Are you an entrepreneur looking to increase your income quickly, or monetize your existing brand? Here are 5 ways you can do that by adding additional offers for your audience through your existing platforms. Creating additional income streams becomes fairly simple when you have the foundation and systems already in place.
I want to take it a step further to help you create income streams that will not just help you generate an income, but to generate an income that is passive and residual, so you can easily create and then scale your offer, and make money when you're sleeping. This my friend is how you create financial security and time freedom together.
Coming from a traditional business background in the event industry, I worked contract to contract, and I found it very difficult to duplicate myself and have enough hours in the day to break through the income ceiling. I started to learn about how to create wealth, and this is when I started to learn the difference between those who are self employed and those who create a business and investments that can generate money whether they are present or not.
Passive and residual income are not the same thing. Passive income means you can set it and forget it (sort of), and residual income means recurring and repeat business. Residual income can be passive, and passive income can be recurring, it just depends on the products and business model you choose, and how you set up your systems.
The quickest way to create a new income stream is to consider the assets you already have. Can you take a current expense and turn it into an income (referral marketing), turn an asset that can turn a profit (airbnb/uber), turn your knowledge and experience into an info product (educational products - courses/ebooks), or can you take a creative hobby that can be packaged and sold online (etsy)?
Here are 3 ways to create an online income that can turn a profit fairly quickly and can all be created from your computer and smartphone.
A simple way that the average person can create above average results alongside their current responsibilities...when done correctly! And with the right product and system, this is a fantastic way to have both the passive and residual income components. Partnering with a network marketing company is a turn key business opportunity with low start up costs, no to low business expenses, low risk, and with the support of mentorship and business training.
This is similar to owning a franchise or being an ambassador, but the pay off can be much higher given the time investment required. And you don't need to worry about things like product research and development, packaging, warehousing, drop shipping, setting up systems, or the legalities of running a multiple figure business. Do keep in mind not all network marketing companies are created equal and there are certain things you want to look for when aligning a company with your brand.
Affiliate marketing is similar to network marketing in that it is a referral based business model, but typically it only has the passive component if it's systemized. Most affiliate programs are high ticket 1 time offer items. Some companies will have multiple offers, but again the product is only being sold once, opting out of the recurring income from each individual customer. Affiliate marketing is a fantastic way to create an other income stream and offer for your audience if you have a network marketing business or you offer done for you services, but want to offer your clients another option like do it yourself programs and self led courses.
Create your own products
Whether you have an established brand or you are just starting out, using the knowledge and experience you have to create educational products is a fantastic way to diversify your income or start an online business. This is a great income stream for coaches, network marketers, affiliate marketers, and anyone really who would consider themselves an expert at what they teach and have been able to help others reproduce their results. Here are some products you can create from your computer or smartphone.
- Create a course
- Write an ebook and sell it on amazon
- Create print-ables
- Create a business summit or mastermind event
- Create a planner
- Create a monthly membership program
- Create group coaching programs you can packing, systemize, and resell
>> Learn how to create high ticket products and systemize your sales Click Here
Here are some examples of how service based entrepreneurs can easily integrate a complimentary product into their business plan and diversify the value they bring to their clients.
- Hair stylist/Salon owner: Beauty, Personal care products, fashion, jewelry
- Trainer/RMT/Fitness centre/Yoga Teacher: wellness products, nutrition, apparel, online programs and trainings
- Make Up Artist: Cosmetics, Skincare, Fashion, editorials and tutorials
- Coaches - Network Marketing, Affiliate Marketing, Books, Courses, Speaking Engagements or workshops
- Web or Technology based: Tech companies that offer phone and wifi service, Tools and resources
- Train directly with 6 and 7 figure earners in Network Marketing, and start making money today with Social Retail Click Here
- Get paid to learn how to build multiple income streams online with high ticket programs, affiliate, and networking marketing all in one Click Here
- Build your existing business 100% using Social Media Learn More
Did this help you? Do you have a friend who would get some VALUE from this? Please share the love. The more we raise the bar on how we do business on social, the better of an experience it's going to be for everyone. xo Johanna