How to Start Creating Multiple Income Streams

multiple streams of income
Today we're talking all about multiple income streams and why you need to create a new income stream stat, I’ll share all of our income streams and how you can get started creating multiple streams of income and all the good stuff that comes up with it.

*This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link on this blog. I would never recommend a product I don’t use or love myself!

And of course, you should def register for my free masterclass where I’ll share my top secret strategies to getting new leads and sales on autopilot with Pinterest!

To start, I want to share kind of why I’m obsessed with having multiple streams of income. 

First, let’s go back to 2015.

I was in network marketing and created a pretty successful business. We were making a six-figure income and life was good… until the company restructured. 

My income was cut in half and it went from a cushy 6 figures to $4,000/month.

We only had that one revenue stream coming in and then boom. 

It felt like it was overnight. It was cut in half and we were left scrambling. 

Ever since then I’ve always been really passionate and really intentional about creating multiple revenue streams. 

I was actually talking to one of our students that’s going to be in our next round of Activate. She’s a freaking rock star, but she only had one revenue stream. Something happened within her company where competition came and took half her customers.

Her income was cut in half. 

And so one of the things I’m going to be working with her in Activate is making sure we’re creating more than one revenue stream. 

I’ll share with you the different income streams we have in our business to hopefully give you a few ideas of what you can do.

Here are our multiple income streams from this past month:

Affiliates: 

Courses:

Let me break it down for you, because we sure as heck didn’t start out with all of these all at once. 

Creating our first income stream

Network marketing is actually still a revenue stream for us. I’m insanely grateful for my experience in network marketing…it was like an intro to entrepreneurship =)

I haven’t touched that business in like a year and a half. In May we still did like $2,500. #passiveincome

I started with Beachbody and then decided to do my own thing. I created an eBook and then launched my very first online course.

Don’t expect to get rich from a $9 ebook 😉 but it was great validation for me that my people wanted MORE from me and I COULD branch out and do my own thing.

Multiple Income Streams: Course Creation

I knew I wanted to get out of the fitness space and switch niches, so in August 2017, I started She’s Making an Impact and in September we launched Pin with Purpose,  which is our bread and butter online course that is still our highest generating income for us every single month.

Right now, close to 50% of percent of our income comes from that one course. 

Since then, we’ve added more courses to help serve our audience. 

Creating Killer Content is our mini-course and we serve a lot of students with that small price point.

We also have an option for students to add our content creation master class when they purchase.

I’m a huuuuge fan of online courses because it’s the most passive thing that can generate big profits. You can be on vaca and still making course sales (if you have a funnel in place).

“If you don’t find a way to make money while you sleep, you will work until you die.”  -Warren Buffett

Multiple Income Streams: Coaching

Next thing that is private and group coaching. 

I’ve had a lot of people asking, what are you doing? Can you help me? I’ve added in coaching as one of the ways that I get to serve people. And that’s honestly one of my favorite things to do because I’m really involved in their businesses and get to help them succeed. And that brings me so much joy =)

Then I started getting maxed out on private clients, so I added in a group program, Activate. It still allows me to be involved in my student’s businesses, but it doesn’t require as much of my personal time. 

If you’re not doing some form of coaching in your business, maybe that’s something that you could think about adding.

 

Click here to apply for Activate.

Multiple Income Streams: Done for You Services

By listening to our audience, we were able to know that they needed help managing their Pinterest accounts. So we added in Pinterest management. 

Done for you services is something that you can add to your business as another revenue stream.

 

Multiple Income Streams: Affiliates

Next category of income streams is affiliate income. 

I want you to think about what are you using on a daily basis. What are you already recommending and could you become an affiliate for that? 

Some of our affiliates are products that I’m using or software. 

We’re an affiliate for Amazon, Bluehost, Elegant Themes, Kajabi, Social Warfare. 

There are so many ways to increase affiliate sales. 

I’ve written blog posts about products I’m an affiliate for, and when people come from Pinterest or from Google and read the blog posts, we have our affiliate links in there.

Some of it’s on the back end of people going through our online courses and we have products that we recommend in there as well. 

We are also affiliated with some of our students or friends who are in my industry. 

Think about who is someone that you could work with that would be a complement to what it is that you’re already doing.

I was recently a part of my friend’s Christina Jandali’s launch. She launched her Facebook group program and I decided to be an affiliate for that because what she teaches in Facebook groups goes so well with what I teach with Pinterest.

I hope this gets your wheels turning on how you can start adding multiple income streams into your business.

Just remember, you shouldn’t add 10 overnight. Get 1 working really well before you add the next thing.

Comment below: tell me how many income streams do you have right now and what will be the next one you add =)

 

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Email: clientcare@rachelngom.com

“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.” Tony Robbins

PS. Be sure to join my free online community for female entrepreneurs! Join here.

 

 

Want to learn how to create multiple streams of income? I’m a firm believer that you NEED multiple income streams in your business. In this post, I’ll share some essential tips and ideas on how we’ve created almost 20 streams of income, that’s mostly from passive income sources. Repin and grab my free guide to getting more leads (automated!) with Pinterest! #shesmakinganimpact #onlinemarketing #incomesources #businesstips

Hey! I’m Rachel. I’m a former Big Ten volleyball player turned entrepreneur and professional cheese taster (kidding–but that would be a sweet job).

I’m a Pinterest strategist for female entrepreneurs who are sick of struggling on Facebook & Instagram and want to automate their traffic and get more leads on autopilot. I’ve used Pinterest to increase my blog traffic by 34,000/month…for free!

Obsessed with: adventure, champagne, chocolate, and yoga pants.

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“Life is a gift, and it offers us the privilege, opportunity, and responsibility to give something back by becoming more.”

Tony Robbins

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