Guest Post: Are You Generating These 3 Types of Income in Your Business or Are You Missing Out on Easy, Potential Revenue Streams?
Guest Author Katrina Sawa: One thing that comes up so often when I speak with my coaching clients is that they aren’t maximizing their income generating opportunities. Most believe that all they can make is $50,000 or maybe $75,000 but hardly anyone (who isn’t already exposed to this way of doing business) ever imagines they could make $100,000 a year or even $300,000 or more!
These 3 types of income streams could be so easy to produce and start selling yet most people don’t see these things in their own businesses easily which is why it’s good to have a coach. The right coach or mentor can see ‘what’s missing’ in your business, where the holes are and also where the opportunities lie too.
Often times I see entrepreneurs selling ONE product or ONE service and only in ONE way, like 1 to 1 coaching for example and then in this economy they’re struggling because that ONE thing is their bread and butter.
However when you add multiple streams of income in various ways, you can often double or triple your revenues with very little extra effort.
They don’t teach us this in business school though and it certainly isn’t the ‘norm’ out on the streets to pick it up as an entrepreneur. But once you’re shown HOW this can be done and how easily too, you’re amazed and most people I talk to get really motivated then to make bigger money and enjoy more in life rather than working so hard at what they’ve been doing.
Here are 3 types of income most ANY business in ANY industry could implement if you think a little outside the box (or get some help from a business coach so you can figure this out faster).
3 Types of Income You Could Be Missing Out On:
1. Leveraged Income is leveraging your time working with groups. This is when you work one to many such as in a group program, teleclass, bootcamp or workshop. Examples would be my JumpStart Your Business in 90 Days Virtual Bootcamp or my Silver Mentor Program. You can charge less for your time and get more people to sign up for your service or program but you actually end up making MORE per hour. BONUS – if you record these programs you can then turn them into passive income.
2. Passive Income is when you create something ONCE and sell it over and over again. Examples of passive income include ebooks, audio recordings, manual downloads (PDF), recorded interviews, workshop in a box, CDs, information products, books, ecourses, recorded telecourses, monthly membership programs and continuity programs, home study programs or signature systems. I have many on my website to look at, purchase and model after.
3. High Ticket Income – Examples of this type of income include larger 2-4 day workshops (leveraged but high ticket), year long mastermind or coaching groups (leveraged again yet high ticket) and paid speaking gigs (which I don’t always recommend since you can usually make more money in the back of the room from speaking than you can getting paid to speak the same gig.
Now, these income streams aren’t learned or implemented overnight I get it, they do take a little time and effort to come up with the ideas, brainstorm on the processes, put in place the programs, technology and support to make them happen plus the marketing to get them sold in the first place.
But don’t get overwhelmed or discouraged, just get started now. If you want that ‘magic pill’ or ‘quick solution’ to success — good luck trying to find it.
What I know about successful people is that they are always working on improving themselves and learning more. They invest in themselves, their businesses and take time to work on this stuff. You can do it at your own pace by yourself or you can hire a coach, plain and simple – you decide….but do something and take some kind of action and you’ll get farther faster.
For more information on how to JumpStart your small business with creative ideas and a clear plan to reach your unique target market find out how to talk with me in a complimentary Strategy Session, go fill out the questionnaire at www.AskKat.biz. Let’s plot out YOUR Big Picture Strategy now before it’s too late!
About the Author
Katrina Sawa is known as The JumpStart Your Biz Coach because she literally kicks her clients and their businesses into high gear. She works with highly motivated women entrepreneurs that want to maximize their business to make more money, enjoy more free time and fully embrace your happiest life ever. Katrina uses online and offline strategies to leverage your resources, contacts and your expertise; plus she kicks you in the butt to implement it all too! Katrina is an author, speaker and coach and she has been featured on the Oprah and Friends XMRadioNetwork and is a regular Business Expert on News 10 in Sacramento. Get her Free Entrepreneur’s Success Kit online at www.JumpStartYourMarketing.com!
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