How to Create Multiple Income Streams (on a Limited Schedule)Dec 22, 2021
In today's blog post, we are digging into how to create multiple income streams when you have a limited schedule.
Now outside of your business, I am a huge believer in having multiple income streams. In fact, according to Forbes, most millionaires have up to 7 income streams.
This might include your side hustle, your full-time job, stocks, retirement, real estate, etc. We could go into this more but with multiple income streams come tax benefits, more flexibility, and letting go of the stress if one area starts to dip because the other areas will make up for it.
What does having multiple income streams look like?
In our family, we currently have four income streams. This includes three businesses: my coaching business, my network marketing business (even though I don’t do much with it anymore, it still brings in income), and my husband’s real estate business. Retirement funds. And then our stock portfolio. Technically that’s five I think, but you get the idea. We are looking to at real estate next.
I think it is important to have that overview of all the different ways you can diversify your income portfolio, your side hustle just being one of them. Some of these are also very “passive” which means they don’t need a lot of attention.
Today, however, I wanted to dig into diversifying your side hustle to think about multiple income streams. Inside our mastermind, I teach all about how to create your own product suite. This basically means coming up with different products at different levels at different price points that all go together so you have various ways to bring income.
How to Create Mulitple Income Streams: #1
The best example I can give of this is the roadmap I created in 2020. I always recommend starting with 1:1 coaching if you can because the barrier to entry is LOW (you don’t need anything to start) and you can use the feedback from just 1-2 clients to build your program. The only things I had when I started were a google form and a pay pal business link so people could pay me. That’s it. That was income stream #1.
Income Stream #2: Developing a Course
Next came developing a course. I used all the feedback from my 1:1 and built a course. The best part about this is you don’t have to spend hours researching because you can use all the 1:1 feedback and incorporate it.
After the course, I thought about how I wanted more predictable income. Doesn’t everyone? I could sell a few courses here and there outside a launch and 1:1's, but my income was up and down all the time.
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Insert income stream #3. The membership.
I love memberships because it is the perfect way to control your time and predictable income. Oh, and the feedback from the course went into the membership. See how this all built on each other?
One step at a time.
The trick here is I didn’t launch everything at the same time. I learned from each one, mastered it, and then kept it going while I developed the next one.
The final step is thinking about high-ticket income streams.
Income stream #4 was our mastermind.
This could be additional high-ticket coaching for you. Anything that is super high touch and highly customized can fit in this category.
Income Stream #5- a Product
Finally, we introduced a product-our Crush the Rush Planner. Creating a product is probably an entirely separate blog post, but the trick here and why this business model is a bit different is we tied the product to our services. So it is not a stand-alone planner. It actually has “accountability” built-in, which ties back to the club, the 1:1, AND even some courses.
Build with Intention
My purpose in sharing this model is as I said last week, it was built with intention. But also, it was built one step at a time. When thinking about how to create multiple income streams, you can’t go out and launch all of this at once. I recommended:
- Truly thinking about your product suite and what you want it to look like long term.
P.s. this is an awesome planning goal for 2022 and something we do step by step in the Collective mastermind. If you are like, YES I need help with this, text mastermind to 614-810-4236 and I’ll send you all the details. The power of this exercise is gold.
- Once you have it mapped out, think about which step you can take first. Launch it. Master it. And then get it running on auto-pilot (ps. I also teach this in the mastermind). As an example, the course and the membership now sell on an “evergreen” model. This means I don’t launch them very often and rely on the backend funnels to do it. It's almost 90% automated.
- Rinse and repeat. Once you get the first revenue stream running, add in another. This is the fun part where you can be creative.
This blog post is part teaching and part inspiration. Don’t let the intimation of the word multiple income streams hold you back. Take this step-by-step approach and get inspired to build your business for the LONG term. Not just your not launch.
Looking for more on this topic and your High-Level Action items? Check out the Strategy Lab in the Crush the Rush Club!