How to create multiple income streams for your online business

Short on time? Why not download an e-book version (plus free worksheets!) and save it for later to read or simply to refer back to as you implement these steps!

Many new and aspiring coaches and service-based online entrepreneurs wait for months or years until they decide to diversify their income streams to earn extra income from their business. Or may never take the opportunity to do so.

For example, many coaches only have ONE high end signature one-on-one coaching package that they will promote the heck out until they eventually give up – because no one’s buying.

Not everyone can afford or needs high-end products! Offer an alternative.

 
 Business tips: How to create multiple income streams for your online business
 

Offering just one product limits your market. If you create a range of services and products, tailored to your audience think of all the additional people you can reach out to, influence and help by being a bit more creative in what you are offering.

It’s about creating content and products that are targeted specifically at people in different stages of their business and with different budgets (in my case as a business coach).

By doing this you can widen your audience and unlock multiple income streams at the same time.

In my opinion, every business owner should be thinking about creating multiple streams of income for their business from Day 1. I don’t mean that you have to implement them from Day 1, but always look for the opportunity when it arises.

This was my biggest mistake I made when I was starting out. And I don’t want you to do the same!

Why you need to create multiple streams of income for your business:

 

#1: You’re not reliant on only ONE (or two) income sources

What if your only income source goes dry for a few months? Diversity builds resilience.

 

#2 You’ll have a more consistent income on a monthly basis 

By diversifying your income streams, you’ll be able to earn more consistently and potentially increase your income level.

 

#3 You’ll be able to help more people 

It’s not all about financial benefits. By creating multiple services and products suitable for people at different stages in their journey, you’ll be able to help more people and expand your audience.

 

#4 You’ll be able to balance your work / life balance

Yes, you may love your business but you can’t possible work on your business 24/7.  That would be exhausting and not great for your health & wellbeing either. Your business is happy when you are happy. By creating multiple streams of income, especially by creating digital products, you can reduce the hours of working one-one-one with your clients. Imagine no more hustling for your next client!

 

 ‘I don’t have the time to create a new product’!

 

"I still work full-time (or have a little one to look after) and don’t have the time to create multiple offers!"

 

Don’t you worry; creating multiple offers doesn’t need to be hard work. Yes, you'll have to put some time in to begin with, but it will pay off long term.

If you are just starting out and are limited in time, I highly recommend you to start writing a blog sharing valuable content as a starting point.



I’ve kinda gave you some hints on different income streams above, but below is a full-list of the income streams you can potentially add to your online business:

  • One-on-One Services

  • Group Programs

  • One-Off Services

  • Online Courses

  • Recorded Webinar/Tutorial/Workshops

  • Online Live Workshops

  • In-Person Workshops

  • Membership Site

  • In-Person Retreat

  • E-books

  • Workbooks

  • Templates

  • Affiliate Marketing (I covered this in a separate blog post as it needs a little more attention, but should definitely be considered!)

 

Now, I’m going to share some of the most time efficient ways to create multiple offers for your business.

Let’s dive right in.

 

#1 What type of products or services would you enjoy producing?

When you think about different income streams, first you’ll want to think about your passion, values and purpose. What are you good at and how can you translate that into awesome products or services that people want to buy?

Let me ask you…

Do you like traveling different places for your business delivering in-person events or workshops?

Do you like hosting group coaching calls or workshops? Or do you prefer one-on-one?

Are you happy to have client calls or group coaching calls at anti-social hours?

Do you like teaching and creating content such as online courses or tutorials?

Do you like the idea of evergreen products that will bring you income even while you sleep?

Do you like trying out different products, testing them out and sharing your results with your audience?

Here are just some of the questions you may want to ask yourself in order to pick your potential product or service types that you would like to focus on.

For example, I’m not fond of group programs or live online courses. Because of the amount of time you’ll have to put time into launching the program and get people to sign up. (I find it exhausting and stressful!). Yes, you could earn a huge amount of money all at once, but the amount of time and energy (not to mention all the advertising costs), I don’t feel that it’s worth it.

I prefer to earn a consistent income from my business which can be achieved by offering low to mid-priced evergreen products and offering one-on-one coaching packages so I implement my strategies around that.

But I know many people like group programs and you may do too!

The key point here is to ensure all the products you are creating or recommending are aligned with your passion, values and purpose.

Everyone’s different.


Action:

Write down the types of service or product you would enjoy producing.

Make sure to download the e-book version which comes with worksheets

Let me know how you get on or need some help by leaving the comment in the comment box!


#2 Brainstorm topic ideas for your selected services or products

When you think about the topic, first you need to think about your target audience and what solution you can provide for them. What help do they need? And what you can offer them, which you can charge for?

Your existing audience:

The best way to find out the different areas your target audience need help with is to create a survey form and ask them what their main struggle is.  I suggest making it easier for them by providing them with some options they can select.

Other Facebook groups:

If you haven’t got a large community or mail list, I recommend joining relevant Facebook groups and type in the keyword related to your niche in the search box and see what sort of questions people are asking in relation to your niche.

Your existing and past clients: 

Another way to find out is from your existing and past clients. Have a look at their intake forms, email correspondence and think back to conversations you had with your clients. You will probably notice one or two particular topics that they will bring up constantly. You could then create a product around that topic.  

Now, you should have a list of topics that you can turn into different products.  


Action:

Write down your topic ideas!

Make sure to download the e-book version which comes with worksheets


#3 Choose the format and price point of your product

The next step is to think about the format of the product you want to deliver and how much you want to charge.

I suggest creating 2 products for the same topic.

The first one is a lower priced product ranging from $7 to $47, which has less content but is still valuable. The format of this type of products could be:

  • E-book

  • Workbook/template

  • 2 hour recorded webinar/tutorial

  • Membership Site (monthly subscription)

 

The second one is going to be a mid-priced product (say $57 - $397) which has more content and the format of this type of products can be:

  • Short Group Program

  • Online Course

  • Online Live Workshops

  • In-Person Workshops

 

Please don’t feel like you have to create both products at once.

I suggest creating a lower priced product first or even several lower priced products on different topics, and see which one is the most popular.   Then create a mid-priced product for the most popular topic.

 

Affiliate products:

If you decide to sell affiliate products, I highly suggest trying the product out first for yourself so you know that the product is valuable and helpful for your audience. Again, I would select several products at different price points.


Action

Choose the format and price point of your product!

Make sure to download the e-book version which comes with worksheets


#4 Outline the content of your product. What’s it going to include & cover?

So you’ve chosen the topic and the format of your product!

The next step is to outline the detailed content of your product. You’re not creating the actual content at this stage. Simply outline what you’re going to include in your product.

Ask your audience

Ask your audience what are their biggest challenges within that topic so that you can make sure you include all the answers in your content. Try not to guess!

Look back at your old content:

If you’ve written a blog or have produced a video about the chosen topic before, you could re-purpose some or all of the content to include in the product. Take a note of any questions people asked in relation to the topic to make sure that you cover it in your content.

Do some research:

Research other products with a similar topic that are already out there. It’s best to actually purchase a couple of products if you can, but it’s often good enough to just go through their sales page. Make sure you make it 3 x better than the ones already in the market. Add EXTRA value and make it unique to you and your audience.


Action:

Outline the detailed content of your product!

Make sure to download the e-book version which comes with worksheets


#5 Plan and create your promotional sequence

Now that you have outlined the content for your product, either write a blog, host a challenge, create an email course, or a series of videos related to the topic -  giving away some of the content you’re including in the paid product.

This is to get people who are interested in this particular topic to join your mail list. You can then send a sequence of emails that eventually leads to the sales pitch of the paid product.

Landing page / opt-in form

Whether you are writing a blog or hosing a challenge, you want to make sure that there is either a landing page or opt-in form available so that people can opt-in to your mail list.

I highly recommend LeadPages* (a monthly subscription fee applies) which I use for my own landing pages and opt-in form. You can design pretty sophisticated landing pages and opt-in forms with LeadPages*. Also you can easily integrate this with your email service provider such as MailchimpConvertkit* and Active Campaign*.

Your email sequence: 

Your email sequence should ideally consist of around 7 emails in total. I talk lot more in depth about how you can make sales from your mail list in my #LetsBlogforBusiness series, which I highly recommend reading!


Action: 

Plan and create your promotional sequence!

Make sure to download the e-book version which comes with worksheets


#6 Create your product!

This is my favorite part of the process. BUT don’t rush it!

Things to consider:

Creating a great product can take some time and there’s no point rushing and ending up with a poor quality product. So if you are limited in time, I would consider hiring a VA to help you with content, layout and design.

I would also consider making your product as user friendly as possible.

If you are creating an e-book, you may want to consider offering an audio version too.

If you are creating a workbook, you may want to make it fillable using Adobe Acrobat DC (alternative DocHub).

I also love using Canva (alternative Picmonkey) for graphics and design.

If you are creating a webinar, you may want to consider download option and transcript as an extra. Get creative:)


Action:

Time to create your product!

Make sure to download the e-book version which comes with worksheets


#7 Create your sales page

Sales pages are standalone pages (with no navigation menu or sidebars) with one specific purpose (call to action) – to secure the sales for your product.

For the lower-priced products, I recommend making your sales page short and sweet.

Now, this blog post is not about copywriting, so I won’t get into details on how to write a sales page. If you are not a good copywriter, I suggest hiring a good copywriter to help you with the sales page.

As general guidance, here is my recommended structure for a sales page:

  • Name of the product

  • Attention Grabbing Headline

  • Where your target audience is now

  • Where your target audience want to be

  • Let them know that they’re not alone and the help is on its way

  • Introduce your product

  • Summary of how this product will change their life / business

  • Details of the results (benefits) they can expect

  • Who this product is for and who is not

  • Who you are and why you created the product

  • Overview of what’s included (features)

  • Testimonial / case studies

  • Call to action – a BUY NOW facility is essential. Do not loose the sale.

 

Design / layout of the sales page:

  • Don’t get too fancy with fonts. Keep it to maximum 3 different font types.

  • Make sure your sales page is ‘on brand’.

  • Breakdown the paragraphs so it’s easy to read.

  • Also use several images to breakdown the paragraphs.


Action:

Write your sales page!

Make sure to download the e-book version which comes with worksheets


#8 Watch your sales and new income stream come through!

You can follow these steps every time you create your new product or service income. As I mentioned, go from lower priced products and work your way up. E-books, workbooks and templates are the easiest to create if you are limited for time.

 

I hope you found this post helpful and feel a lot more confident in creating multiple products in order to diversify your income stream for your business.

There is also an e-book version you can download and save for later or simply to refer back to as you implement these strategies! The e-book also comes with a free workbook which is designed to help you implement each step.

Have fun creating, selling, and watching your business grow!

 

*Please note that any links marked by an asterisk (*) are affiliate links and I may earn a commission if you click them and make a purchase (at no cost to you). 

Do you have any questions? Share your questions in the comments below!

 


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