If you’re a digital founder starting a new business and focusing on launching a product, or maybe you already launched a product and it hasn’t brought in the amount of revenue you were planning on, then you may want to consider adding additional streams of revenue to your business.
Add up all of your bills – everything you need to cover one month. Your goal is to cover this amount automatically each month through various side revenue streams, so you can stop stressing and start working ON your business instead of IN your business.
- A paid monthly newsletter
- A paid monthly membership site
- A monthly coaching group
…do you see the theme here? You want monthly recurring income that at a minimum, covers all of your bills.
Once you have this established, then begin exploring other sources of revenue that are easy/low maintenance:
- Promoting products as an affiliate
- Winning prizes on affiliate leaderboards from selling those affiliate products
- Offering special weekend deals on your own products
- Continuity courses
- Personal 1 on 1 coaching
- Software development (your own SAAS service or tool)
- Get involved in partnerships to build long term income
Add new income streams as often as possible. Diversification is key. Avoid relying on one business model and putting all your eggs in one basket. Instead, diversity your income and have it come from several places at once.