Hey, I have an important question for you with the current state of the world, coronavirus, and all the craziness that has been going on. Have you lost one of your income streams?
Maybe it’s you’ve lost a job or something that was previously promised or you was guaranteed income has disappeared or has been cut in half.
It is happening to a lot of people right now, which is why I think now more than ever, it’s really important that we talk about creating diversified income streams, which is what we are talking about today.
Prefer the audio version? Listen to this post below.
This is what I love to do… to help you have safety. First of all, just so you feel safe and secure with your business and what’s coming in and you know that it’s not going to disappear.
That’s one of the biggest for me-I like to feel safe and secure. And I’ll tell you why…
Back in 2013, we were struggling financially, on food stamps with negative $400 in our checking account. And so actually going through that I definitely never wanted to struggle again.
So built my first business and it was in network marketing and life was so good. We were making a six figure income and you know, feeling pretty confident, comfortable, income with that company.
Then company restructured my income was cut in half and I was basically the sole provider for our family at that time.
And I was like , uh-oh.
That was a big wake up call for me that you can afford NOT have all of your eggs in one basket. You can’t rely just on one stream of income.
Tomorrow is not promised.
So many industries are being wiped out. So you gotta, you gotta have different things that are bringing in income so you don’t get screwed.
How We Diversified Our Income Streams
So, I want to share some of our different income streams that we have currently. I want to share both online and what we’re doing offline.
Cause I think it’s important for you to know I’m using the money I’m making with our online business to funnel it into other investments.
And this is really important again.
So our livelihood the income that we’re making as a family, the impact that we’re able to make are on the world. It’s not solely based from this one business.
Okay. So let’s start with the online…
Online Income Streams #1: Online Courses
So I started first business was network marketing. Then, after that income was cut in half that’s when I started She’s Making an Impact August to 2017.
The first thing I launched a was an online course Pin with Purpose.
Amazing that we’ve had, I think between one and 2000 students go through that program a fair amount. And that’s just crazy, crazy to me.
So that was the first main thing that I was focused on was Pin with purpose. Helping our students increase their traffic, get more leads, get more sales using Pinterest.
I created some mini courses in there: creating killer content, our repurposing content masterclass, that kind of thing.
I also was doing done for you services. Cause at the time it was, I made a big investment to hire a business coach $2,000 a month.
I was making $4,000 a month with network marketing and it was a big investment, really scary. So I knew alright I’ll do anything basically to get money in the door.
Online Income Streams #2: Done-for You Services
I also was doing done for you services cause at the time it was, I made a big investment to hire a business coach for $2,000 a month.
I was making $4,000 a month with network marketing and it was a big investment..really scary.
So I knew alright I’ll do anything basically to get money in the door. I was doing done for you services.
I created a video for my network marketing company about how to use many chat, to do Facebook ads. And someone ended up contacting me from that YouTube video and being like , Hey Rachel, can you do my manychat? And I’ll send you the pictures too. Can you do that too?
I was like, Yup. Done.
so I was helping her set up her many chat. I was doing her Pinterest. And then as I was helping our students with Pin with purpose.
I was also, you know, helping doing one-off strategy sessions that I would charge for and then started getting people, asking me if I did private coaching.
Online Income Streams #3: Private Coaching
I created private coaching packages basically on the spot and started private coaching.
Other things that I was doing at that time: I launched a group coaching program. So it was about a year and a half into Pin with purpose. And then the following December is when I launched the Impact Blogging Academy.
It was the next step for our Pin with Purpose students. After that, I realized after making that go evergreen, that my people needed way more support than just take this course.
Cause in the course I’m basically teaching them how to launch their product, how to grow their email list…basically everything you need to have a successful online business.
And I realized you need coaching to have success with this program.
Online Income Streams #4: Group Coaching
So, we launched Activate.
That has been a huge program for us to be able to help our students see success. And just to work with them closely has been a game changer.
So those are some of the main core things that we offer: Done for you services with Pinterest management, online courses, private coaching, and group coaching.
If you think you’d be a great candidate for Activate, click the link to apply: rachelngom.com/activate
Online Income Stream #5: Affiliate Sales
We also do affiliate stuff. And here’s the thing.
When you have an email list, a list of potential buyers, this gives you so much freedom!
You can decide, Hey, I want to be an affiliate for this program for this course and email your list and boom! Hello!
You could make money if they’re sending out an email to your list of buyers.
So that’s one of the core things we teach within Pin with purpose and within Activate is how to get that list of buyers.
So you can do affiliate sales and you can diversify your income streams other things that we’ve offered as well Pinterest templates. So that’s super easy.
So that’s pretty much it for our online income streams, right?
So affiliate sales, online courses, private coaching done for you, services, group coaching, that kind of thing.
Bonus Online Income Stream: Your Email List
Did you know your biggest business asset starts with an email list.
It’s listening to your audience and seeing:
What do they need from you?
Where do they need support?
How can you support them with that thing that they need?
What’s the transformation that they want?
What’s that next offer that they need?
When it comes to having diversified income streams just know that you don’t need to have 5 million of them at once.
You should have one solid one. So maybe it’s you want to launch a group coaching program like Activate, or you want to have an online course like Pin with purpose.
Pick the one thing and get that down. We had Pin with Purpose and I was focused on making that evergreen.
For at least six months that was our main focus blinders on, we are getting this done before I launched another big thing it was launch, help our students see success, relaunch it, rinse and repeat, make it evergreen.
Offline Income Streams #1: Investing
I read the books The Millionaire Maker by Loral Langemeier and then Rich Dad, Poor Dad by Robert Kiyosaki. First, Robert Kiyosaki talks about the difference between being an employee, having a small business, having a big business and being an investor. And my husband and I read the book and we quickly realized we need to be investors.
It is so much smarter tax wise and everything long term to be investors. So that was our main focus.
We set up our account with Vanguard and we are investing. That has been a game changer getting all of that set up.
So stock market, index funds, that kind of thing. That is one of the things that we’re investing in.
Offline Income Streams #2: Stash Cash
If you’ve listened to our podcast episode 155 I attended the Tony Robbins wealth mastery event and that at event that Tony was basically saying, winter is coming.
They said there is going to be an economic crisis. Soon… We don’t know exactly when. We don’t know what it will be, but it’s happening soon.
They didn’t know it was going to be coronavirus and the entire world economy would shut down.
They just thought it was going to be a debt. So, when he said that, I made it my main focus and something one of my other mentors said, stash cash.
And so I basically took a lot of the money that we were making from this business, and started stashing cash away. And so that has given us the opportunity to buy a rental property in Senegal.
Offline Income Sources #3: Real estate
Currently, we’re doing this to buy a rental property in Senegal in cash. And so that will be able to produce cashflow for us.
So we’re taking it again, the money we’re making from this business making smart investments that are going to diversify our income streams and bring in some cash. So that is one of the things that we’re definitely focused on is taking money from this business, buying real estate, developing real estate properties.
For many reasons, we weren’t able to actually develop our first building.
But that will happen soon and then starting other businesses. There’s a lot of things that we have planned to do in Senegal.
And so we can employ more people as well which is one of our key focuses.
Don’t try to do a million things at one time because it won’t work. You’ll be overwhelmed and nothing will be working.
So, pick the one thing that you really want to focus on to get that down.
Have it converting then you can look at what’s the next layer that you could add?
What’s that next step, that next strategy, something that you could offer people?
So to recap, you need to have diversification with your income, so you don’t get screwed when the economy shifts or when something stops working.
So, so, sooooooo important.
You need to have an email list, so you can have different offers to email to your list, do affiliate sales, or other things.
It’s so much easier if you have an email list.
Now it’s your turn to take massive, messy action!
If you found this helpful go to freepinterestclass.com to get my 5-Part Framework where I’ll basically teach you how to double your leads and sales in the next 30 days using Pinterest.
The two books that I highly recommend you check out: