerings, and think how the heck I manage it all!

Here’s the thing though, I’ve been doing this for over ten years and have built my brands and offerings over time.

Some are self-sustaining, requiring little work and management from me, and others are more hands on.

I also have a great team that help me execute these projects. I could never do this alone, and also manage my life as a wife and mom.

I manage some of my offerings by building the programs, then create processes and in some areas automate them. I also lean heavily on my planner to map out and plan various programs, launches and offerings so I can prioritize my work and that of my team.

Some of my programs require little work to bring in revenue.

As an example, one of my training is part of a continuing education for an association. What I do is pay to send an email to the members quarterly and that email sometimes brings me almost 20X what I spend. Crazy, right?!

For my done-for-you services, I don't market that area of my business.

Quite frankly, it’s not a priority or focus for me because of the amount of time it takes for me to execute (freedom is a HIGH value for me). That part of my business comes mainly from word of mouth from past clients who have experienced success and refer me.

When requests come in, I take them based on my availability. Sometimes, I turn them down or they go on a waiting list, because I don’t have the time.

I also keep my private, 1:1 clients VERY limited. Because of the amount of work I do with them (execution strategy, sales targets etc.), my capacity is limited.

I know my limit and stay within in, so I can manage all my other projects. You have to identify your own limit to avoid burnout and overwhelm when creating multiple income streams.

Outsourcing is another key thing for me.

As an example, for my publishing, I rely on my editors and graphic team. I ensure the final product meets my criteria and those of my clients, but I'm not always hands-on. This gives me more time and flexibility.

I see many entrepreneurs getting trapped in trying to do everything themselves, which creates a bottleneck to their success. Look at your zone of genius and then outsource the tasks that are outside of it. This is how you’re able to scale and grow your business.

If you want to learn different examples of income streams like creating an online program, writing a book, affiliate marketing etc., then check out my FREE Multiple Income Creation training to get some ideas. This was a paid training, that I'm gifting you free.

In this 3-hour HIGH CONTENT (no fluff) training, you'll learn great strategies, plus I show you how you can add over $2500/mth with examples I teach you in the training. Click here for access to watch. :)

I want you to use this training and get excited and inspired about what's possible for you. It's time to create more wealthimpact and freedom and having multiple income streams can help you do just that! Check out my free training to learn more.

As always, make it a GREAT week!

 

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