5 Income Streams Every Lifestyle Business Can Generate Making what you know available in different ways results in you getting paid by more people.
By Kimanzi Constable Edited by Dan Bova
Opinions expressed by Entrepreneur contributors are their own.
Smart entrepreneurs understand the power and importance of having multiple revenue streams. Building your business around one major client or way of generating revenue is dangerous. If that client decides to take their business somewhere else, you're left scrambling to pay your bills. If your one revenue stream takes a dip because of circumstances outside of your control, you will be left in a desperate situation. We see this played out too often entrepreneurship.
The good news is that we live in a time in which you can create multiple revenue streams. You can use today's opportunities to do it much easier. Tools and technology can automate the process and lead to explosive growth in your business. When building a lifestyle business that gives you true freedom, consider these five revenue streams.
1. Coaching
If you have built a business around the knowledge and skills you have around a topic, you have the opportunity to train others to do the same. With software such as Zoom, you can coach others from the comfort of your home while generating revenue.
I'm not advocating coaching others on things you don't understand. I'm not telling you to make coaching your primary income and put on a front publicly. What I am saying is that if you already have built a business using certain skills, you have the opportunity to coach.
Related: How to Create an Endless Stream of Clients for Your Coaching Business
2. Books and products
You've built a business for a reason. Your knowledge and passion are valuable. You can take it and write a book. A book gives you a lot of legroom to expand upon what you teach. Even if you don't like to "write," you can use a talk-to-text program. You speak and words get put on paper (digitally).
You can also create digital or physical products. These products could be created from different aspects of your business. Even software can be considered a product. Books and products are an excellent way to make passive income.
Related: 10 Truths About Self-Publishing for Entrepreneurs With a Book Idea
3. Online courses and membership websites
Customers will spend $107 billions dollars this year on online courses. With software such as Clickfunnels, you can create effective sales pages, funnels that lead customers to a sale, and even house the membership content. There are also platforms such Udemy which makes the selling of courses simpler.
You can take your knowledge and create a course or membership website that teaches a customer what you know. You can help them and charge a fair price for what they'll learn. It allows you to create passive income and create a revenue stream that scales your business because it doesn't involve all of your time.
Related: To Rapidly Enhance Your Business, Stop Selling and Start Teaching
4. Paid public speaking
There are conferences and events all over the world that are hungry for entrepreneurs to speak on their stages. You can share the knowledge you've used to build your business and reach audiences everywhere. You can make five-figure fees and add a fun revenue stream to your lifestyle business.
Related: 3 Ways Entrepreneurs Can Find Paid Public Speaking Engagements
5. Corporate consulting
Companies and corporations will spend over $365 billions dollars this year hiring outside consultants. They hire entrepreneurs to train their employees on a variety of topics. Corporations have large training budgets and they're not shy about spending it when they see the value. You can take your knowledge and skills into the corporate space.
You can do one-off training presentations. You can license companies your online courses per employee. You can book executive coaching. You can set up training programs at corporations. You can charge fees in the ranges of five to six-figures. You can negotiate extras in your consulting contracts that create multiple revenue streams and passive income. Here is an article that teaches you how to get started.
There are many ways to grow a lifestyle business that creates financial freedom in your life. Don't put all of your eggs in one basket. Use the access and opportunity we have available to us today to create multiple revenue streams. Each of these streams listed can generate revenue quickly and they're scalable. Use this list.
