Monday May 4, 2020
What is one thing that you believe that most entrepreneurs and influencers learned during the COVID-19 pandemic?
One thing I believe a lot of people learned what that we can't rely on one source of income because it could literally disappear overnight. I knew one guy who lost four high-paying clients when the pandemic hit.
How can we ensure that our source of income will not disappear? I believe that answer lies in having multiple streams of income, so when disaster strikes, we won't be left with little to anything.
If you're a coach or micro-influencer, perhaps it's time to see what other forms of revenue streams that can be added into your business easily and would make sense with your life, business, and values (as well as your time).
What is a Micro-Influencer?
A Micro-Influencer is someone who is currently growing their following and has one already. Meaning, her or his name is around certain communities and people know who and what they are about.
This person may be a coach, agency, or freelancer, but they are making a name for themselves by elevating their inner game as well as their outer game. You're probably a micro-influencer and don't even know it.
And they can add different types of revenue streams to fuel their mission in this world in these three common ways:
1. Become an Author
Did you know that becoming an author could be one way to make an additional revenue stream? Since books are usually under $25, it's a no brainer for most people who want to work with you, but can't afford you right now. Your book can be an easy sell to them.
Neal Schaffer, who is a social media manager and Forbes Top 50 Social Media Power Influencer, has added a book onto his business so that he could show others how to become an influencer marketer in their own business and life. Now Neal has created an additional revenue stream that he can make money when he is speaking to a vast audience, post on his social media, and advertise on his website.
2. Become an Affiliate
Have you taken a course that changed your business or life? Becoming an affiliate is one way to increase revenue because you're not having to make anything - it's already been made and all you have to do is promote it and sell it.
The best way to promote anything is when you have had true success with it and had results in your own life or business. Your story will speak more volumes than any marketing copy you write.
3. Join an MLM
I know, I know. Many of you probably do not like MLMs and you're probably like, "Ugh, that means I will have to build two businesses!"
Not necessarily. If you find a product that you love and it's part of an MLM structure, it can become part of your brand and who you are. And if it's in your time-budget, why not?
For example, I'm looking to join an MLM that is in alignment with my health goals. I can easily promote it because I know I can share my story, my results, and talk about it quite casually.
If people want it, great. If they don't, great. If I can point them to a link, then that's all I want.
Make More Money in 2020
From becoming an author to joining an MLM, there are multiple ways to create different revenue streams for your business to established credibility and revenue during slow months or hard times.
It can build your bank account, gain new followers and customers in unique ways, and set yourself up for success next time a disaster comes our way. All it takes is how you want to use your time, gifts, and energy.