Creating Passive + Diversified Income
Do you have multiple streams of income in your business? What is keeping you from diversifying your business income?
What is Passive + Diversified Income?
Do you want to make money while you sleep? Then read on!
A business cannot operate without cash flow
Financial strategy is necessary in entrepreneurship
Lessen the risk of a slow month
Make money while you sleep!
Increase income and profits
Set up recurring income
Take your business full time
Scale your business
My Business Before...
Slow months
No income
Operating on debt
No team
No salary
No growth
Not profitable
My Business Now...
Now operating a diversified floral business. By having additional income, it allows the business owner to be more selective with who they take on as clients / budgets. Also, it allowed the ability to create a diversified educational business. You can earn recurring income without racking up debt. Building a team and paying yourself a salary. Scaled and more Profitable than ever!
5 Types of Passive + Diversified Income
5 Types of Passive + Diversified Income
Services
Products
Education
Collaboration
Affiliates
Services
One-Time Services
Weddings, events, workshops, freelancing
Income fluctuates
Clients buy 1x
Recurring Services
Services, subscriptions, coaching
Income is fixed/consistent
Clients buy 1+
Products
Tangible
Large overhead + shipping
Income fluctuates
Offer wholesale
Capitalize on holidays
Works best with large audiences
Digital
Minimal overhead
Passive income fluctuates
Downloads + subscriptions + libraries
Works best with large audiences
Education
Workshops + Events
Large overhead
Income fluctuates
Local or digital
Capitalize on holidays
Small or large audiences
Online Courses
Minimal overhead
Passive income fluctuates
Downloads + subscriptions
Evergreen content - repurposing content you have already created
Works best with large audiences
Collaboration
Speaking Engagements
Network
Increase credibility
Income fluctuates
Local or digital - speak with local societies or members only groups, online or in person
Small or large audiences
Share Your Studio
Collaborate locally - create and build relationships with people in your area
Lower your monthly overhead by sharing your studio with daily rentals to others
Income is fixed/consistent
Affiliates
Referrals
Income will fluctuate
Local or digital platform
Small or large audiences
Example: HoneyBook & vendors
Links
Passive income is fixed / consistent
Digital platform
Blog + Social media + Ads
Works best with large audiences
Example: ConvertKit, Amazon, Hello Fresh
Essentials to START...
Audience
Identify your market
Build community
Grow email lists
Marketing Plan
Clarify your unique value
Survey audience
Build sales funnels
Influence
Create KLT - Getting target market to know, like and trust you. Once this is achieved you will be able sell to them.
Create solutions - find out the paint points of customer struggles and solve it.
Deliver value
Long-term maintenance
Establish workflows for efficiency - this is so important to have a sustaining stream of income.
Consistency
Outsourcing
Hire help - Always have enough people on board to help you build your business. You can start off doing things on your own, but you cannot scale your business without additional help.
Next Steps to START…
Secure your primary income, FIRST
Establish business workflows - this is key.
Keep your operations lean
Plan ideas for creating more income
Set up affiliate accounts - Honeybook members are already set to do this! Look for products that you use, and reach out to the companies to see if they have affiliate programs.
