Creating multiple income streams is the best way to ensure the security of your training or coaching business.
In the same way that financial advisors recommend diversifying your portfolio, it’s important to diversify your business ventures in order to maintain financial security while allowing room for growth.
Here are 5 proven ways to create multiple income streams in your coaching, training, or personal fitness business:
- Identify your biggest money maker
What is the single biggest money maker in your business right now?
It might be one-on-one coaching, group training, or selling online products. Whatever it is, it’s important to identify your main business venture and schedule enough time to maintain its success.
As you create multiple income streams, it’s crucial to have a financial foundation that will allow you to explore other opportunities.
Even if you’re planning on transitioning away from your current venture altogether, it’s still a good idea keep things afloat until your multiple income streams begin to take off.
- Add one venture at a time
If you’re a fitness coach whose primary venture involves private personal training, there are an endless number of multiple income streams you could pursue.
You might be interested in…
- adding group fitness classes to your schedule
- opening up an online store that sells fitness or nutrition products
- developing and monetizing your own Youtube channel
While you can definitely pursue all of these avenues and more, be sure to add one venture at a time. This will allow you to see how the additional income stream impacts your schedule, time, energy level, and finances. It will also allow you to vet the venture and see if it’s worth pursuing on an ongoing basis.
- Pursue joint ventures
When it comes to creating multiple income streams, the swiftest and most effective way to do so is by partnering with a peer whose target audience is similar to yours.
Work with a colleague or fellow coach to create a new class offering or develop an online product. Doing so will complement your main business venture while opening you up to an entirely new audience of prospective clients.
- Repurpose content
One of the easiest ways to create multiple income streams is by repurposing your online content.
For example, if you have a fitness or coaching blog, your blog posts can be repackaged into an eBook that you can then sell on your website or on Amazon. If you’ve created informational videos for your website, you could use those videos to create a paid course, podcast, or slideshow.
Before reinventing the wheel, look at the content you already have to find multiple sources of income.
- Repackage viable skills
What skills are you most sought out for? What do you absolutely love doing? Consider your main business venture for a minute, and identify the skills you use that have been generating the most income.
If you’re a coach, clients might come to you for your expertise in a particular area, your ability to listen, or your penchant for tough love.
Once you can identify the personal quality that most easily translates into dollar signs, you can repackage those skills to create multiple income streams.
If clients revere you for your “tough love,” for instance, use that to develop a video boot camp or live workshop for people who want to be challenged and pushed. If clients come to you because of your great listening skills, expand those listening skills to a completely different demographic to increase your sources of income.
Remember to prioritize your main business venture as the foundation of all your ventures. Set aside a certain amount of time each week to dedicate to your main pursuit in order to assure financial security.
From there, add one business venture at a time, taking care to measure your results and see how your time and revenue are impacted. Finally, think outside the box and use the skills and content you already have to create multiple income streams.
Are you ready to use multiple income streams to create a $20,000/month coaching business? Download your free Entrepreneur Jump Start Kit by clicking here now: https://jse.wpengine.com/
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