Revenue streams are the safety net of your business
Everything in business these days comes in trends. The current trend I’m hearing a lot about is the “one thing” method of running your business. Just one product or program, funnel everyone into that, and your million dollar income awaits!
I’m straight to the point and I call it like I see it, and I say this strategy is rubbish.
The mentors and coaches preaching this “one thing” method all have one thing in common – they are trying to get you to buy into their program, course or training showing how you too can “make a million bucks from just one thing”.
Truth bomb… after over 20 years in business as an entrepreneur I can put my hand on my heart and tell you that this strategy JUST DOES NOT WORK. Not if you want a long term business with sustainable growth year on year.
Let’s be frank, these people may well have struck some gold and created one product or service they made mega bucks from. Question is, will their business be here in 5 years… 10 years… more? I don’t know about you but I want my businesses to be here, growing and thriving, for years to come.
Revenue streams are the safety net of your business.
Consider this for a minute, you’re an acrobat flying high on a trapeze and underneath you is a safety net. If you are the acrobat you want the safety net to be a secure as possible, made from many, many strands to hold tight & securely, should you fall. Your business is no different. Multiple revenue streams are the strands of your business safety net and should one break (ie, not be profitable anymore) you need other revenue streams that can compensate for this loss. Just like if one strand of the net breaks, the whole net doesn’t fall to pieces.
Just a few years ago when I would do strategy planning with coaching clients and I’d get them to do a contingency plan, they’d often complain and say I was wasting their time. I’d ask them questions like:
– consider what you’d do if the market fell out of your industry?
– think about what would happen if your customers no longer had the money to buy from you?
– what if there was a recession or economic crisis?
– think about what you’d do if your stock supply was delayed / interrupted / cancelled?
Many of my coaching clients would roll their eyes and complain I was asking them about things that would NEVER happen. Then 2019 happened… and we don’t really have to rehash the massive impacts the last few years has had on the economy, livelihoods & business. This is why you need multiple revenue streams.
My passion in business is creating multiple revenue streams. My super power is helping you find yours. It doesn’t matter what industry you’re in or what skill set you have, there are ALWAYS ways to add revenue streams to your business. If this is something you’d like to explore further, come have a look at my premium “done with you” program – Passion Project Creator. Together we find new ways to monetise your business so you can create a safer, stronger, more profitable and sustainable business.
How did I develop this super power of monetising your business? It actually came from a life-time of experience. As many of you know growing up my family wasn’t very well off, my parents worked hard, but life was tough for them – and for us kids as a consequence. I learnt very young the need for reliable income.
As an adult this need for reliable income was further hammered home after my divorce. Left with two kids under 6, a whole $12 to my name and no where to live, I had to make an income and fast. I promised myself that my kids would not do without & I would create a successful business to support us. I did exactly that, turning over six figures in year one & growing yearly ever since. This business had multiple income streams – a clinic with 1:1 clients, group programs online, retail products, my own organic products brand. A well diversified business with multiple income streams.
This is why I do what I do, so you can feel secure in the knowledge that your business will endure – and make you a great living in the process!
Tell me, is your business resilient? Does it have multiple income streams? Can your business weather the storms that might be coming? Let’s chat and find new ways to monetise your business. Book a free call with me: