How You Can Create Multiple Income Streams With The Six Figure Mentors
Following on from the last couple of posts regarding how the Six Figure Mentors can help small business owners expand their business online today I would like to talk about multiple income streams and more importantly how you can use the Six Figure Mentors to create them.
As a small business owner it is not advisable to have all your eggs in one basket and rely on one sole income stream.
In this post I am going to attack this from two different angles. The first being related to your existing business and the other being the business system that you get with your membership to the Six Figure Mentors.
Before I get into that I would like to highlight my own business so hopefully you can see the significance of multiple income streams.
My business is in the cleaning industry and it is mainly residential window cleaning. I have around 300 clients who I see on a monthly basis. So effectively I have 300 income streams. If I lose a customer for any particular reason I lose 1 income stream but I can rely on the other 299 to enable me to earn an income.
It would have to be somthing really catastrophic for them all to drop out at the same time.
As opposed to if my business was solely contract based which I serviced and that was taken away then effectively I would lose my business! I am sure that you get the point.
Also what I have done is include services of carpet cleaning, pressure washing and gutter cleaning. So in effect I have added another 3 income streams to my business.
So getting back to your business. Sit down and think of what else you can offer to your clients.
For example if you were say a personal trainer and you had an established clientele. You could set up a product line to accompany your service.
- The first being a training schedule book. This could be a printed version or digital e-book.
- The second could be a home training program which you could offer for sale on DVD.
- You could then turn that into a fixed term membership site for which you could charge a monthly fee which would allow you to receive what is called passive income.
- Then you could offer equipment and clothing for sale for another income stream.
I could go on but I am sure that you get the idea by now. So from your initial service I have given you another 4 examples of additional income streams.
This process is applicable to more or less every business model. It’s about thinking outside of the box and shifting your mindset and becoming an entrepreneur.
Effectively what you are doing is creating a sales funnel for your business and I wrote a post in July about the concept which you can read here.
You would receive all the marketing and mindset training you would need within the Six Figure Mentors membership to make this a reality.
With your Six Figure Mentors membership you get a totally turnkey business system set up for you. All you have to do is market it and basically the system works in the background for you.
Once you attract leads and they convert into customers there are four income streams you can take advantage from.
Back in July I did another post regarding the Six Figure Mentors Sales funnel which also incorporates how much commission you receive for each income stream.
So rather than make this post too long you can find out all the information by clicking here.
It does not stop there. There is also the Digital Experts Academy which is the flagship company where there are four levels of training and mentoring programs where you can earn commissions ranging from 5% – 40%.
To find out much more information about the product line please click here and you will be taken to another post that I have done which explains more in detail.
In both respects of the Six Figure Mentors & Digital Experts Academy lines the prices quoted here are in effect at the current time of this post and are subject to change at any time.
Also the company are always expanding the product lines and within the immediate future there are plans for more income streams regarding the software tools which are going to be offered as retail products which allow you to earn monthly passive income streams.
So in a nutshell there are over 10 income stream opportunities to benefit from by marketing the digital business system you receive within your Six Figure Mentors membership.
So hopefully you can see by now the enormous potential of expanding whatever current business you have with the training you get from the Six figure Mentors and also the unique opportunity of setting up your own Six Figure Mentors business which you can run alongside your current business to give you even more income streams.
Having multiple income streams is really a win/win situation. Some will perform better than others but you can have peace of mind that however they perform it is all going into one pot of gold!
As always I wish you well.
Digital Marketer & Home Business Consultant