💡 Diversify and Test Revenue Streams (Issue 109)
Your income shouldn’t be fragile
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If you are tied to one source of income, you are in a vulnerable position.
I tell employees this all the time. They are one layoff away from being in a tough spot of making ends meet.
However, it is also true for solopreneurs. You are vulnerable if all your revenue comes from one source (e.g., one product, one service, or one client).
An old colleague of mine is a fractional product leader now. Today, they posted that they have seven different streams of income. Seven, not one.
One stable and consistent source.
Four experimental streams.
Two more streams in the planning phase.
Note: you don’t need to create multiple revenue streams when you first launch your new business. Get things up and running and humming. Then, when you feel like things are going well, and you have time to think and experiment, create a new income stream to test.
For example:
Start working with individual clients one-on-one until your business is generating solid revenue.
Add a more affordable group coaching service once the one-on-one coaching is working well.
Test teaching live workshops as an extension of your group coaching.
Leverage your coaching knowledge and processes to create self-serve courses.
Document your knowledge and experience in newsletters, articles, podcast episodes, and books people can buy.
Add paid subscriptions to your newsletter.
Add a paid subscription for a premium private community.
Where are you in the lifecycle of your solopreneur business?
Are you considering adding a new revenue stream?
Brainstorm with us in the comments below.
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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.
