Ambitious Entrepreneur – Growing your business with 4 different income streams
Want to increase your income, but the thought of working longer hours seems impossible because you’re already exhausted with your hectic schedule? Want to free up your time so you can spend with family, but know that by reducing the amount of hours you work – you’ll also reduce your income?
Stuck, confused and unsure what to do next?
You’re in the right place.
On today’s show find out how you can reduce the amount of hours you work with clients so you can spend more time with your family (or on leisure activities), while at the same time increase the amount of income you generate in your business.
Seems too good to be true?
Today’s guest will show you how.
Annemarie Cross is joined by Crystal O’Connor from Moxie Mompreneur who will share her top four favorite income streams, which includes Active Income; Passive Income; Leveraged Income; and Recurring Income.
Crystal believes that as an ambitious entrepreneur you can already create some of these revenue streams quite easily, by just leveraging the services you’re already offering.
According to Crystal trading hours for dollars (providing one-to-one coaching and/or consulting services) is not only exhausting, but will have you reach a level of income that you just won’t be able to breakthrough. Why? Because there are only so many hours in the day and working too many additional hours as a way to increase your income will only have you become exhausted and burned out.
In fact, this is the Active Income stream, and one you don’t want to build your entire business model around.
Instead, consider creating a group membership program that is run over a period of time so that you can build recurring income. Group coaching programs are far more lucrative for you as rather than providing one-to-one services, you are providing one-to-many services.
Passive income is also easy to create by developing information products that you can sell over and over again. Create it once and continue to build a steady stream of income that doesn’t require your direct time or ongoing involvement.
Think about recording a teleseminar, adding a few templates and worksheets, and having this available for download from your website, therefore allowing you to generate income while you sleep.
Crystal also talks about her 2012 coaching program, which you can learn more about here.