Monday May 11, 2020
How does someone have different revenue streams while working full time in their business?
Running a business is full-time and hard work as it is, but if you're looking for more ways to add revenue streams into your business and are not sure how to add them in without overwhelming your market with promotion after promotion, I can see why you would get stuck or overwhelmed easily!
That is why I asked my business coach and friend, Lila Veronica, to come on over and share with you how she handles eight different revenue streams that come into her bank account on a regular basis.
She is the one who is helping me see how I can add different revenue streams into my own account, and with COVID here, I knew I had to ask her to share how she does it all while maintaining a thriving coaching business.
Listen up and take some good notes on how Lila is able to add different revenue streams into her life as well as how she found the ones that aligned with her values in her life (and she even mentions how she markets all of them) so that she can always have revenue coming in, regardless of a pandemic or not:
1) What kinds of different revenue streams do you have?
I have eight revenue streams. I have a revenue stream where I sell private coaching with me to help people really live who they're meant to be and create wealth. I also have a mastermind group where that's another revenue stream. People get access to me weekly with access to my curriculum and a group of like-minded colleagues.
I also have a revenue stream where I sell online educational courses that teach people how to create stronger businesses and stronger bodies; everything from how to have a different posture to how to create video marketing online courses.
The fourth revenue stream is a health and wellness company that I've partnered with that has a lot of products that I love, but in particular, they have liquid collagen, the patented product that they put into a nutraceutical, a daily dose of nutrition. And they also have it in health or in their beauty products.
This company put this liquid collagen in a lot of products that help people with their connective tissue. And I'm aware that if you take care of your connective tissue over time, you'll be healthier and more vibrant and lively and feel better. So I'm really a fan of this liquid collagen, so it just makes sense for me to partner with them and share their products.
Revenue stream number five is where I have partnered with another company for about a decade and they have what I believe to be the best, cleanest cleaning products, a lot of health and wellness products as well. But their cleaning products, in particular, are hands down the cleanest, most non-toxic products I've ever used.
I will never use any other cleaning products in the world because they are hands down the cleanest. One bottle of cleaner is not expensive and it lasts forever cause you just put a little bit and then you mix it with water. And one bottle of cleaner will last you a long time.
I have also partnered with another company that offers vegan products protein powders and nutrition products, different kinds of powders and nutrition and minerals, and things that you don't get in the daily food nowadays because our food isn't as nutritious as it used to be. It's not grown as close to home and the soil isn't as nutritious.
This company has created ways to harness nutrients from plants and they don't overcook them. And to get all the nutrients, they actually keep the nutrients in the powders. So things like spirulina and other trans, you may have heard of it before they make and they make them just taste yummier and have higher nutrition.
As somebody who eats plant-based diet, sometimes it's hard to find all the nutrients that you want. And this is a really good supplement to my existing diet. If I ever don't want to have food, I can just have a shake and it's, there are no fillers, no toxic crap in there. It's just vegetables or fruit.
Number seven revenue stream is that I have a partnership with a colleague, her name is Elle Angles and she has created the pressure-free method and helps people learn how to not released stress hormones into their body when they're triggered. So when I find somebody who's really stressed out, I will refer them to her. If they purchase from her, I get a referral fee.
Then the last one is another referral partner. I have a woman that I work with who is a hair Sharman astrologer and health expert. And I love her products. She has products that help people grow their hair, take care of their hair. Erin re nourished her hair. She's also helping me grow my hair out longer and, and it's looking beautiful and letting it go natural.
I'm really enjoying how I feel and my body with my hair and my health. So I love my experience with her so much that I'm willing to share how with my audience how much she's helped me.
2) How did you get into each revenue stream?
I am a believer in what I share, so it's basically if I love something enough to share it with you, I really love it. And so you'll notice that five of my revenue streams are things that I have not created. These are partnerships.
I believe in other people so much because I've experienced the benefit in my own life and also witnessed the experiences of it in other people's lives that I would, it just makes sense for me to share things for, I work with people and in a business, but I also work with people in business who want to be healthy.
Their connected tissues are important and their nutrition's important. How they clean their house, what they put in their body, on their body, how they feel about themselves matters to everything in their life. So I just share what I love, just like you would a song or a local restaurant.
I've just created a financial relationship where I said, "Hey, if I share this, will you pay me?" And they say yes.
For example, the hair shaman I'm working with, she didn't have an affiliate program until I asked her if I share her stuff with others if she'll have a referral partnership with me. She created it and now we have it. So how fun is that?
3) How have you marketed each revenue stream when you're running a full-time business?
I focus on my primary goal in my own business. It's usually my mastermind, my private coaching, my online courses, the rest of my revenue streams.
I will occasionally share out on social media and on email, but usually, it's just when I meet somebody who needs help, I just say, Hey, check this out. See if you want help with pressure-free methods. See if you want vegan supplements if you want.
With liquid collagen, it just depends on the person and I just offered a person by person and that's pretty much how I've marketed the extra five revenue streams. The other three I choose, depending on what I have going on.
I like to keep my mastermind program full. If it is not full, I'll enroll some more people. If it is full, I'll keep it where it is and then we'll enroll private clients or sell online courses. So it depends on what I have going on in my business, how I market each revenue stream.
4) What has each revenue stream (or combined streams) done for you and your life?
What's neat about that is that just by me sharing a little bit about what I love, my revenue streams pay for my car payment and carport. So it's pretty nice that health and wellness company pays for my Porsche payment.
5) If someone was looking to add more revenue streams into their business, how would you advise them to get started or even how to pick the best stream of income for them?
So if anybody was looking to add more revenue streams, just know that as long as you're in alignment with what you're sharing, it'll all work out. Just stay open to all sorts of revenue streams. Don't stay close, don't think multilevel marketing is not for you. Check out the business structure, see if it is for you.
If you like the product, ask somebody to go set up an affiliate or partnership with you. So just be open to monetizing all sorts of relationships and it's a really nice and smooth way to just add things in easily here and there, but still stay focused on your primary stream of income.
6) How can we get in touch with you and stay connected?