As a creative entrepreneur, you crave variety. But when you’re the sole income earner, you need security. If you build multiple streams of income into your business, you can have both!
In this episode, Pam and Teri talk about how to find different revenue streams, how to set up your business so you can successfully add more sources of income, and how your business can benefit from diversifying your offerings.
We’d love to hear from you. What creative ways are you making money in your business? Comment below and let us know!
How Multiple Streams of Income Bring Both Novelty and Security
What We Talked About
- Thinking outside the box to create different revenue streams [00:00]
- Making creative ideas into viable sources of income [01:53]
- Brainstorming income streams for our businesses: courses, webinars, subscriptions, and affiliates [04:16]
- Preparing your business to add additional streams of income [10:34]
- Making money while you sleep: The massive benefits of passive income [15:30]
- Investing secondary income in building a team [18:49]
- How your ideal customers naturally inspire multiple streams of income [20:07]
- This or that: See the future or change the past [22:19]
Key Insights
- As a creative, we like novelty. We like to do things different. We like adventure. We like that kind of adrenaline hit that comes from a lot of different places. And so having mulitple income streams in your business allows you to enjoy that creativity in many different ways. – Pam
- If you let your mind wander and if you think about, “What am I good at? What do I enjoy? What opportunities are there out there in the world that would meet the needs of my current audience?” When you do that–when you answer those questions–you can come up with a whole host of ideas. – Pam
- I think this episode really speaks to those of us whose minds kind of look like a road system in New York City instead of a one-lane country road. – Teri
- When you think about the back end of this, you need to make sure that if you’re going to start this that you have other parts of your business–your main business–set up so that you have the time to create it. And if you don’t, you need to figure out how you’re going to make the space. – Teri
- The whole world is wide open to you when you have an online business. You can sell physical products. You can sell digital products. You can sell services. You can sell what you know. You can sell what you do. You can have ad revenue, affiliate revenue, courses, memberships, coaching, all of those things. – Pam
Additional Resources
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