What we cover:
Episode Show Notes
- Check out my FREE Facebook group – The Unconventional RD Community
- SEO Made Simple Waitlist
- FREE Start a Website Tutorial
Please note that I am an affiliate for some of the following products. If you click my affiliate link and make a purchase, I may earn a percentage of the sale at no extra cost to you. As an Amazon Associate, I earn from qualifying purchases.
Links from the episode
- RD Entrepreneur Symposium (affiliate link)
- Katie Dodd at Dietitian Side Hustle
- The Geriatric Dietitian
- Jen Hernandez’s RD2RD store
- RD2RD (affiliate link)
- Practice Better (affiliate link)
- Women’s Health Academy
- Andrea Mathis’s t-shirts
- Kristi Coughlin’s Etsy store
- Full Circle Prenatal
- Chrissy Carroll’s PinSmart course (affiliate link)
Read the transcript
Welcome to The Unconventional RD podcast, where we inspire dietitians to think outside of the traditional employment box and create their own unconventional income stream. We’ll talk all things online business to help you start, grow, and scale your own digital empire.
What to expect from this episode
Hey there. and happy Monday. Before we dive into today’s episode, I just wanted to give you a heads up on what’s been happening in my life lately.
So you may have noticed that two weeks ago for the very first time since launching this podcast in January, I missed an episode. I did not publish a new episode of my podcast on that Monday. And at the time I didn’t really feel ready to address publicly why that was, but now that some time has passed, I feel ready to talk about it.
Trigger Warning: Sensitive Discussion About Fertility in this Section
So trigger warning for anyone listening, I am about to discuss some sensitive topics around fertility. So if you’d prefer to skip ahead a few minutes to the start of the podcast episode, around the 5:15 mark, please do that now.
So as you guys might know, I got married in March and my husband and I had decided to start trying for a baby a few months after that.
And we recently found out that I was in fact pregnant at the end of July, and I was so excited. my sister is also pregnant and she’s expecting an early 2021. So I was just really excited to join her on the same journey, just a few months behind and have our kids be like cousins close in age, et cetera.
Well, flash forward to a few weeks ago, I actually found out that my pregnancy wasn’t viable. I had what is known as an embryonic pregnancy, or a blighted ovum, or sometimes people call it a missed miscarriage. To be honest, I’d never heard of any of those terms before it happened to me, so I thought maybe it’d be helpful to share here…
But basically what happened, a fertilized egg implanted, but something was likely wrong with it chromosomally, probably a trisomy of some kind, that would make it not conducive to life and then it never really develops any further than that. But in a weird twist of events, your body doesn’t recognize that there is no baby. So the gestational sac grows like a normal pregnancy and produces all of those wonderful pregnancy hormones.
So you have all the signs and symptoms of being pregnant. You get the positive pregnancy tests, the sore boobs, the fatigue and nausea, the whole nine, but there is no actual baby developing. So the worst part is, at least for me, is that you feel pregnant and technically you are pregnant. Like you have all the symptoms and the gestational sac is growing, but you don’t find out that anything is amiss until your first ultrasound.
So you go in, and this was my very first pregnancy so I had no idea what to expect, but of course, I was expecting to see a baby, but instead there’s just sort of an empty black sac on the screen.
So that’s what happened to me a few weeks ago. I went back in cause you know, when it first happens, they’re like, Oh, maybe you’re just early. Maybe your dates are wrong, et cetera. And they have you come back in a couple of weeks later, and so that’s when I got the official confirmation that there was no baby in there was not going to be a baby.
So then I had to decide whether I wanted to wait for my body to recognize the loss and miscarry on my own at home, which could take a month or more, take it some medication to trigger a miscarriage at home, or have a procedure to have a doctor basically remove the empty sac and tissue.
So obviously, all of those decisions sounded, quite frankly, horrible. And I was really afraid and like stressed out about making that choice. I ended up opting for the procedure and I had that, at the time of this recording, just a few days ago. And honestly, the whole thing has been really unpleasant and emotionally draining. It’s just been like a really long process.
In some sense, I guess there’s some sense of closure now. I’m healing both physically and mentally, but if you noticed at all that I was like a little absent or less active on social media lately, that’s why.
If you’re listening to this and you’re a student in one of my courses, you already know all of this since I shared it with that smaller group of people and family and friends of course, but I didn’t really feel ready to share it with everyone until now.
So anyway, you know I’m always fully transparent in my life and my business, so that’s the honest truth and the reason why I skipped an episode two weeks ago.
The Importance of Being Able to Take Time Off (Without Losing Money)
So that got me thinking though about what to talk about in this episode…..
And I realized that I was so, so, so incredibly blessed and fortunate to have been able to take some real time away during all of this stuff, just to have time for myself and to process and grieve without really having to sacrifice any of my income. Because none of my income right now relies on trading my time for money.
So while I may have fallen behind on a few projects while taking some time away (like I missed the podcast episode, for example) the world didn’t fall apart. My income didn’t change.
Why Income Diversity Matters (A Lot)
So I thought today we could talk about ways that maybe you can start diversifying your income streams so that all of your money as a business owner isn’t tied up with things that require trading your time for dollars.
And this is important for a few reasons.
1. Have you really just created another job for yourself?
Most people don’t start a business with the intention of creating another job for themselves. I think a lot of people, just because it kind of often is the easiest way to get started, start their businesses by offering a service where they are trading their time for money.
Like a traditional private practice, for example, where people book appointments with you for your direct one on one time in exchange for money. And of course, this is very fun and exciting. When you first start out, you’re probably earning more money than you ever did being employed. You probably are loving what you’re doing, cause you probably went into this career because you’re passionate about it.
But at some point, you may come to feel like rather than being a business owner, you’ve sort of just created another job for yourself. Like you still have to show up and you have to be in a certain place at a certain time. You may not actually have the flexibility that you were initially hoping to create when you got into entrepreneurship.
So at this stage, people tend to do one of two things. maybe they’ll hire a team. So they’ll get some more dietitians on staff to see clients and maybe they themselves move into a more managerial role where maybe they’ll still see a handful of clients, but maybe only a few days per week or at a higher price point, et cetera.
Or sometimes people will add new offerings at this stage.
So maybe they’ll expand into a group program, which is like the one to many model, which is better, but still does require some scheduled appointments or calls, or maybe other passive income streams that don’t require you to be directly involved. Which as you guys probably know, if you listen to this podcast, those are my personal favorite things to talk about.
2. What happens if you can’t (or don’t want to) work?
The second reason why it’s important to start thinking about diversifying away from trading your time for money, what happens if you can’t or you don’t want to work? I mean, stuff happens in life. Like you or a family member might get sick or injured. You might have to move. You might just get burnt out. You might not be in a place mentally speaking to show up every day.
You might need to care for young children. Maybe you want to take three months off and travel around the world. Like whatever. There are lots of potential reasons, planned or unplanned, that might get in the way of your ability to work (defined in the traditional sense as showing up to trade your time for money).
If all of your income is dependent on trading your time for money, then in any of those situations that I just explained, you’re kind of screwed. Like you have to make a tough choice at that point between whether you want the time or the money. And so if you have a little bit of foresight, you can circumvent this problem and you can diversify your income streams so that some or even all of your income is not reliant on your direct one on one time.
And that opens up so much flexibility. And in my opinion, gives you what most people are actually looking for when they embark upon the entrepreneurial path. It really opens up that true time freedom and schedule flexibility that people are often looking.
3) Passive income can take some pressure off your future
For the third point: It also helps create diverse, passive income streams to take off some of the pressure for your future.
By creating multiple income streams that don’t require your direct time, you’re able to eventually earn more money than you would by trading your time 24-7 because the natural time ceiling that you would run into isn’t there. Plus all of your eggs aren’t in one basket anymore, so if any given income streams takes a nose dive, it’s not gonna make or break you.
So if you have diverse passive income streams, if a pandemic happens for example, and in-person business comes to a screeching halt, you’re going to be okay. If Instagram changes its algorithm and your formerly steady stream of leads turns into a trickle, you’ll be okay. If Amazon slashes their affiliate commissions, you will be okay. And yes, all of these are obviously real things that have happened.
So having multiple robust income streams can help give you some peace of mind about your future, your income, security, retirement planning, or whatever you’re planning on or saving for in the future.
7 Ways to Start Diversifying Your Income
So what are some ways that you can start diversifying your income in your own business? I will go through some of my personal favorite methods. So I’m going to talk about seven different ways that you can diversify your income for financial security and freedom.
1) Start a Blog and Earn Ad Revenue
So number one, and this is probably my favorite. I talk about it all the time. Number one, start a blog and earn ad revenue. So this is one of my all time favorite passive income streams, probably because I’m a teacher/writer at heart. If you love writing, yes, you can earn money just by creating articles on topics that people care about and are searching for on Google and displaying ads on that content.
So you typically want to wait until you have maybe 20,000 plus website visitors every single month before you place ads. Otherwise, it’s going to slow down your site, for not much return. And just FYI, I’ve talked about this a little bit, but now, as of the last few months, you actually need 50,000 monthly sessions in order to join my favorite ad network Mediavine.
And then once you’re there, you should earn between maybe $10 and $30 per every 1,000 monthly visitors you get. So right when you are eligible to join Mediavine, even if you were getting the bare minimum, like low, not bare minimum, but likely the lowest average earnings per 1,000 monthly visitors that would still equate to you immediately getting 500 bucks a month from your blog content just kind of sitting there, working for you completely passively. Maybe even $1,500 per month, depending on where you land in that typical earnings range.
Of course that income will continue to grow over time as you get more website visitors. So for people who actually blog full time, they usually have hundreds of thousands or even millions of website visitors every month, sometimes even multiple millions. And it’s not unusual for them to earn $10,000 or even multiple tens of thousands of dollars every month from ad revenue alone.
And now I don’t want to make this sound like it’s like the easy path to riches because it definitely is not. This path takes time and effort. It’s not a quick or easy additional income stream, but if you love to write and create, it’s so much fun. I mean, I love it. So realistically, it probably would take you a year or two to start earning hundreds of dollars per month. But the nice thing is that that’s all work that you put in upfront and it compounds on itself and continues to work for you for years to come, even if in the future you cut back on your publishing frequency.
So that initial work that you put in, it’s not going to become less valuable over time. Each high-quality piece of content continues to work for you, continues to bring in more visitors, and add to your stockpile of traffic that you’re bringing in that leads to earnings from each ad impression that gets served.
So if you’re interested in that, I would highly recommend checking out my SEO Made Simple course, because I teach you essentially how to blog with a strategy, how to set up your website strategically so that you actually bring traffic to your site with the content that you write. So if you want to check that out, just go to theunconventionalrd.com and click the courses tab and click on the SEO Made Simple course to learn more.
And then similarly, if writing, isn’t your thing, you could use this same revenue generating model for podcasting or YouTube. So you could create podcast episodes and then once you get enough listeners, you can get paid sponsors for your podcast. It’s kind of similar where they pay you a set rate, like let’s say $15 per every 1000 monthly downloads per episode.
Then you can earn money that way. And just for reference, that’s also not likely going to be a super fast income stream either. I’ve been podcasting for, let’s see, almost nine months now and I’m getting about one thousand downloads a week. So, I mean, I could earn maybe a small amount of income from sponsors if I tried to go after that right now, but I haven’t really pursued that at the moment.
And then with YouTube, it would be similar, where you would put out the content and then they would display ads in your content and you can make ad revenue that way. So if you like to create content, there’s no limit on the type of content that you can create and your ability to place ads on that content and earn revenue that way.
2) Promote Your Colleague’s Work
The second method to diversify your income is to do some affiliate promotions. So even if you’re not ready to create a product yourself, like a course, or an online symposium, or paid webinars or whatever, you can very easily choose to promote the products of your peers to your own audience.
So if a trusted colleague is putting on something awesome and they want to spread the word, perhaps you can become an affiliate for them and earn a commission on any of the sales made through your unique affiliate link.
So a great example of this is how I promote The RD Entrepreneur Symposium. The symposium is not an event that I’ve put together myself. It’s put on twice a year by another awesome RD, Heather Neal, who is the owner of the company called Dietitian HQ. And so whenever this event happens, I usually share it to my email list and post about it in my Facebook group with my special affiliate link. And a certain percentage of people will be interested and check it out and decide to purchase.
And then I can earn a commission on those sales. And of course I am actually very picky with what I promote to my audience and my email list. So this is the only large product or event that I ever cross-promote to my audience in this way. And I just genuinely think that the symposium is an awesome idea and a great way for RDs to earn a ton of business-related CEUs for just a couple hundred bucks.
So I just promote it because I think it’s awesome and I generally speak at it. I haven’t spoken at every single one, but I’ve spoken at most of them. So yeah, it’s just a really great natural fit. And you know, this is just top of mind because the promotional period for this latest symposium was over the last few weeks when I was going through everything I’ve been going through…
So, you know, I wasn’t really doing much work and I was feeling pretty down, but thankfully I had prescheduled a few emails to go out about the symposium and I was able to earn several thousand dollars in a weekend without really doing anything.
I mean, I had already typed up these emails. They were scheduled out to go out. Some people liked what I had to say about the symposium and were interested and they bought, and I earned a commission. So what a relief to be able to take space, to grieve and process everything, and know that my bills were still getting paid.
So over the last three years or so, promoting this symposium on and off (sometimes I promote it more than other times) I’ve earned over $26,000 in affiliate commissions.
So we’re not talking about like chump change here, this can be a relatively lucrative strategy. Talk about like paying off your student loans or your credit cards or whatever. That could be great additional income to help you do that.
3) Create Helpful Content with Affiliate Links
Strategy number three: Create helpful content that contains affiliate links.
So this is slightly different than the type of affiliate promotion that I just mentioned.
For the RD Entrepreneur Symposium, I pretty heavily promote the event via email and things like that during a very limited time period. And then I don’t really talk about it at any other time cause you can only purchase during like a one week period for that specific event.
But in other cases, you may not want to do a full on promotion of someone else’s event or course or whatever. Maybe you just have some everyday products that you love and recommend within your niche, or maybe you’ve done a ton of research on a certain topic and you feel really strongly that one specific product in your space is the best.
So in that scenario, people could buy that at any time, right? And people might be looking for information to help them make a purchase decision at any time.
So you can create content, ideally that lives on your website so it’s evergreen. Make blog posts about this stuff and do your keyword research to find the right phrasing to put in the title so that it shows up in the search results, but we want to create this content to help people make their purchase decisions.
So you can review products on your website, you can compare and contrast products, you can create tutorials for products, all of these different options will help people and make it more likely that they’ll feel confident about purchasing. And then within that content, you want to include your special affiliate links and some percentage of readers will click your link and buy, and then you will earn a commission totally passively after that upfront work is done.
And just FYI, if you want a refresher on what affiliate links are and how they work, you can check out episode number one of this podcast, where I spent about a third of that episode, talking about affiliate income, or you can check out episode 20 where I share my top three affiliate income streams.
So just to flesh this out, I use this specific strategy within my free Start a Website Tutorial (PS, if you’re not enrolled in my free start a website tutorial, you can find that at theunconventionalrd.com. It’s one of the items in the main navigation, it says free start a website tutorial, just click on that and you can sign up.)
The tutorial itself is free, but I teach people how to create a website in the tutorial and mentioned various paid products and services that people need throughout it, and I include my affiliate links. So, so far since launching this tutorial in March of this year, I’ve earned over $8,500 in affiliate commissions from those recommendations in the tutorial. So although the tutorial is free, I still am getting compensated in an indirect way.
I also mention various products in other contexts in my nutrition focused blog and I include Amazon Associate affiliate links within those blog posts. And just from this year so far, alone from those passive blog posts that are literally just sitting there, I didn’t even write them this year, I wrote them in 2018 and 2019, I’ve earned over $1,500 from that income stream so far this year as well. And I only published one new blog post on that blog in 2020.
So see what I mean when I say your content can continue to work for you long term? And that income stream actually would have been more, potentially even like triple what it’s at right now, but a few months ago Amazon cut their affiliate rates by two thirds in the health and personal care product space on their website.
So that just instantly slashed my income by two thirds, my affiliate income specifically through Amazon. So just another reason to be grateful that my business has income diversity, because like I said, stuff like that happens. So I don’t want to put all my eggs in the Amazon Associates basket. However, $1,500 extra money just coming into my pocket from putting a link in a blog post is great.
So, you know, don’t discount the small effects of all these little things adding up, either.
4) Create and Sell a Digital Good
Strategy, number four, create and sell a digital good. Putting together a downloadable digital good is a great side passive income stream for dietitians. I personally, haven’t created an ebook for sale on any of my websites yet. I may in the future.
So for this example, I’m going to mention the success of one of my students, Katie Dodd, who has gone through all three of my courses and is doing extremely well making money online (while still working full time, I might add). Katie has her own podcast by the way, called Dietitian Side Hustle, which you should totally check out – just a little plug there.
But anyway, after going through my SEO course, she launched a blog called The Geriatric Dietitian and in just one year, publishing blog posts a couple times per month, Katie has grown her blog traffic to over 30,000 thousand sessions per month. And that means she would have been eligible for Mediavine if they hadn’t just changed their eligibility requirements from 25,000 monthly sessions to 50,000 monthly sessions.
But I know she’s going to get there soon because it’s faster to get from 25 to 50 than it takes you to get from zero to 25. And then she’ll be eligible to earn that ad revenue that I talked about earlier. But anyway, earlier this year Katie put together a few eBooks related to weight gain for the elderly that she sells on her website for $19.99.
And just by creating these resources and capitalizing on the traffic from her blog (Again, she learned how to get that through my SEO made simple course) Katie is selling several hundred dollars of eBooks every single month.
Another good example is another dietitian, Jen Hernandez. And she’s actually going to be a guest on the podcast in just a few weeks. So stay tuned to hear more about her story here, but one of her income streams, she has multiple income streams as well, but one of her side income streams is templates for Practice Better, the EHR system, through the website RD2RD. RD2RD is sort of a peer to peer resource website where you can purchase resources made by other dietitians. And the resource that Jen sells is Practice Better templates.
She’s put together templates for people to use in their private practice, specifically through the EHR system Practice Better. So they just kind of download them and use them with them Practice Better right out of the box. And she’s earning several hundred dollars a month through that single passive income stream as well.
So I love these examples because you do the work once, you set up a promotional plan of some kind, and then you reap the benefits moving forward.
5) License Your Content
Strategy number five: License some content you already have. This is a new one that I haven’t really spoken about on my podcast or on my blog yet, but this is something that’s recently come to my attention and fallen in my lap.
I can’t speak about the details publicly yet, but I have recently embarked on a deal to license some of my content for a set annual fee. So yet again, this is another example of how working hard once and creating really high-quality content that has value can set you up for success for years to come.
This wasn’t like an insanely large licensing deal or anything like that, but it still averages out to several hundred dollars, extra money in my pocket every single month for literally no extra work. I’m just getting compensated for work that I had already done in the past. So that is another completely passive income stream. If you have something of value that another company or business is interested in, there is the option to license that content out to them for an annual, monthly, whatever timeframe, fee. So that’s awesome.
6) Create Paid Trainings for Your Peers
Option number six: Create some paid trainings for your peers.
If you have been working in a specific niche for many years, you probably have a lot of valuable expertise that newer RDS are dying to get access to. In my opinion, honestly, formal mentorship is often lacking in our field, maybe with the exception of the eating disorder world, which seems to be a bit more ahead of the curve on this, probably cause they work closely with therapists who do a lot of mentorship and kind of like guidance by people who are more experienced than you.
If you want to help serve the next generation of dietitians, but you don’t want to add more one on one work to your plate, you could consider doing something like a paid training within your area of expertise for other healthcare professionals.
You could just do something simple, like a one to two hour online training, maybe a live class recorded via Zoom, charge maybe $25 to a hundred bucks for it. Maybe get some CEU credits if you can, and create that type of additional revenue stream for yourself.
And then maybe after you’ve done a few of these classes, which earned income for you straight out of the gate, cause you’re selling tickets to it essentially, perhaps you could bundle the recordings together and sell that on your website. Or perhaps you really wind up loving this and you could turn this type of training into an ongoing membership site where you do monthly or biweekly or whatever, additional virtual trainings for recurring monthly or annual fee. There’s honestly so many exciting possibilities.
So just some examples here to flesh this ou: Dietitians Lily Nichols and Ayla Barmmer, they run the Women’s Health Academy and they regularly put together trainings on various topics that they sell for $55 each on their website. And I can link to that in the show notes at theunconventionalrd.com. So if you want to find that, just head to this episode of the podcast on the website and I’ll put links to all the people I’ve mentioned.
But anyway, so these two dietitians, they will put together trainings and at least for some of them, I’ve seen them run the training live first and then sell the recordings later on their website. And I know for the live webinars, they were capping the attendance and the webinars were selling out. So these things are popular, especially if you’re in a hot niche.
Like women’s health is very hot right now. So just hypothetically, I don’t know the details of their specific business. Let’s just pretend that they had used the lowest level Zoom webinar plan that allows up to a hundred attendees for a live event. That would mean that they earned over $5,000, just from one sold-out webinar. That was like, what, maybe an hour, 90 minutes long? And that of course takes time to prep and put together, Yes, but I mean, if you’ve been working in your space for a while, it probably isn’t that difficult for you to throw something together to help out brand new people in your niche.
It may be a few hours, a day or two max, and to have a $5,000+ dollar return on that, that’s pretty freaking good in my eyes. And then you’re not just limited to that if you then record the events and offer the recording for sale afterwards. So paid trainings for your peers are a great way to diversify your income as well.
7) Create and Sell Physical Goods
And then the final way is to create a physical product.
So there’s lots of examples of this that we’ve talked about on the podcast so far. If you listened last week, you know that we talked about how food blogger Andrea Mathis sells t-shirts on her blog. If you’ve been a listener for a while, you probably caught episode number three with Kristi Caughlin where we talk about her Etsy store where she sells inspirational products like mugs t-shirts, et cetera.
Some dietitians even create their own supplement lines. For example, Ayla, who I just mentioned, she has a prenatal supplement called Full Circle Prenatal, and she just launched an accompanying fish oil product, both of which are awesome and I have been taking myself. I obviously don’t have the inside scoop on her actual sales numbers.
Although, you know, I’ve mentioned her like twice already in this podcast as a great example of someone with lots of diverse income streams, so maybe that would be an amazing future podcast episode! But I do know that her product sales are continuing to grow month after month. And she’s very satisfied with where this extra income stream is headed.
And that’s not her only business, like she also runs a thriving private practice and she has that Women’s Health Academy with all those virtual trainings that I just talked about. So you can see this is a great example of someone who is really diversifying their income streams in their business. So think about your current business model.
How to Make Passive Income Work in YOUR Business
And I have some things to jog your ideas here. In addition to the seven ways that I just mentioned, I’m trying to help you figure out how to make this work for your specific business.
1) What do people need BEFORE they’re ready to work with you?
So number one, is there something that people might need before they’re ready to work with you that could become a passive income offer?
So for example, in my scenario with The Unconventional RD, no one is going to buy my courses on SEO or blog monetization if they don’t have a website yet. So I created a free start a website tutorial that I monetized through affiliate links. And this is great because it works as a list builder, so it gets more people on my email list, it’s an affiliate income generator, and it’s a primer to get people ready to then buy my paid courses.
2) What do people need AFTER they’re done working with you?
The second thing you can think about is there something that people might need after they’re done working with you that could become a passive income offer? So for example, maybe you offer one-on-one work or a group coaching program that runs for sort of a finite amount of time, and then it’s done. Or you have an online course that’s self-study and doesn’t really come with any support.
Can you create an ongoing group support plan, maybe for a monthly fee, like a membership site of sorts with a monthly live call with you or something like that, something that requires the same amount of time investment, no matter how many people are in it? Or something that you could easily hire out for a team member to manage? Anything like that, like ongoing support or guidance beyond what you do with someone one-on-one or in a group setting, could be a great potential idea for a passive income offer.
3) What do people need IN ADDITION to your core offer?
And then number three, is there something that people might need in addition to your core offer that could become a passive income product?
So for example, I teach people how to get more website traffic through SEO, search engine optimization, but I also acknowledge that optimizing your Pinterest strategy is an awesome traffic driver as well. So perhaps (I haven’t done this yet), but perhaps I could put some effort into promoting, for example, Chrissy Carroll’s Pin Smart course as an affiliate and bake that promotion into my email marketing and, you know, perhaps bring in some additional affiliate revenue through a product that I wholeheartedly believe in and that I know will also help my audience, because my audience wants to grow their traffic so that they can monetize and get ad revenue and all that jazz.
So if I can guide them in the right direction to a product or service that is helpful, in addition to what I offer, that’s a potential other way to make some income there.
4) Can you produce a piece of your core offer in a new way?
Number four, is there a way to produce a piece of your core offer in a new way?
So for example, can you take a piece of what you teach and turn it into an ebook or an online course or a digital training, something like that? That could be a way to earn passive income as well.
5) Can you create a B2B offer?
And then the last thing to think about if you work in a B2C setting, business to consumer, where you work with lay people, can you leverage your expertise to create a B2B offer as well? A business to business offer where you’re working with other professionals as well?
Practice Patience When Implementing!
I really truly think income diversification is important, but I want to close out this episode with a reminder: You can do all of this, but you cannot do all of this at once.
So I know it all sounds so exciting. It gets your creative and entrepreneurial juices flowing. But if you try to sprint in a million directions at once, you’re going to get nowhere.
So this message about income diversification is for people who already have one solid fulltime income stream and are ready to expand. This is not for the beginner who’s not making sales of any kind yet. So if that’s you, if you’re still in the beginner phase, my best advice to you is to focus on one core offering and scale that until it’s consistently profitable and bringing in a livable wage and then start thinking about expanding.
So of course the longterm dream and the vision should be to create a business or a brand with multiple legs of income, but you get there by building them out one at a time. So for example, if you see clients right now, four days per week, and maybe you’re starting to feel a little drained and you’re interested in creating another more passive income stream for yourself, you know, take notes on this episode, brainstorm, think about what new offer you’d like to create and then put a plan into place for making it happen.
So if you listen to this podcast next week, I’m going to actually share some tips on how I’ve pre-sold my products before I created them to guarantee that I wasn’t wasting my time. So we’ll get into a little more of the nitty gritty on how to make this stuff happen next week.
But once you have that plan in place, then you just need to simply set aside consistent time every week to work on it and make it happen. So perhaps this means temporarily working an extra day every week, perhaps it means working in the evenings for a little bit, perhaps it means cutting back on your one-on-one work and taking a temporary, but intentional, income hit in order to uplevel and create a new income stream that will actually be more lucrative in the longterm.
So whatever you choose to do, just do your best to be intentional, strategic, and consistent about it so that you can actually get a nice return on your time investment. What you don’t want to do is just jump in and try to do 20 things at once and only kind of give 10% of your effort to each and then decide that none of it works.
Pick one, focus on that until it’s making you some money and then try the next thing and then layer them on and build them in that way. So that’s my advice today, folks.
I hope you enjoyed this episode. if you did, I would so appreciate it if you press the subscribe button on this podcast to make sure that you get all the new episodes that come out each week, and any time you really love an episode, feel free to share it on social media and spread the love. You can just head to my website, click the podcast section to find links to any individual episode, and those would be the links to share on social, if you feel so inclined. So thanks again, guys, and I will catch you in next week’s episode.
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Erica Julson is a registered dietitian turned digital marketing pro. She has over 12 years of experience blogging and building online businesses and has taught over 900 wellness professionals inside her signature program, SEO Made Simple.