The concept of multiple streams of income is a simple one: you don’t want to rely on just one source of income in your business, because that one source could one day dry up…and then what?
In fact, only having one revenue stream is a common cause of “cash flow anxiety” for many entrepreneurs, and it is NOT a fun place to be!
In this week’s video, I am sharing with you the 4 most important reasons why it’s time for you to incorporate multiple streams of income in your own business.
Reason #1: When your relationship with a prospect is new, they are still getting to know and trust you–and would rather their “risk” be lower in the form of a less expensive investment or smaller commitment with you.
Reason #2: Focusing only on your highest price point offerings (many times being one-on-one clients) often leads to exhaustion and frustration. Why? These clients tend to be the most time-consuming because they are getting the most access to you. Plus, not everyone can afford to invest at this level!
Reason #3: You are able to leverage your time and talent by diversifying what you offer. This is because you will be able to serve more people and make more money, without spending more time.
Reason #4: People love OPTIONS. Being able to offer them means you don’t necessarily have to lose prospects altogether if they cannot afford your highest price point.
If these reasons make sense to you but you haven’t yet introduced other streams, it’s time to get started. In addition to one-on-one services, can you introduce information products, master minds or group trainings? How about live workshops or becoming an affiliate of others’ products or services?
Start by getting going with just one, and not only will you see more income, but I suspect you’ll enjoy the stress relief as well! 🙂