From a very early personal experience I learned to never put all your eggs in one basket. In the beginning for me that meant working two jobs. Today, it means diversifying my revenue streams. I like to have a nice balance between the current five revenue streams I generate each month. I don’t like to be too dependent on any one stream, just in case it dries up!
I am a huge proponent of multitasking, but I will admit it is taxing to multitask between too many projects. Instead, I recommend that you really have a process in place and are generating consistent revenue before moving to another stream.
For me right now, I am focused on my product suite which allows me to leverage my time. Being with my son during his treatment and away from home has really put a spotlight on where and how I spend my time.
When I talk about product suite, I am referring to a low-cost offer that is followed by an order bump and one time offer. The best way for me to describe it is when you go online to order a Domino’s Pizza.
You start with a $6 pizza and before you know you you have added extra cheese [order bump] and Parmesan bites [one-time-offer] for a total of $26. How does that even happen?
In today’s episode I cover
Low-Cost or Tiny Offer
SLO Funnel
Tripwire
I am sharing my soon to be six revenue streams and my recommendations for when someone should add another revenue stream to their business.
Links mentioned in today’s episode:
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