As a business owner, you might easily get wrapped up in a single, tried-and-true approach to your business because it has brought you some level of success in the past. Perhaps, a lot of success – (insert congrats to self here) – but now profit just isn’t growing and you feel you’re stagnating. Revenue has plateaued and you’re wondering how you’ll boost your income to the next level. Maybe you’re struggling with bills and staff salaries because your business is growing, but funded solely with speaking fees. You know the day is coming that you will need to be able to count on steady streams of income to support what you’ve built well into the future.
Why struggle if you don’t have to? Especially when there are so many people out here to help you learn what you need to learn. There’s no secret formula, truly. But it will take serious commitments of time, energy & resources (whether your own or outsourced) to build a foundation in your business where these multiple streams of income can grow and flourish.
Here are some things you can start working on today, yes, today, to create multiple streams of income.
Don’t let the typical initial reaction of how much time it might seem to take block you.
You’re not typical. You wouldn’t be reading this if you were.
The results will be worth it. With focus and good project management, you can see results on some of these by the end of the month.
1.Create a membership site. You are a speaker. You’re talented. You have
2. Write a book. A book is a powerful business card for a speaker (or any expert) and immediately raises your credibility with planners and audiences. When done well, and filled with substance, it will open doors to passive income you can count on. It can go hand in hand with courses, guides, and giveaways to grow your list and more. Have an idea? Just start. Do your outline tonight. Set your writing schedule. Write each and every day that you put on your schedule. Choose a working title – for now. When it’s finished, you’ll know what to call it. Then, either find an agent to help you shop it, or learn how to self
3. Develop & deliver courses. Again, you have the talent and knowledge of a proven professional speaker. You can write your course and put it up on your own website site or use services like Thinkfic or Teachable. If you already have a book, this is a must. Using your material from your book, you thread the information out, add some engaging graphics and exercises, write a simple workbook for download, and then launch your course(s) from there. Research other courses in the same niche to see a competitive price-point. Upsell with discounts on the next course, memberships, or your book. Got a quick course that has gotten measurable results, use it as
4. Create Masterminds or Group Coaching Programs. I’ll boldly tell you something that might go against the herd – you have to stay away from 1-1 coaching. Even if your heart is totally in it, 1-1 coaching is a tremendous time & energy zapper. With 1-1 coaching, you can’t grow quickly enough and sooner or later (predictably, sooner), you will run out of bandwidth. Feed your altruistic side by knowing that you will be able to help more people in a group setting. Feed your family and self, while respecting your profit-minded side, by using this as a way to regain time, and to make more money for you and your business obligations.
5. Speak for Free (gasp!), but ask for travel and expenses and get permission in your contract to promote and/or sell BOR. There may be money in the planner’s budget that isn’t publicized and if you do a good job of selling yourself as the must-have, go-to speaker for the event, the planner can find something for you. As for BOR selling, of course, this works only if you already have some products or programs you can sell at your events. But even if you only a few things to offer, selling from BOR gives you an opportunity to meet your audience one-on-one and garner testimonials, as well as referrals for future gigs.
Choose one of the above suggestions and get it finished by the end of the month. Take the next one, for next month, or the rest of the year. With a solid, well-thought out plan of progress, you can, and you will, be able to make it through these 5 key components of additional income to support your growing speaking career and business.
Know this: There is nothing stopping you that you cannot learn, overcome or outsource.
If I can do it, so can you. Just get started.
Ready to level up your speaking biz? Join our FREE Facebook group of awesome speakers over at “Grow Your Speaking Biz” See you over there!