People who love what they do always look for more ways to do that thing. In the case of coaches, consultants, and speakers that means finding more people to work with and more stages to speak on.
But if the ONLY way you make money in your business is by working with clients or speaking, I have some good news/bad news for you.
My husband always wants the bad news first – so here goes: You are leaving money on the table. A LOT of it.
The good news? You can easily access an unlimited wealth reserve regardless of how many clients you work with today or how many speaking gigs you currently have.
You do that by creating multiple streams of income for your business.
According to an article on Entrepreneur.com:
“For anyone who values financial security and ultimately desires financial freedom, creating at least one additional stream of income is no longer a luxury. It has become a necessity.”
For speakers, coaches, and consultants, that means it’s time to find a few more ways to bring in income. More good news: It’s easier than you think!
Here are 5 ways speakers, coaches, and consultants can create multiple streams of income:
- Amazon Affiliate Income
Did you know that Amazon, the world’s largest retailer, offers you a chance to make money for every purchase you recommend? It’s true! Through their Amazon Associates program, you sign up for free, and then use the associates site to find your unique referral link to any product they sell. If you find yourself always recommending a particular book, for example, get your own Amazon link for it. Create an easy-to-remember shorter custom link, and then when you’re on stage or speaking with clients you can tell them where to go to get the books or products you recommend. That’s money in your pocket!
- Book Royalty Income
This is one of my favorite ways to bring in income. It truly is a situation where you do the work once, and then let the money roll in. If you have a publisher, then you’ll get monthly or quarterly royalty checks for your books. If you self publish, you’ll make money from Amazon for every sale of your book. One way to boost this exponentially: create a series of Kindle books. People will buy then whole series. My friend, Kristen Joy Laidig, teaches this method and tells me her monthly income from this set-it-and-forget-it method brings her enough money every month for a car payment. Not to bad at all!
- Monthly Membership Sites
If your people could benefit from new info or having access to a particular thing once a month, then create and offer that. It can be anything really. Think of some of the things you may pay monthly for. I pay monthly for web hosting, an email provider, an online video-making service, and content called private label rights to get access to templates that make my business easier. I know people who offer a monthly graphic/image service, daily to-dos (fitness and nutrition come to mind), 30-day challenges, done for you, and so on.
- Group Coaching
Offer a weekly or monthly call to clients who can’t commit to private coaching. It can be as simple as a live Q/A session with you, or offer all kinds of options like hot seats, masterminding, training, written content, video content, activities, forum or private LinkedIn or Facebook group, etc.
- Online Products
Look around at your industry. What problem do people have that you can easily and quickly solve with a tool of some kind? It could be a template like my Speaker One Sheet Templates, a checklist (or set of checklists) like my Speaker Marketing Bundle, or an in-depth training like my I Luv Speaking Make Money Speaking Master Class. Solve a problem and people will find your product and and refer you to others with the same problem.
All of these things are relatively easy to set up and get rolling. And of course there are more beyond these top 5.
If you’d like my help in setting up your own multiple streams of income, I invite you to spend the weekend with me in Los Angeles March 3-5 at the Weekend Marketer Live conference being offered by Connie Ragen Green, a long-time friend who has not only made millions herself online through multiple streams of income, but has shown others for more than 10 years how to do it, too. We’ll be there, along with a couple other experts.
The event is limited and small on purpose so we can mastermind with everyone there and hold your hand as you walk through the workshops happening all weekend long. It would be my privilege and pleasure to help you develop your multiple streams of income. Read more and sign up at Weekend Marketer Live.