Are you looking to create a new revenue stream for your business?
Maybe you are not, but you should consider having multiple revenue streams.
Because establishing and maintaining multiple streams of funding is how you can avoid excessive dependence on any single revenue source.
They can keep revenue coming in if another source of revenue dries up.
Here are different ways to generate a new revenue stream for your business.
Tiny Offers, also called workbooks, can help you generate revenue quickly. Within a few hours, you can create your tiny offers and sell them via your website to help your ICA with their pain point to bridge their problem and the solution you offer.
The concept of Tiny Offers is that they bring people into your world – and offer tremendous value at a relatively low investment – thus optimizing conversion.
Ready to create your first tiny offer? Here are three steps you should follow:
- WHY: Define why you are creating tiny offers. Clarity on your end goal is critical in understanding what your tiny offer needs to be about. What’s your goal with this new offering? Attracting the right clients and building your email list are essential as your business grows. When I launched my tiny offer, I aimed to attract invested people who want to do the work instead of freebie hunters who will never turn into buyers. It was my way to connect with my ICA before I launched my online programs.
- WHO: Determine who will be your ICA (ideal customer or community) for this specific offer. What are their pain points? What do they need to get the result you provide?
- WHAT: Identify the one thing these people are struggling with. Build a product around it that provides a quick fix. And then determine how you can solve their problem.
I love group coaching! In the community that grows in a coaching session, the support and validation participants get from each other is essential. People pay a monthly fee to be part of your group coaching program. It has tons of flexibility in schedule, size, and pricing. The scalability makes it a very profitable model. You can decide to have coaching calls once a week or once a month and let the community help each other between these sessions.
Your true success with any online program depends on how well you match up your members’ needs with solutions, so first thing first, study your market! Pick your ICA! Then determine which pain point you want to cover because your group coaching program won’t sell well if you try to solve all of your market’s problems.
You will also need to create content because group coaching is not only live calls with your group. Start designing all the elements and content (tutorials, webinar, worksheets, PDF, email sequence). When your content is ready, it’s time to select the technology for delivering your program. Plenty of coaching programs and membership site platforms make it easy for you to set up different content in different ways. You’ll need a platform for your membership site, email marketing, sales pages to manage your community, webinars, group calls, and video recording.
Don’t let this part scare you if you’re not tech-savvy.
The most important part of your coaching program is the content and support you offer. To build loyalty, you’ll want to add some bonuses to really ‘wow’ your new program members, such as interviews with experts and an accountability support group for Q&A and/or discounts on other programs or tools (not just your own).
Online courses are one of the best ways to create passive income. If you are looking to create an online program, you can learn how to do it with Amy Porterfield and her course Digital Academy. Creating and launching a digital course — especially for the first time — is a BIG endeavor.
If you want to turn your passion and expertise into an online course, you need to decide WHO will be your ICA (ideal customer or community), WHAT you will be offering, and WHY you need to offer that program (what’s your ICA pain point).
No matter your niche, online courses can help you connect with a broader audience because you can reach people around the world who share an interest in your topic. If you are looking to create your first online course, you should plan for at least three months to pick your topic, create the content, record all your courses, and do the promotion.
Remember to have an email list before launching your online program. There is no point in having 10,000 subscribers on your email list if they are not your ICA! And quality is always better than quantity.
1:1 coaching is the process of one person helping another overcome an issue or improve performance. These sessions revolve around sharing experiences and knowledge around specific topics, showing how to best approach different situations, and laying out the steps to execute the task. Remember that your goal is to help your clients get the transformation they want.
If you want to offer 1:1 coaching sessions, here are the four steps you may want to follow.
- Step 1: Measure: What is your client looking for? Your client needs help with what exactly? Be sure to establish what your client wants clearly and needs from you. Don’t skip this first step!
- Step 2: Educate and train: It’s time to educate and train your client. How will you do that? Give them homework for your next coaching session, and provide some readings or podcasts to listen to. You can also give them access to webinars or workbooks you developed.
- Step 3: Implement: Give your client milestones to look for and a time frame. You want your client to put into action what you discussed. Give your client the time to implement the strategies you had developed together and be there to answer questions as needed.
- Step 4: Track and analyze: Now, it’s time to evaluate whether the changes succeeded. You may need to tweak some pieces, but your role is to support and advise your client.
Your 1:1 coaching sessions must have a goal established at the beginning.
During my 1:1 coaching sessions with clients, I worked on two elements: a clearly defined strategy and an action plan, and a mindset.
What about you? Which product will you create to add a new revenue stream to your business?