Multiple Streams of Income – Part 1

Lately, many of my clients have expressed interest in creating multiple streams of income.  In this post, I plan to write part 1 of a series of Multiple Streams of Income.  Here, I share a brief overview of the 5 primary streams of income with which I have had experience and 7 tricks of the trade.

How many streams of income do you have for your home based business?

I have experience in 5 primary streams (1 more in the works):

• Classes (online and TeleSeminars/Webinars)
• Coaching
• Consulting
• Products (books, CD’s and DVD’s)
• Programs (series of courses and long-term mentoring)

My clients and students have varied interests, but all seem to have at least one stream of income in one of the above areas. Many are just starting out. Some have dabbled on the side while staying in a job that pays the bills but is ultimately less than fully satisfying.

One stream of income may trickle or almost dry up. Another may gush. Most fall somewhere between.  The key is to avoid relying on just one stream and putting all your eggs in one backet. 

Here are 7 benefits and tricks for getting the most from the 5 funding streams mentioned:

Classes

–ONLINE CLASSES – They are easy to create. People sign up for them 24-7, and you earn money even while you sleep. People learn at their own pace, from the privacy of their own homes. You take learning to the client or student. The trick is “sequencing” the learning in ways easily understood by people who have a problem you can solve. Sequence learning in small, digestible chunks. The easiest and least expensive ways I know to create a high quality online classes are with autoresponders (using email), blogs and webpages combined with audio, video and email.

–TELESEMINARS – They are also easy to create. People listen from home or on a cell phone or even on vacation. Sessions can be recorded for people who miss. I prefer to offer a “preview” call to give people a taste. One advantage is that many people can participate at one time via 1 conference call line. Sometimes, I offer a webinar by which all people can all see the same screen at the same time. These can also be recorded and offered for people who miss a session. They can be used to make video and audio products for sale afterwards to reach a wider audience. The trick to market research and find out what people are looking for. The most popular teleseminar I’ve ever done (the one that has reached the largest audience) was one entitled Where to Find Money to Attend ANY Class, Seminar or Conference. Most recently, I listened to what people needed (help with creating Wikipedia pages), and I created a webinar entitled How to Create Your Own Wikipedia Page (BrandYourNiche.com).

Coaching & Consulting

There is a great deal of flexibility in coaching and consulting. The trick to specializing in 1 area and perform so well in that area that people refer others to you.

Products

–BOOKS – The trick to books is self-publishing first, then going to a publisher once you’ve sold say 30,000 copies. You’re in a great position to negotiate a contract at that point. Plus, you’ll learn a lot about marketing as you go. Don’t expect the publisher to do the marketing for you. Most importantly, you’ll get that book done that you’ve been putting off and out into the world and establish yourself as an expert.

–E-BOOKS – Nothing will replace hard copy books. People like to have a book in hand, sit down and read it at their leisure. However, few people make money with hard copy books. On the other hand, electronic books (or E-Books) are a rapidly growing market. They are cheaper to publish, and the return on investment of time and energy is more often much higher. E-Books are great for explaining “how to” do something (like How to Find Grants Online) or get timely information out quickly to a wide audience. The trick is to find an E-Book that provides immediate help to people in need and create great title.

–CD’s and DVD’s – These are more difficult to market than books and E-Books. I’m moving away from these all together and going to electronic versions, like downloadable MP3’s or digital videos online, often offered as complements to online classes or TeleSeminars. The trick is to get a high quality recording edited and out on the market as inexpensively and quickly as possible.

Programs

I define a program as a “series of courses.” They are great “solid” money makers when they have a strong foundation.  Janae Bower, our resident expert in Instructional System Design (ISD), recommends using the ADDIE model for educational programs.  ADDIE stands for Assessment, Design, Development, Implementation and Evaluation.  More of ADDIE in a later part of this series.

Best of luck in creating the funding streams that work best for you.  I look forward to sharing another part of the series on Multiple Streams of Income in Part 2 on September 20th. 

Warmest regards,

Phil Johncock
Founder
BrandYourNiche.com
GeniusInstructor@charter.net
775.626.6634

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