When I started my business, I only had one main source of revenue. Had I continued with just that one, my income—and business model—would have looked pretty thin. That one source wouldn’t have protected my business against dips and changing trends throughout the years. Pretty early on, I opened up more streams, which lead into more streams… until eventually I’ve had more sources of revenue than I can sometimes remember.
How many areas of your business currently bring in revenue? Do you know how or what direction you should expand into next, so you can build the layers of your business?
Why Have More Than One?
Did you ever do or see those science experiments where you build a structure out of plastic straws? By itself, one straw is pretty flimsy. It bends under the smallest amount of pressure. But secured to handfuls of other straws, it can protect even a fragile egg from cracking when it’s tossed from the top of a multi-story building.
That’s how adding multiple streams of income can enhance the outcomes of your business and revenue. They bolster your business beyond what only one method provides. You can use excess from one stream to invest in another. They provide means to make every other stream function better. And when one system fails to perform for any reason, the others cushion your business while you recover or re-strategize.
Sometimes events and disappointments happen that we can’t control. If you have a way to rely on multiple streams when one runs dry, your business can sustain itself in the long term.
You also get to expand your own knowledge and skill set. This lets you serve a broader set of clients and continue services past an initial setup.
Any business owner can tell you how much energy and time it takes just to run a singular business. With your attention pulled in so many directions, it might feel hard to think about expanding what you already do. But wouldn’t it be better to pull in more revenue by drawing on multiple streams at one time?
Instead of trying to come up with various ideas of different directions your business could take, layer streams of income into your current business model. As a digital marketer, there are so many possibilities you can layer into your offers. In fact, you may have a hard time narrowing it down. For example, I offer starter packs, courses, memberships to exclusive email lists or paid newsletters, joint partnerships and affiliate marketing, monthly access to tools and resources, and private coaching… to name a few.
Maybe you’re still thinking, “I barely have time to make ONE stream of revenue work.” But many of these streams have a sustainable, automated model. Let me share a bit more about my story, and I’ll give you two valuable tips about drawing from multiple sources of revenue.
2 Important Tips About Adding Income Streams to Your Business
Instead of feeling overwhelmed by the possibilities, take these steps to launch new opportunities:
Expand One Stream at a Time
After I started direct mail marketing years ago, a few businesses asked me about updating their websites. I immediately broke into web design—and I learned a ton. I quickly had to learn about the importance of SEO and content creation. Not long after, my web work led me to add paid advertising, email lists, and social media management to my repertoire. I count seven streams of income I added fairly quickly to my business. All these fit in naturally to my business model as client needs expanding.
But I didn’t stop there. Because of the skills I picked up, I started offering my expertise to others learning the business. With a monthly membership program, I started teaching others how to earn money as an entrepreneur and marketer. I added a paid newsletter and courses. I’ve nearly lost count of how many streams of income I have coming in.
You can see how one stream led to another, and then to another. Don’t make the mistake of thinking you have to jump in all at once. Let the process grow naturally. Learn each skill really well, so you can offer substance and value, and then move to the next thing.
Let Your Skills Strengthen Each Other
As I taught others about how to operate a business, I also had the chance to refine my own skills. Each lesson led me into a deep dive of those areas of skill, and I learned more with each following instruction.
Learning new skills also allowed me to bolster other sets of skills I already possessed. Each skill strengthened my approach to marketing. In fact, because I learned skill on top of skill, I was then able to offer packages and monthly memberships to existing clients, which strengthened their campaigns and brought in even more revenue for my business. I provided excellent, thorough services, and these packages and memberships created investments with a great return for clients.
Ideas naturally cross-pollinate. Diverse skill sets allow you to receive a bigger return on your time and learning investment. Take advantage of these possibilities and watch your business grow.
Don’t wait until one of your means of income slacks off. Get ahead of the game and push into new streams today. You’ll already be prepared when something goes wrong.
If you want to learn how to build a recession-proof, automated business, check out our FREE, 15-minute training and start generating at least $8k per month in weeks.