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Grow Your Empire
Hi I’m Jo. I am a Business Strategist for mums in Biz. Simply put, I help you grow your empire. I formed Blossom Coaching in 2012 after losing 5 family members in 5 years so my moto in life has always been “life is too short so take it by the short and curlies and do the stuff you love”. If I can help more mums become financially independent and simply live the life they want, I’ve done my job!
Multiple Revenue Streams
When you first started your business, everything was exciting; you worked relentlessly and now you are burnt out, because it’s taking more and more of your time up!
So, what’s the answer? How can you overcome this challenge? How do you how do you stop trading time for money?
When I first started my business, I kept hearing “Passive Income” / Multiple Revenue Streams but I only delved into it by sheer accident. I was being trained by Bob Proctor who is a world renowned Personal Development coach (think Tony Robbins, but older and wiser!). He told me that every successful person has a minimum of 10 MRS or Multiple Revenue Streams. To think of it simply, he tells EVERYONE he meets that you would be daft to rely on one stream of money coming in and I can see his point, because say your business went under (god forbid!) you would lose everything and have to start again!
In this day and age, we need more security. If you’re paying rates for a space you’re using, this is going up. Food price is increasing and if you have a full-time job, alongside your biz, there is zero security in these times and, yet we are still trying to scrimp in that wage!
What happens if you are sick? I don’t just mean a stomach bug, I mean you could be really sick, then what? You need time to heal. What would happen to your biz then? What happens when you go on holiday? Does it stop? Do you have to take your laptop to the beach? Do you have to enlist help from family members to keep it going and return to a load of mess?
Let me tell you where I went wrong. I was absolutely on a roll, we had just got the plans agreed for our house build and I got pregnant, (not the best timing, you would agree!), so I had to downsize my biz. I gave everything up…for around 4 months, there was nothing online, no visibility and that was purely because I was dealing with sleep deprivation (as every new mum knows) and didn’t have a clue what day it was.
If you’re thinking, OK, I get it Jo, then let’s look at the “HOW”!
The strategy is simple – it’s to look at your current business model and see if you can automate any areas so you can make Passive Income and then look at ways on how you can incorporate more.
Let’s start with some examples:
My own business model
As a Strategist, I would spend my time holding 121s; now my reality is that I would need to spend the next 6 months talking to that one client to get my money. Then what and how many more would I need to cover my outgoings? So, I would then need to chase the next client, and the next. There would be no financial security doing it that way. Now let’s look at another model: I could simply add that person to my Academy which has the exact same in-depth training, but I’m physically not there. If I sold each membership for a realistic price that ANYONE could pay, say £19.99 a month, and I had 10 people in that membership, that’s £199 every month. Now multiply that amount by 100 people in my membership programme and I have £1,999. I can then up sell my 1:1 coaching from there.
The thing about Passive Income is that it’s scalable, meaning you’re giving your business the best start.
If you’re still thinking “Hmm, I wonder if I could do that in my business?” then here’s a few more ideas:
You can sell courses / physical products through an affiliate, say Clickbank, or Amazon. There are many more!
If you have your own blog, you can easily incorporate affiliate links, PPC / Adsense or sell your own digital courses, if you have them.
Referral fees (or Collaboration) – for instance Estate Agents offer a recommended Solicitor, Home improvement, Financial Advisers to their clients and then receive a referral fee. Collaboration is the best way to get paid so think of areas where you can link in with specialists and get a cut of the product / service by recommending them.
Join a Network Marketing company – there are loads. Find one you’re passionate about. I joined one last year, but my heart wasn’t in it. However, I know LOADS of people that are smashing this scene. From selling make-up to holidays, there are plenty to choose from and if you’re passionate enough about the products / services then you will make money from it. You can even grow your own team and start coaching them with their own businesses.
Produce a series of audios for your chosen area of expertise. Again, if you follow the Pat Flynn Smart Passive Income blog, then you will know that Podcasts are huge, and you can also get sponsorship for them as well.
Consultancy – what do you have extensive knowledge of? I have done this myself through the company I was already working for. I saw an opportunity and went for it. You have your own skills / strengths that you can easily utilise to help a company / individual.
If you’re ready to make your own Passive Income, then I have free training you can sign up to where I teach you how you can DIY. You can sign up here http://eepurl.com/c22YwX
So Passive Income really is about putting the work in first and then reaping the benefits. It’s the same with a physical product, you can easily sell other people’s, you just need your own platform.
If you’re here to stay, then you need to seriously get your butt into gear and learn how to incorporate Multiple Revenue Streams into your business.
Social links are:
https://www.facebook.com/groups/1251096304985171/
If you’re thinking of changing career path, Wendy Jennings Creative can put you on the right track with an improved CV and LinkedIn profile that will get you noticed.
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