Throughout modern history, most people believed making a living meant spending decades in an office and climbing the corporate ladder. Collecting a paycheck and, eventually, retirement.
Those days are long gone. Now, there are countless ways to make more money once you establish your expertise. And the benefits of diversifying your income are many.
First, multiple income streams equal financial security and stability. Especially in a time of layouts and unexpected turns, a varied revenue strategy can provide a safety net. Second, it increases earning potential. Having a paycheck is nice — but having multiple income streams can seriously boost your revenue.
And finally, once you take ownership of your revenue streams, you’ll experience a sense of empowerment and realize that you can always make things work. Diversifying your income allows you to balance your workload and choose the projects that feel good while earning a good living.
11 ways to diversify your income by leveraging your expertise
The first option is obvious: Provide services to clients. However, there are many ways to do this. A common constraint service providers find is time — there’s a finite amount of time you can reasonably work that could limit your income. You can circumvent this by combining the following strategies.
Done-for-you services. This is level one for most service providers. Clients hire you to do work for them. The main way you can grow is by outsourcing. And you can choose to outsource tasks outside of your expertise (like admin work or bookkeeping, for example), or hire other experts and develop an agency model to increase your capacity.
White label services. Using this model, you rebrand a product or service and sell it under your name. It’s a simpler path than hiring a team, but it still requires you to oversee the deliverables and results to ensure your clients receive a service that meets your standards.
Consulting. Entrepreneurs often seek an expert’s help but may not have the budget or interest to outsource entirely. Instead, you can consult, providing guidance and expertise so your client can perform the work themselves. Consulting allows you the bandwidth to work with a bigger portfolio than if you were performing the actual service.
Service partnerships. Partnering with other providers can be a great way to expand your offer without taking on more work. And this way, your clients receive a full range of services from one source instead of dealing with multiple vendors.
Affiliate partnerships. A simple way to create an additional income stream is to endorse the brands and products you know and love. For example, creating an affiliate (or referral) link for your favorite project management tool or CRM and encouraging clients to use it is free and effortless.
Productization is the art of turning your service into a product. The benefit of digital products is that you can easily scale and sell without incurring additional costs like inventory or shipping. And the possibilities are endless, depending on your industry.
Decorative. Designers can create virtually anything to sell online. Tech backgrounds, art prints, mugs, and smartphone cases are only some examples. Platforms like Society6 are big for creators who offer digital products.
Functional. Consultants and service providers can create planners, templates, checklists, ebooks, and more to sell digitally.
There is a caveat with digital products. Many online gurus refer to these as a passive income stream. But in reality, a lot of work is involved in marketing and selling digital products.
Education & community
Many entrepreneurs aspire to educate and create communities around their expertise. It can be very profitable and afford you flexibility. And thankfully, there are many ways to go about it.
Courses (live and on-demand). Online courses have soared in popularity since the pandemic. And platforms like Kajabi and Teachable make it easy for anyone to create one. It takes some elbow grease, but a high-quality curriculum and a sales funnel can skyrocket your business.
Group coaching. Group coaching is a popular offer in many niches. It allows clients to interact with you at a lower price than one-on-one coaching and engage with like-minded people.
One-on-one coaching. One-on-one coaching is usually the highest-priced item in a provider’s offer. It’s the upsell in courses and group programs, and only a select few will engage
Memberships. Online communities have gained popularity as alternative business models emerge. A membership program is an excellent incentive for clients to get regular access to exclusive resources, content, community, and expertise. And platforms like Mighty Networks make it easy to manage the logistics, including features like course creation and live events.
Retreats. Especially now that many of us work remotely, entrepreneurs and creatives seek ways to connect and engage with others in their industry or with shared interests. Retreats are the perfect opportunity to expand your network, make valuable connections, and learn from others in your space.
Don’t put all your eggs in one basket
If we learned anything over the past few years, it is the importance of having not only a plan B but plans C-Z as well.
Thankfully, business today has evolved. And you’re in the driver’s seat to take your organization where you want it to. Launching a new offer is easier than ever, reaching thousands of people digitally and finding your tribe.
If the time has come for you to diversify your income streams, schedule a consultation below. My team and I are ready to help you achieve the visibility you need to take any initiative to the next level.