💡 Business Tip - Use a Portfolio Approach to Your Income (Issue #80)

Don't just sell your time

Oh, that hourly consulting trap!

I was recently discussing the power of raising your rates with some folks on social media. The reaction was mixed.

Some regularly do it, and they’ve had positive results. Heck, their clients even said, “It’s about time! Why did you wait so long?”

However, some are hesitant. They are trapped in a mindset of fear. Fear that they’ll lose customers. Fear that they’ll turn away opportunities.

Solopreneur business owners are usually worried about raising their prices. So they keep their consulting rates the same for years. They don’t want to raise prices on their products.

Yet, guess what is happening the entire time?

That’s right. The world around us becomes more expensive every day.

• Rent is going up.

• The cost of a home is increasing.

• Grocery items cost more.

• Premiums keep rising for health insurance, homeowners insurance, business insurance, etc.

• What you’re paying for various services goes up all the time.

So, you're spending more to survive, and you’re trying to get by on the same income.

Heck, your customers and clients are getting raises at work every year. But you’re still trying to get by without raising your rates?

It’s more than okay to raise your rates and work fewer hours to live life more. Isn’t that the point of a lifestyle business? To build something that lets you live your life better than you did as an employee?

However, don't get caught up in the hamster wheel of raising your rates and then working more hours because you get addicted to the money. Don’t let your spending rise as your income increases.

That’s a trap!

Heck, wouldn’t it be amazing to work 5 hours/week and make the same income you do now? What could you do with your free time?

• More time to read.

• Time to write a book.

• More time for exercise.

• More time to travel and explore.

• Time to create art or make music.

• More time with your family and friends.

• Time to invest in your relationship with your partner.

• Time to take some courses to keep learning and growing.

Also, it's not just about raising your hourly rates or project pricing, either.

It's about using your time to create things you can sell at scale without your constant involvement.

• Paid newsletters

• Group offers

• Workshops

• Events

• Books

• Courses

• Digital goods

• Premium communities

A portfolio approach to your income streams will free up more of your time later. It won't happen overnight, but it will eventually, if you get started now and stay consistent with it.

Also, here’s a wild idea. Who says all your income must come from your one business?

You can diversify your income streams with:

• Selling stuff that has nothing to do with your primary business (e.g., a fiction book)

• Smart investments

• Rental properties

• Sponsorships

• Speaking fees

I challenge you to use your morning journaling time to brainstorm the wildest ideas about making money that you can imagine. Go crazy! Then, test a few and see what happens.

The more you can make through automated income, the more free you will be.

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I’m Larry Cornett, a Freedom Coach who works with you to optimize your career, business, and life. My mission is to help you become a more "Invincible You" so you can live your life on your terms instead of being controlled by someone else's rules. I live in Northern California near Lake Tahoe with my wife and our Great Dane.

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