Wealth

Create Wealth from Multiple Streams of Income

As a CEO, it is important that you have various streams of income. I’m sure when you first started building your business the goal was to attract as many paying clients as possible. You worked your fingers to the bones until you were maxed out.

Now what?

You want to increase your revenue but there is no more time in the day to add on more clients.  

What’s the answer?

Expand your product or service offerings to create additional streams of income. The advantage of these new income streams is that they will help you and your clients re-imagine your brand in different forms.

Creating a lifestyle brand begins with offering variations of your products and services. This is brand savvy and also will help you generate wealth.

Here are 3 winning tips for creating additional income streams.

  • CEO Tip #1 – Workshops or Trainings – If you are accustomed to working one-on-one with clients who are willing to invest a bit more for personalized attention, why not also offer trainings or workshops to those who may not need that degree of personalization and are budget-conscious? Offering lower-cost group versions of your regular service will enable you to reach more clients who ultimately may invest in one-to-one services in the future.
  • CEO Tip #2 – Product or Course Sales – Is it time for you to package up all of your knowledge and expertise into a product with a pretty bow for your clients? Take a minute to think about a specific product, app or tool that will make it easier for your clients to apply what they learn working with you. Look at your industry to see what is missing and create a product that is uniquely yours.
  • CEO Tip #3 – Membership Programs – The subscription model provides steady and reliable revenue. Create a program that teaches your members what they would learn working with you in bite-size chunks. They won’t get the personalization of one-on-one services but they will get knowledge that will help them achieve their goals.
  • BONUS: CEO Tip #4 – Books – Your clients value your insights. Provide them in a form they can use even when they are not working with you directly. Create an eBook or a book that positions you as an expert and serve as an additional revenue stream. This is passive income. You’ll create it once and be able to reap returns for years to come.

  • BONUS CEO Tip #5 – Investments – Not all of your wealth streams need to come directly from your business. If you have some extra property, rent it out, whether to a regular tenant or an Airbnb visitor. Consider investing in stocks or a fund. You can trade yourself or find a reliable fund manager with modest fees.

Being a CEO is fulfilling because you get to serve your clients with your gifts and talents. However, you can also experience exhaustion, overwhelm, and burn-out. Creating additional income streams not only expands your brand but frees up your time and enables you to grow wealth. 

One of the blocks to creating multiple income streams are mental blocks. Have you said any of these before: I don’t have the time, I’m not an author, I’m not a teacher, why will people buy a product from me, I’ll focus on this later, and so on. If yes, stop it!!

Now is the time to put the foundational blocks in place required to create a financial legacy through small business ownership.

The first shift you must make is increasing your confidence to expand your brand and envision something new. Let me help you.

I invite you to sign up for my free 5-Day CEO Confidence Challenge where I provide you with a step-by-step system to increase your confidence to expand your wealth.

Register for my free 5-Day CEO Confidence Challenge today. It’s your time to live an abundant life.

Remember to live your best life – The CEO Life®.