Looking for a new revenue stream? Here are some ideas to get you thinking about building a 7-figure business with some ways you can start right away. Here’s how to scale through diversification in any business!
Do you ever wonder how all those successful solopreneurs turned their idea into a 7-figure business in just a few years?
You hear about them all the time. You get in your car and turn on your educational podcast du jour. The usual suspects: Entrepreneur on Fire, Online Marketing Made Easy, Perpetual Traffic. Each one packed with more useful content than the next.
And then you hear those words for the hundredth time: “I created a 7-figure business” and the question bounces around in your brain: “But how is that possible?”
Even knowing what you know about creating online courses and online marketing in general, it seems daunting, even impossible, to think that your quasi-successful $20,000 launch could ever turn into a 7-figure business. You must be missing something.
Multiple Revenue Sources
The secret that everyone assumes you know, but nobody actually says out loud is the fact that successful entrepreneurs are not just talking about the sales from their last launch. They are telling you what their income was, over time, from multiple different sources.
Some of these revenue sources are not even available to you as a consumer, so why would they mention it if you are not in their target audience?
To illustrate the possibilities that diversification can open up in your business, let’s take a very common example.
Let’s take a business that creates online courses, and run it through the diversification mill.
Let’s see what we can come up with for other revenue sources:
Income Stream #1: Online Courses
This is your bread and butter. What you are known for and what you are most likely to mention in a podcast interview to get that regular entrepreneur to buy into.
Income Stream #2: Group Coaching as a supplement to the online course
Inevitably, people who take your courses will want more access to you. A great way to do this in a scalable way is to provide personal coaching help to a group through a Facebook Community.
Income Stream #3: 1×1 Coaching
This is a premium service only available to those who can afford it. Is it starting to add up for you yet?
Income Stream #4: Corporate Clients on a project basis
You have expertise that larger companies will want to take advantage of and have no interest in going the DIY route. Your time is very valuable (and scarce), so the markup for corporate clients has got to be worth the time.
Income Stream #5: Podcast sponsorships
Start a podcast to drive traffic to your content, and stay for the sponsorships. Once you reach a certain level of notoriety and popularity, sponsorships can be quite lucrative.
Income Stream #6: Affiliate marketing for other’s products
You have built an audience and a community that others will want to tap into. Turn your community into gold by offering to pitch other people’s products to your audience and get a cut of the sales.
Income Stream #7: Speaking engagements
As an expert, your presence and expertise is valuable at conferences and other audience engagements. Set yourself up as a speaker for hire and monetize your public appearances.
Income Stream #8: Book sales
You have a unique message that publishers would be very interested in propagating, especially if you have proven that your message resonates with large audiences. If you are a writer, this is a great way to generate passive income.
Income Stream #9: Merchandise
Got witty quotes, or catch phrases? Put them on a T-shirt or a baseball hat and sell them on your website.
Income Stream #10: Blog/Video monetization through ads
You are already blogging and/or creating videos as part of your outreach efforts. Turn on those ads and watch the revenue flow in.
And the list goes on.
The truth of the matter is that thinking of a single business model is only the beginning and it can open many doors.
As your business grows and you start to build a team, let them handle the heavy lifting so you can start thinking of your next revenue stream.
Are you ready to make your first 7-figures? Your move.