Wednesday, January 27th, 2021

Multiple Streams can Create a River of Revenue

By Cathy Kuzel on Aug 30 2010 • Filed under The Connected Woman

If you’ve ever had the pleasure of visiting British Columbia, Canada, you’ve probably seen at least one of the many rivers in that province. These rivers are known worldwide for their speed and sheer volume of water that flow through them. So where do you think these rivers come from?

Each river is created from a number of smaller streams that, by coming together, make a powerful force that can move mountains and reshape the land. Multiple streams of income, no matter how small or insignificant you think they may be, can culminate in a river of revenue!

Let me share five income strategies I have personally used, which can help you increase your monthly cash flow and give you confidence in your business growth.

Strategy #1: Conduct a Live Workshop

You know your stuff! Teaching a hands-on workshop or an introductory program is an effective way to not only educate but to generate new leads. Charge a small fee to cover your expenses and then enroll interested attendees in a higher-priced program or series of workshops. Alternately, create a workshop that is more comprehensive and make sure your fee is value-based and voila! you’ve created a new stream of income.

Strategy #2: Offer a Monthly Teleclass

There are a number of free conference call services that you can use (you just pay for long distance). Ask or survey your clients to uncover what their biggest challenges are, then using those challenges as your topics, share your solution in the form of a paid teleclass or webinar. It’s a great way to be seen as an expert and a resource in your market.

Strategy #3: “Tip” the Scales in Your Favour

Do you have an e-zine or newsletter that you send out? If not, creating a monthly “Tip” that you send out to clients and prospects is perfect for ‘soft’ promotion. Everyone subscribes to something so why not your business? You’ll create a list of ‘warm’ prospects who look forward to hearing from you. TIP: Always have a special offer for subscribers only. A great passive income generator!

Strategy #4: Propose a Strategic Alliance

Not everyone should be viewed as the competition. There are many companies that have products and/or services that would complement what you have to offer. If your service is newsletter design then look into partnering with an email marketing company to offer a combined service to your respective clients. Or perhaps you have a line of fashion that you represent team up with a company that offers alterations or perhaps dry cleaning services. Double the exposure!

Strategy #5: Start a 12-month Mentoring Program

This is a membership-based program. Choose the topic or focus of your program, create an outline of the content that will be provided, add a page to your website describing the benefits of becoming a member, and promote it to your list of prospects. (Remember Strategy #3?) Don’t have a list? Partner with people who do.

These are only five of many strategies that you can implement to create multiple streams of income. We’ve only touched the surface. So keep in mind that your ‘River of Revenue’ can start with the smallest trickle. Every little stream (of income) adds up. Choose one and start today!

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