As I have been going through my various trials and tribulations with getting a working funnel and getting my ads to actually work, and then setting up my tripwire, my attention shifted (don’t start – I already know it happens daily) to diversifying income sources.
All of the work I do is service based so it is time and labour intensive (relatively) and after a certain point, it is no longer scalable without bringing in more hands.
Also if something happens to me, I’m a bit screwed because there is nothing in the background the business grounds to a halt.
So it got me thinking about multiple revenue streams and how to incorporate them.
That is a few steps off given that I haven’t got any of my funnels working the way I want them to yet.
But I wanted to jot down a few thoughts on a few different options of revenue streams.
Coaching & Consulting
The bread and butter of what I do.
People pay you to guide them on overcoming a specific problem.
It can be done B2B or B2C (fitness for example…) and is generally high margin for the work involved.
It’s also quick to set up.
You might need some paperwork in place, some structure of course and some kind of onboarding process but once you’ve got that, you’re all set.
It is time intensive though and you do definitely need to know your stuff.
It’s also competitive and it’d make sense to offer a solution to a specific problem by niching down.
Done For You / Agency Model
Essentially a full service agency.
As an example, I currently do a coaching/consulting role for fitness professionals on their marketing.
So clients do the leg work and I hold their and support them.
In my previous job, it was a full service agency so they told me what they want to promote, gave me access to their social media profiles, ad account, I set up a landing page and ran everything.
It’s a high revenue and high margin service.
But it is more time intensive than coaching or consulting and you bear the brunt of when things go wrong – like Facebook’s ads algorithm acting up (which it does a lot of).
Info Products & Digital Downloads
PDFs, ebooks, swipe files, courses and membership sites.
Basically some digitally delivered learning resources.
I am using this to deliver my tripwire in my funnel.
It’s digital and doesn’t need labour so it is much easier to scale and much higher margin.
The only real downside is the time it might take to create a digital product and the fact that you get more resistance from the fact that there is a ton of information available for free online.
Still though, I am inclined (based on my current thought process) to shift everything more and more to digital products.
There isn’t really a downside when you have an accurate system of selling.
Plus you can leverage these as tripwires, bonuses, discounts and more to use to sell other things.
This is a huge topic so I won’t get too into the details but it is worth covering.
If you have a brand or a service based business, this can be a nice add-on in specific circumstances.
One of my fitness brands for example takes a very strong body positive approach and I know further down the line I can leverage that position to add some e-commerce into my business plans.
It won’t work for every brand as an additional revenue source, but the right message and the right means delivered the right way can be powerful.
And with dropshipping or print-on-demand, you can get into ecommerce without needing to create, buy or hold stock at the outset.
Basically sell other people’s stuff and get a commission on the sale.
(By the way, this is a great way of getting your own digital products promoted too.)
The whole internet marketing industry seems to be people selling other people’s internet marketing courses in some weird cycle.
But genuinely, ethical affiliate selling is easy – you don’t need a product, you don’t need to do customer service – when you have an audience.
But you do put your trust on the line when you vouch for another product so if someone bought on your recommendation and the product wasn’t great, they could come back to you on it.
Generally though if you stick to selling trusted sources, you’ll be fine.
Ads & Sponsorship
Grow a following on a platform – social media, podcast, blog, email list, Youtube, whatever.
Get people to pay for you to promote them.
It’s not controllable (unless you do that cringe-worthy influencer outreach style thing) and you need to be measured in how you do it. Your following won’t want to keep seeing promo messages.
Also be mindful that it doesn’t dilute your own business or brand.
On this blog for example I’d be open to ads.
On my coaching podcasts however, that won’t be happening because those podcasts have a specific purpose and for a specific audience and it will dilute what I’m trying to do if I put other ads.
So There You Go
Multiple revenue streams give you flexibility, scalability and a bit of safety.
And are a great thing to explore.
Make sure you nail down your bread and butter core product first, before you start diving into other areas.
I feel like I’m the least qualified person to give you that list bit of advice but here we are!