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As a service provider, it’s easy to get comfortable and complacent when you finally get consistent client work coming in. But as with all business, there will be a day when sales start to dry up or client projects come in less frequently.
That’s why it’s essential to start thinking about how to diversify your income streams, to protect yourself from difficult times.
But, creating opportunities to diversify revenue in your business isn’t just important for when things get quieter – It allows you to create more freedom in your life to do things away from your business, too.
I’m talking dreamy Wednesday morning lie-ins, taking more time to explore far-flung places, or simply spending quality time with those you love the most.
When we talk about diversifying your revenue streams, what we actually mean is identifying and creating new ways to bring income to your business. For example, you may be a graphic designer who provides a done-for-you service for clients, but you decide to open an online product store, selling and shipping greeting cards or stationery that you’ve designed yourself.
It’s two or more ways to generate cash flow, so that if your primary method of income is ever threatened, you have other revenue sources to fall back on.
With all the twists and turns of running your own business, this protects you against unforeseen fluctuations
Plus, having multiple streams of revenue also increases your visibility as an entrepreneur and is a great way to build your authority as the go-to in your space.
Paid workshops are a great, first step into diversified revenue – All you need to do is deliver incredible value to your audience on a niche subject, record it, host it and sell the replay (Hello passive!)
While it does take prep time to develop a high-value, 2-hour workshop around your expertise, you only have to prep and deliver it once. Once it’s out in the world, you can later set up funnels and create occasional promotional content throughout the year to direct people towards it.
You can even keep adding additional resources as time goes by to make it a no-brainer for those considering purchasing.
Another great way to diversify your income is looking for partnership opportunities with other brands or service providers.
For example, a website designer can partner with a copywriter to set up a mutually agreeable affiliate program, so both can benefit from sending referrals to one another and get incentives in return.
This is not only great for both invested parties, but eliminates the client’s search for a trusted provider in the other steps of their business.
If your referral partner does a great job, it’s double points to you for recommending them.
If you’ve been doing what you do for a while, you undoubtedly have a lot of knowledge and expertise stored in the ol’ hat rack. One way to create diversified revenue is to consider branching out from done-for-you work and move into educating others.
For some, this looks like taking on private clients in a 1:1 coaching capacity, leading group programs to mentor others, speaking on stages or panels at events, or even writing a book.
Not only do these options provide a great avenue for you to support others outside of your done-for-you work, but it allows you to cast your net wide and support a larger audience size in less time.
The bottom line is that diversifying your income isn’t just about having a little extra money in your pocket. (Although, who doesn’t love that?!)
Having multiple streams of revenue gives you the mental and emotional space to make strategic plans in your business with clarity and confidence, as well as the opportunity to take time away from it when needed.
If you want to learn more about how to create multiple sources of revenue so you can leave the burnout cycle of 1:1 project work behind, we cover this (and tons more) in the Freedom Found Collective.
This is a high-touch mastermind for female entrepreneurs wanting to scale with ease and finally step into their freedom lifestyle.
Let’s lay the foundations for 6+ figure freedom, step into your role as CEO, and bring your bigger vision to life!
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