How To Create Multiple Streams Of Income To Give You Time And Financial Freedom
Trish Davies looks at how to create multiple streams of income which will allow you to gain time and financial freedom.
Hi, Trish Davies here, and I want you to start thinking like entrepreneurs do when it comes to generating income. As a business owner you must always lead with providing value to your audience which will then generate revenue.
The more value you provide the more revenue you will receive. Therefore, if you work to that formula then you should have solid foundations for your business. Obviously, your business model is individual to you, but it will sit within hundreds, if not thousands, of niches and industries.
You have taken the transitional step from being an employee to becoming your own boss. That could mean you see yourself as self-employed, a sole trader or small business owner. Maybe you are in retail or providing a service like what you did in the mainstream workforce.
That’s great because you have transitioned from being told what to do to controlling your own destiny. Decision making is firmly in your own hands and you will live or die through the decisions that you make. That is in now way meant to fill you with fear. It is meant to empower you and embrace the challenge you have set yourself.
There is one thing that you simply can’t change and that is the amount of time there is in a day. You will set your own working hours within the 24 hours that are available to run your business. Obviously, you can’t work every minute of every hour because it is physically impossible.
What ever you set those working hours to is your only opportunity to generate revenue. This is your main income stream.
The Concept Of Multiple Streams Of Income
You know understand that the business you have set up, or are setting up, is your income stream. The is a saying that “you should never put all your eggs in one basket” which applies perfectly to business. Think about this for one moment.
You have seen the devasting impact that the Coronavirus has made throughout the whole world. Even if there is a place on earth that hasn’t suffered a physical case they would have suffered economically.
Businesses have been shut for months which has led to a lot of heartache and stress for everyone. Business owners don’t know if they can carry on trading and employees don’t know if they have a job to go back to. In each scenario it highlights the fragility of only having one income stream. If that disappears then you have nothing left.
So, you must make another physical and mindset shift. This shift will take you from being a small independent business owner, or sole trader, to becoming an entrepreneur.
Every successful entrepreneur understands how to make money through business models or strategies. What sets them apart is they do it repeatedly to create multiple income streams. Therefore, they always have backups if one slows down or even stalls and comes to a halt.
There are a couple of analogies for you to create a vision around, but the principle is the same. Think of a tree or a river. Your main income stream is the trunk of the tree or the river.
Then for the tree you have branches that come of it and for the river you have tributaries. Your business is that trunk or river but to remain healthy it needs branches and tributaries. These are multiple streams of income or in short MSI’s.
How To Build Multiple Streams Of Income?
Multiple streams of income are the holy grail when it comes to business online and offline. What it comes down to is building systems that will work for you and not rely on you working the system. Working the system is what you do if you have a job or are doing a job as a self-employed person.
What I want to do is empower you to think about how you can create systems that work for you. You have your main business, but you have the flexibility to add additional income streams.
The additional income streams you build can be related to your core business or in different niches. My own story starts back in 2005 where I was working within the corporate world in Australia. It was clear that this life was not for me, so I investigated opportunities to create a secure financial firewall for myself and daughter.
I invested time and money into learning about real estate investment in the USA. I then built a portfolio of properties that worked for me to generate revenue and cashflow.
From that initial decision enabled me to branch away from investing myself, although I still do that, to helping people invest. I developed a series of training programs that showed them the process of buying real estate in the USA. The training programs I have range from online training on video to one on one coaching. Each has a different price point and are income streams.
Right off the bat I have income from my properties and through my training programs. Hopefully, you can start to see how your own income streams can develop.
Examples Of Income Streams & Business Models
Following on from my success within the real estate market I then looked for additional business opportunities. I was intrigued with online marketing and came across a busines model called affiliate marketing. Basically, the concept is that you as an affiliate promote other people’s products and services. I became involved with a program that provided online business training which you could then resell as an affiliate.
Their have high ticket programs and I have generated multiple thousands of dollars for a single sale. This is great income stream because it generates cashflow which you can then invest elsewhere. I am very economically minded, and I always think how my money can work for me which is the mindset you must adopt.
Affiliate marketing is something that anyone can do to create multiple streams of income. Each product or service you promote is an income stream so you can set up as many as you want. The principle is that you create automated systems that sell the product and then the product vendor takes over. They handle customer service and fulfilment of the sale.
Ecommerce is another fantastic business model because consumers habitually buy things online. A very close friend of mine has been very successful in her main job selling food manufacturing machines. She took that experience into the ecommerce world and launched her own brand of products on Amazon. This business is going from strength to strength and has created an additional income stream for her.
As you can already see there are limitless opportunities to build multiple income streams. The only limit is your imagination.
Become An Authority In Your Niche And Train Other People
My Build Your AU Mastermind program is designed to help you create your own brand online. Through that process I help you create your own online training package which is what I want to focus on now.
I know full well the power of teaching people because I have done it for many years. Through my USA real estate business and through a training company that I am contracted to. I forget to mention that I train business groups in many different aspects of business leadership and management. That is another income stream that I have.
My goal has been to help business owner like you establish your brand online. That is why I created the Build Your AU mastermind to extract the data you need to show your authenticity and establish your authority. Then to find an audience which is aligned to learn from you and your expertise. Learn more about Build Your AU here.
By then end of the program you will have a training package that you can market online. That package will have a suite of products and services within it, each one is an income stream. Some people may buy only one of your products, but some will buy them all.
You will be creating income opportunities at the same time as providing value to people. This is what I said right at the start of this post. The more value you provide the more income you will receive.
The Icing On The Cake
Now for the icing on the cake. Once you have your training package complete you will be advertising and marketing it for yourself. I show you how to do this within Build Your AU.
The icing on the cake is to adopt the affiliate marketing business model but from another angle. This time you are the product vendor and not the affiliate. You will be attracting affiliates to promote your package, and therefore it is so powerful.
Affiliates are your own sales force that work silently in the background of your business. Each one will do the marketing for you which saves you time to concentrate on other aspects of your business. Every time they generate a sale for your training package you will compensate them with a commission.
Now you may be thinking that’s not cost effective as you are paying people to do something you can do. You raise a good point but here is why you should have affiliates for your products and services.
There is nothing to stop you marketing your products and services and you should be anyway. You are one person and therefore can only do so much both in time and money when it come to marketing.
Leverage Other People To Make More Profit
By leveraging other people, you will generate more sales and not have to do the work. Say for example you made 5 sales a day you would keep 100% of the profits. This is what you are left with after your marketing cost are taken into consideration.
Now if you had 10 affiliates making the same amount of sales you would see 50 sales a day. You haven’t had to do any work or spend anything on marketing as this is down to the affiliates. Even after you have paid them their commission you will see a huge increase in your profits.
Also, what you must consider that they are bringing you more customers. These are your customers who you can market different products and services that you own. That is the power of having your own affiliate sales force because it grows your customer database. Also, it is an additional income stream that you are not doing any work for apart from fulfilling the purchase.
What I have shared with you is how to create multiple streams of income. There is a saying “work smarter and not harder” and you do this by imagination and leverage. As an entrepreneur you must be creative, innovative, and smart. Create opportunity and then systemise it to work for you so you don’t do all the work. Check out some videos about my Build Your AU and how I can help you piece everything together.
Helping you build your authenticity, authority and audience.
Trish Davies
Build Your AU
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