3 Simple Ways To Create Additional Streams of Income
At some point, many service professionals start to tire of trading their time for dollars, but may feel stuck in trying to figure out how to easily increase their income. However, diversifying your revenue is easier than you think! Adding new streams of income will help you grow a healthy business and be of greater service to your clients.
If you’re only focused on adding more clients or more services to your solo practice, you’re going to limit your growth and stretch yourself too thin. Diversifying by using your existing skills and knowledge in a new way will help you save time, make more money and grow a stronger business.
There are three simple ways that you can create multiple streams of income from the knowledge and resources that you already have:
1. Workshops and Classes
Teaching workshops and classes related to your niche is a great way to connect with your local community and develop a new stream of income. Sharing a step by step process or insider’s tips into the solutions you offer is sure to draw a crowd of interested people who want to learn from your expertise. For example, an educational consultant could host a workshop on how to prepare your pre-schooler for kindergarten – a topic she knows well. In addition to educating her target market on a topic that’s of deep interest to them, she’ll showcase her value to potential clients. The attendees will be so impressed with her tips and insights, they’ll realize that they need her private consulting services too!
2. Teleseminars and Webinars
You don’t have to be living in the same community as your target market in order to create additional streams of income. Virtual teaching opportunities are another terrific way to diversify your income as a solo service provider. The technology available today makes it simple to put together and successfully host a teleseminar (which is simply a conference call) or webinar – all from your own computer! Not sure what to teach to your target market? Create a presentation based on their most pressing questions or most compelling challenges. This will create more visibility for your work and provide you with the opportunity to up-sell participants into your other offerings..
3. Information Products
Creating information products is another easy to diversify your income. As a service professional, your income is normally tied to the amount of work that you complete for your clients. But with information products, you do the work once and then get paid for it again and again. Focus your product on a topic that is both compelling for your target market and easy for them to implement. Information products can be written documents, audio recordings, video presentations – the opportunities are endless. You can offer your product for sale on your website and market it just like you would market your services.
With these three simple strategies, you can diversify your income and get more mileage from the knowledge then you already have. You’ll be able to multiply your earning power, help more people and actually work less, which is the ultimate benefit of implementing a smart, simple marketing plan!