I grew up on Suze Orman’s books. My mom had the collection, and on more than one occasion, I recall watching Suze explain IRAs and debt reduction on PBS. She was my finance guru during my adolescence, which was well before I had any money to manage. The echoes of her teachings stayed with me in college when I took out my student loan and later when self-employment made me pay acute attention to setting up my own retirement plan. She kept me focused on tomorrow and less centered on immediate desires.
CREATING A STREAM
In 2009, to fight the recession, I started a business. My focus was graphic and web design and social media management. I loved the work and made great connections, most of whom remain active, but I made a significant error. I traded my time for money. The quickest and easiest thing I could think to do was sell my talent, which yielded one-off projects but didn’t create residual income.
I thankfully had yearlong contracts with a few big clients. However, when the clients have budgets and projects are moving forward, you don’t detect the change in the tides. Unfortunately, two of my contracts ended in close succession due to budget constraints. Budget cuts often hit marketing first, and at the end of 2018, I felt the change. It was too fast and too deep to withstand. The stream had dried.
MULTIPLE STREAMS ARE STRONGER
When your business operates multiple streams, if or when one dries, profits still flow. Had I created streams, and not just a stream, those changes would not have been as impactful. Streams of income (or revenue) create stronger business. There are several options for additional streams, such as downloadable content, online courses and influencer content.
Generating another stream, particularly if it is passive, will allow you to earn revenue without exerting more resources, such as time and energy in the creative process. Create once. Sell infinitely.
The keys, of course, are doing solid research on what your audience wants and implementing an automated system that can lead your potential audience through a customer journey that meets or exceeds their expectations.
Another benefit of creating additional revenue streams is the opportunity to scale your business more quickly. With more resources to invest in your business for products, hiring and marketing, you can create a more sustainable venture.
To view her presentation on income streams, visit: www.lashaundramccarty.com/resources.