Ideas for creating multiple streams of revenue
In this post I want to talk a bit about how to make more money in your creative business by introducing multiple streams of revenue.
This is something that I have done in my own business over the past few years with the introduction of my online courses and it's been a game changer for me.
The current period is a great time to talk about this because not only have many people lost their primary source of revenue or had this dramatically reduced, but it's also a period where you may have a bit more time to think strategically about how you might adapt and grow your business via the development of some new, innovative offerings. Such offerings will help protect you when one source of revenue is impacted by events that are out of your control.
Here are three ideas for how to think about growing your business through the diversification of your products and services.
1: Take it online
In my opinion this is your biggest source of opportunity and many businesses have quickly adapted their in person services to online options over the past few years, which is great.
But there's even more opportunity here if you think beyond just taking your 1:1 work and putting this on zoom.
For example, think about how you can teach what you know to larger groups of people. Not only will you have a bigger impact and be able to help more people, but it's a model that helps move you away from simply trading time for money.
Here are some examples of what to create:
online courses and workshops
digital products (e.g. creative packages, templates, done for you designs, checklists)
online masterclasses/group sessions, ebooks, supplier lists
2: Deliver it to a group
Another great idea for scaling the way you work and moving away from simply trading your time for money is to offer your in person services to more than one person at a time.
Don't forget that we are living in an 'experience economy'. People are looking for new things to do and for connection with like minded people. So think about what sorts of experiences you could create.
Are there questions you get asked by every client? Great - turn this in to a small group workshop.
Here are some other ideas:
renovation tours (host a paid tour of your completed projects and talk about the design process, finishes etc. let them experience the completed space),
renovation 'day out' (take a small group of clients to each of your main suppliers and help them select everything they need for their bathroom/kitchen etc. renovation - offer them your trade discounts as an additional perk)
group sourcing or shopping trips, live styling workshops.
There are so many ideas and opportunities here - so be creative!
3: Sell other people’s products
If you don't yet have time to create your own product or services then perhaps you can sell other people's products or services for them.
This is called 'affiliate marketing' and how it works is that you recommend products or services to your clients/community in return for receiving a commission on any sale that is made.
This might sound a bit sleezy but it doesn't have to be at all. In fact I am an affiliate for a number of different businesses and I also have affiliates who I work with to recommend my own online courses. Affiliate marketing can be a great source of passive income.
But my recommendation here is to make sure you only act as an affiliate for products or services that you either use yourself or that you strongly believe in.
Your community will sniff out fake recommendations intended to just make money - so be careful with who you partner with. If you aren't sure how to get started with this the best thing is to just reach out to businesses that you like and see if they have affiliate programs you can be part of.
Overall I encourage you to think about how you can move beyond trading time for money and how to expand your business model to include a range of revenue generating products and services, including options where you can 'make money while you sleep'.
I can tell you from personal experience that there is nothing like waking up in the morning to find you have sold thousands of dollars worth of online courses - while you were sleeping!
It's a game changer for scaling your business, gives you some protection from the ups and downs of the world around you and helps you stand out from your competition as well.
Courses and Templates for Designers and Architects
DO YOU WANT TO….
Improve your professionalism?
Find more clients?
Bring in more revenue?
Create better systems and processes?
Then check out my business courses and templates for designers and architects.
These courses and templates leave you with work done - not just a long list of things you need to do next. We have a really strong focus on taking action and getting things created that improve your business.
Enjoy the rest of your day!
Clare x
Dr Clare Le Roy
