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Multiple Revenue Streams

May 21, 2021

What's the deal with multiple revenue streams?

Should have them in your business? Should you have just one? How do you decide what streams you should have and which ones work best for your business?

Join Bertie and Debbie as they share their experiences and tips for multiple revenue streams!


Transcription

Bertie: It's the first day voting. Debbie. We got there in the end.

Debbie: We can press buttons. We can go live with functioning. It's Friday. Hello.

Bertie: Well, we can't do that. Just touch that camera because it's a straight camera. Again. Everything all go with.

Debbie: Don't touch the camera, bursty, whatever you do. So what are we talking about this week?

Bertie

Bertie: today we are talking about when you're dropping off this revenue streams, the bottom of the class of the screen today. So yeah, it out multiple revenue streams. So if you have a business as this big, and it's like this Novartis situation, everyone wants to. Passive income, multiple revenue streams, all these things coming in and you know, that's like living the dream.

So we're going to break that down and talk about how to make that a reality today. Debra that's okay with you.

Debbie: Let's talk about living the dream. I have. I love living the dream. Ah, hello. Nice to see you. So yeah, living the dream, multiple revenue streams, and kind of the reason that we wanted to talk about this is often this comes up when you're coaching is you might work with somebody who's quite new to starting their business.

There's this feeling of wanting to run before you could walk, like I've just started my business. I want to stick all these extra things in there. I've heard that passive income is the thing, or how do I get more money out there? So how do I do this stuff? Hi, Amy. Nice to see you. So we're going to kind of break that down because it can get a little bit overwhelming thinking about all the ways that you could make money in your.

Bertie: Exactly. And it comes down to, and I think just before we went live, we just mentioned this word focus, right. It all comes down to focus and actually getting, which sounds really boring and sounds like we're just skirting around the subject. Just get really fucking good at one thing for. Right, because let's just say you become like a really good business coach or a really good florist or whatever it is, then there will naturally be things that you can start adding onto that like all these ideas that you've got in your head now.

Oh, like when we start a business, we can do this and we can do that by all means, write them down and get them. Collated somewhere in one big list, but then when you've got thick, what's something that's really, really good. You could start to then add on to that. And that's the trick with avid having, adding Doncasters coming out of there without multiple revenue streams.

Is to get good at one thing and then start adding on rather than thinking, right. I'm going to launch 20 things at once. You have no control over that, you don't understand what's working and what's not. And then actually it can become really overwhelming you like, oh, nothing's working. Forget it. Whereas actually did you, haven't spent that the time of dedication getting one thing, correct.

First.

Debbie: Yeah. And it can be really overwhelming for your audience as well, because they're like, if you've got lots of things that you're trying to market all at the same time, you're just going to be constantly sending out marketing messages and actually you don't want to kind of tie your audience out.

Get people to know that, what do you want to be known for that one thing you want to be known for? And then as that's grown and you've built up a reputation, think about adding those extra things in. I also think the opportunity knocks a lot of the time. So a lot of my multiple revenue streams and I have a lot, really, if I think about all the various things that I do they generally come to me.

Like people ask me to do stuff or they get in touch with me or I get an inquiry and it. The point I can weigh up. Do I want to do it? Do I not want to do it? Is this gonna make me excited? Is it working with a client or customer that I want to work with and I can make that decision then. And actually those opportunities come because you get known as an expert in something, and that comes from.

I'm putting out consistent messaging and having a really good strong offer.

Bertie: Yes. And that doesn't mean that you can't, you know, be testing and playing about with different messaging in in parallel to doing all that stuff, but really understanding one business and one business. First, for example, you know, if you want to learn launched online course, then get good at the stuff that you're launching an online course on there.

Maybe you could run a webinar and actually. Maybe either give that content away or sell that webinar. But once you've done that, you can then package that up into an evergreen course that you can then sell. And that's a multiple of revenue streams you have then your, your coaching you've been, do, do a webinar which may be to drive people into your sales funnel.

So then the last week we, before. But then that is reusable content. Right. And you can then use that and package that up. That is still valuable stuff that you could then sell and that could almost become your passive income. So, so

Debbie: that's a really clever way to think about it. Isn't it think of, think about the stuff that you've already created and how you could repackage it in different ways and maybe Polish it often do stuff cause.

You know, you might have a series of blog posts that you can turn into an ebook. You might have a series of webinars that you can turn into an online course. You might've created something for somebody else that then you can repackage and have an off the shelf offer. So I think also looking around at kind of the content that the assets that you have in your business and going, can I quickly turn some of these into kind of additional revenue streams and money-making things sometimes it's not about starting from scratch.

It's kind of looking around you going, oh God, well, I made that thing a couple of years ago. Could I repackage that and do something else with it? And that's how you can make good money because then you've already made it. You'll just reusing it and repurposing it in another way.

Bertie: That's right. It doesn't that you don't have to be reinventing the wheel or changing anything.

Really drastically a wise woman once said to me actually about sometimes over-delivering and giving people too much. And I think you've shared a story about when you first started doing this and you're like, who's your, our clients, like you need to do all of this stuff. Actually. A lot of the time less is more.

So for example, recently I run a how to get to inbox zero workshop, which is like a practice that. Run myself for like the last 10 years or something. And actually like when I broke it down, there was only maybe four or five different pillars spread out over an hour. Really, really simple stuff that if I was to explain to you, now it could be, I could explain it in literally a minute, like the process, but I had to get people to take action and do that.

I had to spread that out over an hour. So the point about that is. A lot of the stuff that may be that, you know, when you take for granted could be sellable content. So that was the example where I gave that away as a free webinar to people that remind you of. But now I've repackaged that content that's available to people that are in my weekly coaching club.

And then that's the course that I can sell independently all from one simple thing, which is actually just like, it was basically four or five pillars, really valuable content because it's not the stuff that, you know, it's not those simple things. It's actually the results that people get from that. So now the people that are sending me pictures of their empty inboxes, they've got very, very simple.

And he's made a big difference. So this is, there's a lot of stuff that often, you know, that you take for granted. So with multiple revenue streams, you can really strip those things down. I think what is going to make a difference in people's lives, right? What, how can I make a difference and how can I package that up and sell it?

And if you are running value, there's a fair exchange. You're giving value. People are going to give you some cash in return. There's nothing wrong with that.

Debbie: And who doesn't want an inbox hero? Oh my God. You need to run that course again so I can come on it. This is I'm constantly battling, I'm like in Vietnam with my inbox, like just like running at it in screaming.

So do the course again, and we could, we could promote it on here and tell people about

Bertie: it. Hello, Debbie. And you chose not to, you can buy the book.

Debbie: I was doing the work I was doing the work. I think the other thing about the multiple revenue streams is looking at. Access to you. So you can have a revenue stream that's kind of high access to you in that might be one-to-one and you delivering training.

Then you might have a revenue stream that is access to you, but in a group setting, and then you might have. Revenue stream. That's accessed to you, but you're not there. And they're buying an off the shelf product. And I've got a few of those on my website and it's really great when money just pings into your account on a Sunday afternoon, and you're not particularly doing anything.

And you're like, great. Somebody bought that off the shelf course. So think about that access to you and how you can kind of almost create a different product at those different points. Because yeah, having a passive income. It's kind of a misnomer because you still have to work for it. You still have to promote the product, but essentially once you've made it, you can say that again and again and again and again, and that means that your business is a lot more stable.

So just thinking about that, multiple revenue, new streams in how the people have access to me. And how can I share the knowledge that I've got in a number of different ways?

Bertie: Yes, exactly. So it is really about, you know, if you've got you know, no matter what, whether you're selling a product, whether you're selling yourself, whatever, there are always extra things that you can show in there that add value to the service.

That you're, that you're doing. And also making sure that it's really clear and easy for people to be able to find those things. So it's not necessarily like a forced upsale sometimes, sometimes it's just actually having things really clear and easy to view on your website. Like in one of my daily emails I was writing about like, I went to buy some flour online.

I love making pizzas now that's not my new hobby, but you know, this flower that was 15 quid. I ended up spending 90 by the end of it, because actually I realized that it didn't just sell flour, sold loads of other stuff. They didn't force it up. But you know, that that's like a natural, multiple revenue stream.

Right. You know, you've gone to a specialist retailer then actually like if someone's buying pizza flour or maybe they'll want specialist's piece of cheese and the specialist pizza, tomatoes, et cetera. So these are natural upsells that you can start thinking about. So if you've got something that you're doing.

I don't know, maybe you run a marketing agency, right? Actually you might be working with people that don't really need marketing. They might need access to a business coach, or they may have access to a videographer. You can bring these extra services and do you know, do some sort of deal.

There's lots of, lots of things that you can add value to, but that only works. Once that your core offering is there first, if you start to do that with that without a really strong core, then everything just crumbles. So make sure you've got a really strong core offering before. Offering multiple revenue streams.

Debbie: That sounds like it should be a pizza metaphor, like make sure the base of your pizza is strong and cold before you keep adding in the extra toppings I watched your pizza would just become a big sweaty mess.

Bertie: That's right. And I've probably like about 300 pieces and it's taking me about 250 to get the dough in the actual pizza bay.

That is, yes, that is I would class a sellable. You know, not that I'm trying to do it to sell, but, but actually Instagrammable. Right?

Debbie: Could be

Bertie: another revenue stream DB down at local pub, just them on a hotspot.

Debbie: I just, I just wanted to, cause I know we're getting through them. So I just wanted to say something extra. That's come up a few times with some clients of mine and that they've been asked if they can do a service and they feel that they're almost on the tipping point of yes.

I feel confident enough to do it. But they're like, should I say yes, I'm like, would it bring you joy? Is that where you want to take your business in the future? Just say yes and Google it, or go on YouTube and learn the skill that they're asking you to do so many times in business, we can say no to opportunities because we don't feel that we're quite ready, but that opportunity is presenting itself now in this moment.

And if that is something you want to do in the future, just grab that. And, and, and learn on the job, obviously don't do that with brain surgery, but that piece of advice, I heard it from Richard Branson at the very beginning of starting my business. And he was like, just say yes to stuff and learn it. And that has been really good lesson for me in growing my business and just grab opportunities I won and then kind of quickly bring my skill set up rather than saying no, because I don't feel able to do it quite at that.

And yeah, and that can open all sorts of doors. Just being confident to say yes and thing. Like I'm an intelligent person. I can learn things. I can ask people. I can, I can deliver this if you're kind of 60% there. Just say yes. And that will help you develop your business as well. Don't wait until everything's perfect because it

Bertie: never is.

No, it wouldn't have a little bit. And I think the key point there, just, just to add on what you've said and I'm just going to reiterate it because it's super important is if it's going to, if it's the direction I want to go. Brings me joy. So that doesn't mean to everything. For example, we'll say, oh, you know, like you've got your own website.

Can you build me a website? No, I really might like, you know, I do it because I have to, but I don't want that. It's not what I want to do as a business. Yes. To everything. But if someone said, you know, would you give a speech to, I don't know, somewhere in America, I'd be like, fuck, I've never done that. But yeah, absolutely.

I'm going to do it. I'll, you know, I'll, I'll get over that and sorts it out. So there is. Yeah. Oh, and these, that these are important, multiple revenue streams as well. So there are always opportunities that come along and make sure that you're grabbing them with both hands. Both feet is everything's getting there.

Yeah.

Debbie: But it is okay to say, cause I get some people who's come to me and they go, oh, your website's written really well. Will you write the copy for my website? It's like I could do, but no, I don't want to sit here writing copy for other people's website. There's copywriters out there that are really good at that.

So just make sure the stuff that you're saying yes to is the things that we. Give you joy, like you both, what is it? Take the boat in the direction you want it to go? And

Bertie: yes, that's right, but just I don't know. I've never read it, but it is now Debbie you've said it on camera. So that's it. You might see it now on some Instagram feeds every new day.

Debbie: Did you have some example

there

Bertie: before did not complete complete what it was? What were we talking about?

last 0.1 last point. Yes. In your example, though, if you are getting lots and lots of requests for a copywriter, then it's almost, you've got the leads there and that is something then that, you know, maybe facilitating that relationship. Is something that you can do. Like, I get lots of requests for like video editing stuff, and now I just pass them onto my son.

Because I do video it's in courses for the big house. So, you know, if someone's like, actually I don't want to learn this. Can you just do it for me? It's like, I can't put my son down. There is then opportunities there that you can then take. So that's a multiple revenue stream. I don't take any commission on his books.

Debbie: How about next week, we talk about that idea of strategic partnerships and people you can partner up with that you can pass work on to. And how important that partnership working is in business for you to get clients and B, to be able to pass that on as well.

Bertie: Okay, let's go there then.

Debbie: Let's talk about.

You know, give work to Bertie son. He's really good at what he does and out of that, starting off a career, isn't it. It's fantastic. I love it.

Bertie: Exactly. Fantastic. Well, thank you everyone for joining us live. Thank you for watching on the replay. Thank you. Video listening on the podcast right here. This is Business Funsize Live. 10 o'clock. The 10 minutes, ish, 50 minutes and 48 seconds. Whatever next week, Debbie, it's been amazing to see you again, looking at new office, living a hat. See you later.

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