08 October 2009

Multiple Streams -- of income or hassle?

There's a lot of excitement in some quarters about the old idea of having multiple streams of income. What that means is that you have additional ways to make money aside from your one-on-one client appointments.

There are two common ways to do this for the novice solopreneur:
  • developing and selling products -- books, self-help tools, diagnostic kits, dispensary items
  • developing and selling live group services -- group therapy / coaching, workshops, signature talks, teleclasses, etc
The more experienced business owner may also venture into:
  • affiliate programs -- where you get a percentage for referring clients to others
  • creating online membership programs
  • train the provider programs
What's important to realize is that establishing multiple streams of income when you are your only employee means that you are running more than one business. It can become a multiple nightmare -- assuming you even had time to sleep -- in keeping up with your bookkeeping, different tax structures, various regulations, not to mention different marketing campaigns and business plans for each income stream.

However, some of these same activities can be more simply started as marketing strategies for your one initial service.

What's your plan for transitioning multiple marketing strategies into multiple streams of income?

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