31 July 2009

4 Things to Keep in Mind about Multiple Income Streams

Lots of business coaches advise leveraging your time and developing multiple streams of income. Time leveraging generally means working with groups, whether that be via teleconferences or live seminars. Multiple streams of income for service providers may mean developing a product line, or adding a new service, which may mean getting another credential.

Generating lots of different ways to make money sounds like a good idea -- until you realize each one can become a new business start up. How many businesses can you handle having at one time, especially as a solopreneur?

Keeping focused on your central business purpose can be a challenge when you start adding additional ways to monetize what you know and do. But allowing yourself to scatter your energies can be deadly, resulting in no one "stream" becoming more than a trickle.

If your vision as a counselor, coach, or ND is to be a one-person show, here are four things I've learned the hard way that may help you become successful more quickly than I did.

1. Define your ideal client niche with great precision -- know what their problems are, what motivates them to seek help, where they turn when they do, and what they are willing to spend money for (the outcome they want).

2. As a coach, you naturally deliver one-on-one services. That's Stream #1. In what other ways will you deliver the same information and help? Local workshops? Teleclasses? E-books? Ezines? Sticking to one themed (signature) message throughout all these different delivery methods will keep things manageable.

3. Set out to become a topic expert in your signature field. Do one thing everyday that furthers your visibility in your topic. Select the things that either will create income or that promote name recognition, subject authority, professional credibility, personal rapport, and client attraction interest.

4. If you feel the impulse to spend time and money that doesn't fall into the profit or promotion categories, get some coaching on working SMARTer, and look at core beliefs and other self-sabotaging factors in your self-employment habits.
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