If you have only one way to make money in your business, there are three things that are certain.
- You are on the fast track to burnout.
- You are leaving money on the table.
- Your competition is thriving as a result.
If you are a freedom loving entrepreneur who wants to work and play harder, then having multiple revenue streams is not only desirable but essential for a sustainable business.
Nothing worse than knowing that you have zero income in the next month because your client contracts come to an end and the new client pipeline is empty.
However with multiple revenue streams, this situation can be avoided and the good news is that clients can self-select themselves to work with you.
“I’m starting out. Will this work for me?”
Unless you are a newbie coach, and if you are then I recommend focusing on creating one signature offer.
No point launching and improving five different offers at once at this stage in your business because that will drive you crazy and slow you down.
Here’s my simple (condensed) process of perfecting your first signature offer as a coach or consultant:
- Iron out the kinks in your process (I’m alluding to your methodology or magic you teach/coach/create/facilitate)
- Work with a few clients,
- Run it at beta (when you’re offering it for the first time),
- Review what works and what doesn’t so that you can improve upon it.
- Rinse and repeat until you’ve created a reliable systematized process which then becomes your signature offer.
But if you’ve passed this stage in your business then give yourself a congratulatory pat on the back because it’s time to leverage your income in three ways.
Let’s dive into it.
Become a money magnet
Yes you can!
It’s not that hard once you’ve crossed the newbie stage because some of the heavy lifting is done.
There are essentially three core ways to make revenue in the online service based business model.
Let’s take a look at each one.
Done for You revenue model
This is a premium service/package that you offer prospective clients.
In this model you (and your team) do the work for them and it’s customized to fit your individual client’s needs and requirements.
With this model, your clients receive 1:1 access to you the coach/consultant and she wants your proverbial brain, personality, experience to get maximum value for the investment.
So if you’re a copywriter, you’d be writing the copy for your client and providing all the bells and whistles that come as part of the package.
It’s no surprise that the Done-For-You model is at the top of the pricing food chain due to special attention paid to detail as part of the service offered.
And because it’s at a higher price, it attracts serious and committed clients who are ready to move mountains to achieve the results.
Done with You revenue model
Examples of this kind of income (other than the 1:1) would be:
- Group coaching online
- Membership sites
- Live events
- Group retreats
This is an example of leveraged income where you are reaching many more clients at a lower price point. Not everyone can fork out thousands of dollars to work with a coach 1:1.
Some people like the idea of working in groups because of the higher accountability factor, collective support and a strong community feeling.
Moreover, this model falls into a lower priced range so that it is accessible to a wider audience.
Done without you revenue model
Of course you want to make money while you sleep! Isn’t that one of the reasons that nudged us on the online biz path?
It sure feels nice waking up to Paypal notifications without you getting on the phone with a client or making sales calls.
The Done without you revenue model in two simple words is “passive income”.
- Digital courses
- Home study
- Recorded events (workshops, live events etc.)
Each of these models has a different pricing strategy and will attract clients accordingly.
When you have multiple options available to work/invest with you, it makes it easier for people to self-select what works best for them.
The other advantage is, that you’re not in hustle mode to look for clients to fill up the ONLY one program that you offer.
Someone may purchase a self-study course, get amazing value from that and may decide to either invest in a group coaching program OR work with you as a private client.
Do you have more than one income stream in your business?
If you don’t then what income stream would you like to add in the new year?