We’ve all been there chasing after the latest trend or social media strategy, hoping that it will be the key to unlocking an endless stream of clients.
But here's the truth no one’s telling you: you don’t need more social media presence to thrive in your business. What you need is a signature offer combined with multiple streams of income not from juggling multiple businesses but by diversifying the revenue within your existing business.
The Myth of "Multiple Streams" of Income
The term "multiple streams of income" has been thrown around a lot, and while it’s crucial to have several ways to bring money into your business, it’s often misunderstood. The common misconception is that having multiple streams of income means running several different businesses at once. That’s not the goal. Running yourself thin across various unrelated ventures will only leave you stressed and overwhelmed.
Instead, multiple streams of income means leveraging your one business to offer different ways for clients to engage with you. By doing this, you’re expanding your income potential without splitting your focus.
Multiple Streams = Revenue Diversification of One Business
Revenue diversification simply means having more than one way for clients to engage and pay you. It doesn’t mean spreading yourself too thin by starting unrelated businesses or dabbling in areas that don’t align with your expertise. Instead, it means offering a variety of programs, products, or services that cater to the needs of your audience.
Here are some ways you can diversify your revenue within your current business:
- 1-on-1 program: Offer personalized, in-depth coaching or consulting.
- Group program: Run group coaching sessions or workshops for those who prefer community learning.
- Digital course: Package your knowledge into an online course that can be purchased anytime.
- Ebook: Write a guide or book that adds value to your clients and can be sold passively.
- Speaking: Get paid for speaking at events, webinars, or panels.
- Corporate contracts: Offer your services to businesses that need training or consulting.
- Government contracting: Provide solutions to government agencies.
- Merch: Sell branded merchandise that aligns with your business or personal brand.
- Retreats: Host in-person or virtual retreats.
- Signature live event: Organize a large-scale event where you teach, engage, and inspire.
- Paid online events: Host webinars or workshops where participants pay for access.
- Membership program: Create a recurring revenue stream by offering exclusive content or support through a paid membership program.
These aren’t just random ideas; they’re scalable ways to grow one business.
From 1-on-1 Coaching to Six-Figure Business
Take, for example, Amy Porterfield, an online marketing expert. Amy started with a single offer of 1-on-1 coaching. While she had some success, she soon realized that she was trading time for money. Every hour spent with one client meant she couldn’t serve another.
Instead of hustling for more clients, Amy shifted her approach. She created an online course that packaged her expertise and allowed her to serve more people at once. From there, she launched a group coaching program, followed by a membership site, where clients paid for ongoing access to exclusive content and support.
Today, Amy’s business generates multiple six figures annually, with income coming from several streams: courses, group programs, speaking engagements, and paid memberships. Notice that she didn’t create a second business; she simply diversified her revenue within her existing one.
Scrambling for Clients? Diversify Your Offers
If you find yourself in a vicious cycle of scrambling to find new clients, it’s not because you need to jump on the latest social media bandwagon. You don’t need:
- To get on Instagram (more)
- To create a Facebook group
- To go live every day
- To start a YouTube channel
- More coaching to get clients
While those things can help build your brand, they aren’t the answer to your client's woes.
What you really need is a diversified income strategy that maximizes your existing business potential.
Why Diversification Works
1. It creates stability.
If one stream of income dries up, others are there to keep your business afloat. For instance, during the pandemic, many coaches had to cancel live events, but those who had digital courses or membership sites were still able to generate revenue.
2. It allows for scalability.
You can only take on so many 1-on-1 clients before you hit a ceiling. By creating group programs or digital products, you can serve more people without burning out.
3. It caters to different audiences.
Not everyone can afford your highest-ticket offering, but they might be able to invest in a course or an ebook. Offering different price points allows you to meet clients where they are.
4. It builds your authority.
Having multiple revenue streams also shows that you’re an expert in your field. It positions you as someone who not only teaches but also leads by example through various types of offerings.
How to Start Diversifying Your Income Streams
Now that you understand the importance of diversifying your revenue streams, here’s how to start:
1. Assess Your Core Offer
What is your core service or product? This should be the foundation of all your income streams. For example, if you’re a business coach, your core offer might be 1-on-1 coaching.
2. Identify Client Needs
What else do your clients need that you can offer? If your clients are consistently asking for more guidance or tools, consider creating an ebook, digital course, or membership program.
3. Leverage Your Expertise
Are you great at public speaking? Consider hosting paid online events or live workshops. The goal is to find ways to expand based on what you already do well.
4. Start Small
You don’t have to roll out all of these streams at once. Start with one or two and build from there. The key is to ensure that each stream is aligned with your overall business and serves your audience effectively.
The Bottom Line
It’s time to stop scrambling for clients and chasing trends. Focus on building a strong signature offer and diversify your revenue within your business.
Not only will this create more stability and freedom, but it will also allow you to serve your clients in a way that meets their needs without burning yourself out in the process.
Your business doesn’t need more Instagram posts or YouTube videos; it needs more ways for clients to engage and pay you for your expertise. The path to sustainable growth lies in diversification, not distraction.
Let me know your thoughts in the comments.
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