Most days, people are limited in their scope when it comes to generating revenue for their business. For example, people think if you are a business consultant only way to make money is by working with people one on one. However, you can create seven streams or more income based on one business model pretty quickly. Today, I will walk you through the multitude of income streams, such as business consultation, and then you can apply it to your business.
One on One Consultation
Serve your clients in a one-on-one capacity. You’re giving them the attention they need to grow, but you will need to offer multiple package options through tiered pricing to scale this business. One-on-one consultation is the basis of your business that allows you to break off into other areas. You have become know in your industry as a thought leader and expert.
Group Coaching or Mentorship
A couple of clients have implemented group coaching/mentorship to cast their net on a larger group at one time. You can have this as an option by itself or as a VIP option for clients who do one on one—considering it a mastermind group focused on a particular aspect such as scaling your business, email marketing, local marketing, and much more.
My old life coach had a yearly retreat that she brought all her clients to do more profound work for a week. I have thought of this as an added stream for the next company that I am launching. Hosting it yearly and once again limiting to a VIP clientele or opening up to the general public.
Almost once a week, people ask me when I will start training others to be business consultants. I hate saying never, but that’s not my plan, but it is a great income stream. You can start an agency under your brand name that people trust. You can split it 50/50 when it comes to the revenue. You will train them and market them to your audience.
Recently, I launched the signature program under the KSYE brand that helps business owners launch their business without my hand-holding. As I move away from one on one consultant, I wanted to focus on a tool that genuinely helped others as if I am right beside them. It took me over five months to develop this program, not because of content but thoroughness of how I wanted to lay it out and honestly give more content than people expected.
One of the first ways I started making passive income is through ebooks for my audience. When I was charging $65 for a consultation, I brought in five figures with the ebooks I had written. Digital products you create once and can make money in your sleep. Some people updated them yearly. One of my social media friends has great physical products through Amazon printing services. Here are 45 passive income ideas for business owners that you can read through too.
Before I started consultation, I did workshops and seminars about goal setting and business basics for the library across the country. Becoming a contractor for the state is a bonus because I am paid immediately after services. Hosting workshops in your local city allows you to expand your reach to the local community.
As you can see, the list can go on and on with concepts for your business. Creating seven income streams based on one business allows you to create freedom for you and the extra income. Most business owners burn themselves out by focusing on one thing vs. using their talents to do other things that make life easier. Remember, once you create passive income through ebooks or programs, that money will always come in.