Ask Yourself These Questions
Creating multiple income streams is essential in most businesses no matter the market you’re in. But, right now, during the time of CV-19, if you already had multiple revenue streams you might not be in as bad a position as those who had only one or maybe two income streams that might not be viable during this time. For example, if you made an income teaching private clients in their home and now in a “shelter at home” world you can’t go to their homes you likely lost all or a huge chunk of that income stream. But, if you had other income streams or if you can create other income streams, you will be in a better position during and after this CV-19 world. But, how do you know what those streams of income should be?
- What are people asking you for?
- How much could you make by answering this question/need?
- Do you need to hire, buy, obtain any other products, services, waivers, property or skill to do this?
- What do you think you could charge for this offering/product/solution?
- How many people do you know for sure would buy this?
- How much time do you think it will take you to create this income stream and keep it going? (then add more).
- Do you want to do this?
- When you look at your future is this product/service/solution in it?
Imagine Your Future
I have a lot of ideas on a daily basis. I often say my superpower is ideas. I am an ideas machine. But, not every idea I have is a good one. And, even if it is the barrier or cost to enter and the amount of time it would require of me may not make that idea one that works for me, my business or my future vision.
My husband and I wanted to have a podcast years ago around helping people find their perfect mate. We wanted to share our story and other people’s stories from meeting to marriage and beyond to inspire people to see that there isn’t a perfect way to meet your mate. But, we couldn’t figure out how we were going to make the money on it. We knew that sponsors would come in the future. So, were we ok with doing at least one season without a sponsor?
And, then, if we answered the questions above-
Were people asking us for this? Yes.
How much could we make by answering this call to action? No idea yet.
Did we need to hire people? Not necessarily. We had the skills and tools to record, edit and upload.
How much could we charge? podcasts are free to listen but you can charge for ads based on people who listen…still no idea what that amount could be.
How many people would for sure listen? Our family and friends.
How much time would this take us? Season 1 12 episodes, 1 hour each, plus the time to write and edit. Looking at least 24 hours to put together.
Do we want to do this? yes, but, it would take us away from other projects.
Is this in our future? hmmm. maybe.
Do you see how this idea while answering a lot of people’s curiosity and questions isn’t likely to bring us an income in the near future? Now, if it took off who knows maybe we could have had a tv deal, a reality tv show…I mean the sky is the limit. But, the cost to enter was a lot of our time. And, if we think about time as money it wasn’t exactly the best project to take on in place of another one.
Find the Best Fit
As you think creatively about different things you can do for you, your current clients, people you know, first you must make sure people are looking for that. Are you solving a problem? And then, how will you get paid? How much time will it take you? Are you better off using that time to do something else?
The devils advocate to multiple streams of income is, could you instead do a bit more of what you’re doing and instead of filling up your other hours of the day with more work what if you enjoyed some time doing nothing?
If you were teaching in people’s homes and now you can’t can you teach them virtually for the time being? Invite the clients you already have to take and also to let their friends know they can take. Maybe, when you’re back in homes again, you can maintain their sessions when they travel or you travel because they are used to virtual? Maybe you end up with clients from all over and you teach in person and online?
Sometimes multiple income streams appear on their own by you doing what you do best!
If you’re struggling to decide if you should be filming content, where to host it, post it? Or, if you trying to figure out your pricing in this virtual world please check out my blog on income streams here and on teaching virtually here.
I know this is a scary time. I know you’re trying to figure out how to make a living during this chaos. Or even post this chaos depending one when you read this. But, please know that your greatest strengths and your future dreams are the best filters. And, making decisions in a reactionary or fear-based state might have you wasting a lot of time and resources, aka money, on projects that are not best for your business.
So, yes to having multiple offerings or income streams if you can find ones that allow you to get closer to where you want to be.