As a business coach to entrepreneurs one of the things that I stress is how to diversify your income. When you have money coming in from multiple sources, it helps alleviate the panic attack that can come if one of those sources dries out for a little while. One of the things that I do in my own business is I have income coming in from many different places. Since I’m self-employed and the only one who pays my bills, making sure I have income each month to meet my needs and lifestyle is on my shoulders. Here are some of my tips for diversifying your income. (If you prefer video content, watch my video on this topic here.)
Most of us who are business owners are offering a service of some kind. Whether you’re providing florals, photography, calligraphy, or another kind of service, there’s always a way to diversify your offering.
One of my clients is an event stylist and she came to me because she wanted to diversify her income. She decided to create an online shop where she could sell styling surfaces and treasures she found during her travels. This has brought in an additional income to her wedding styling services.
I challenge you to think of ways you could branch off of your services and offer something that fills different needs.
If you own a business that just offers a service you know that you always have to be present to make that money. However, when you create a product to sell you can make money while you sleep and that’s the best kind of money there is to make. You could sell online products such as prints, an educational PDF or guide… There are endless options to make easy money through product sales.
I know that’s exactly what you want to hear… but once my photography and coaching businesses started rolling forward I decided to start a third business. I went into business with my sister and we opened up a salon in Salt Lake City. The money that I earn from that salon goes straight back into all of my investments, which brings me to the next way to diversify your income.
When you understand the stock market, which you don’t have to understand a lot, just get a financial advisor. Start investing some money there and you’ll set yourself up for long-term success.
I own a home in Utah and I also have an apartment in New York City. I rent out my home in Utah on Airbnb and sometimes it can make me up to $4,000 extra per month. That is easy money.
Many creatives are resistant to this but this is the future. How many of you know somebody selling a course or product online and they’re just killing it? Good news is, you can too! There is space in the marketplace. Over three billion people will be coming online in the next five years alone. Three billion people who have access to the internet who will need to learn things, and many of whom will start their own businesses. One of the things that I’ve created is The Ultimate Marketing Map course, where I’ll take you step-by-step through the marketing I did that allows me to have three successful businesses. If you want to see how you could bring more money into your current business, make sure to enroll in this course when I re-launch it each year.