7 Streams of Income
Did you know the average millionaire has 7 streams of income?
Press play on today’s podcast and Learn 7 different income streams you could get set up for your business!
“The average millionaire has 7 streams of income coming into their bank account at a time.”
Now when I first heard this, years ago when I was first starting out in my own business, 7 income streams seemed like a lot. But now, in my business at the time of when I am writing this, I have at least 5 different core income streams coming into my business each and every month on a recurring basis, and then I have several income streams in development and I have released and retired several others over the years.
Now that I have them, I realize it isn’t difficult at all. And every year, every month, every week, and every day – each income stream can increase, without your work having to increase along with it.
Now if 7 income streams still seems like a lot to you – I get it. I felt the exact same way when I first heard this. But my hopes is that what I am going to share today will help open your eyes to what is possible. I’m going to share an example of what 7 streams of income could look like so you can see just how attainable this actually can be for you to get setup!
Now, before I share these 7 streams of income with you, I want to recommend that all 7 streams all come in from the same audience, with your ONE business. This allows you to not spin your wheels learning the needs of many different niches. Instead, you will be able to go deep with one audience and provide them with extreme value! Also, As I’m going through this list, I want you to think about what that income stream could look like for you. Then, after you hear all of them, I want you to choose just 1 to get in place. Yes, I said just 1. Once you do the first income stream, you can do the next, then the next, and so on. You can’t get all income streams in place in one shot effectively. But when you add one, you gain growth. Then you add another. Then another. And the whole time, you are finding more ways to touch the lives of the people you serve, with more value and grander transformation, and in the process – your life changes too. More money and time freedom than you know what to do with!
Okay, so are you ready for the 7 Possible Income Streams You Could Set Up?:
Income Stream #1: Your VIP Service
You may already have this! If not, what is a service you can provide and do for individual clients on a 1-to-1 basis?
Income Stream #2: Your VIP Coaching Program
If you are a coach or a consultant, you may also already have this in your business. If not, what could you teach your clients on a 1-to-1 individual basis to help them get the results that they are after?
Income Stream #3: A book you write and release on Amazon and Audible
Do you have a lot of experience on a specific topic? You could turn this experience into a book and publish it on amazon and audible to bring in passive income for your business.
Income Stream #4: A self-study online course
What is something that your audience really wants to know that you can teach? You can create an online course and set up this as a passive income product that requires NONE of your time once it’s created and your marketing sequence is setup!
Income Stream #5: A membership program
Implementing a recurring monthly membership program into your business gives you the constant, recurring income every single month! You could release a new training each month, or a template or tool, or provide answers to questions asked – or you can do ALL! Whatever you decide, you want to make sure that you are dividing your time up to give you the amount of freedom that you want!
Income Stream #6: Your Group Coaching program
An easy way to scale your private coaching program is to take the content you teach in your private program, and go through that same content with multiple people at the exact same time. This is a great option for many people who may not yet have the resources to hire you on a private 1-to-1 basis. What’s amazing about a group program is that you can spend the exact same amount of time each week with the group program as you do with your private program, yet you can onboard as many people as you’d like! That means for every new person you add to your group program, it doesn’t take ANY MORE OF YOUR TIME! (Freedom + Impact + Income!)
Income Stream #7: Affiliate Income (100% Passive!)
This is one of my FAVORITE income streams. You can get multiple affiliate income streams in place. All you need to do is find a product or tool that already exists (that you LOVE) and would benefit your specific audience. Become an affiliate for them, and then promote this paid offer to your audience. You will then receive a percentage of every single sale you make!
These 7 ideas are just a start! You’ll want to find the 7 offers that are right for you. You could do less 1-to-1 and more passive. Or you can hire on and train a team to do more 1-to-1 work for you!
How do you know what income streams are right for you?
You’ll want to know your numbers.
Decide the amount of time freedom that you want, the amount of money that you want to make, and the amount of impact that you want to have.
Then whatever those numbers are, get paid offers in place for your business that will get you there.
Whatever you want, you can design your business to make it happen!!
What income streams do you like best?