Today we're talking about multiple income streams and passive income. Because there's a lot of talk about this on social media and it's not always the truth.
Most people believe they just have to install ads, an online shop and let the money come to them.
I'm afraid that's rarely the case and why put all your money and effort into this game of chance?
Quick wins do not exist, period.
But I do encourage you to look at your business model seriously and see how safe or risky it is. Because if you're a freelancer, only depending on your own hours, what happens to your business if your clients bail on you, you get sick (hopefully not), or something else happens that needs your full attention?
What are you going to do?
Clients from all different backgrounds come to me and ask me if I can help them in their business; some of them are 55+ and are ready to leverage 30 years of work experience, others want to quit their job and start their own business.
Every business needs different advice, but in my coaching I've always tried to help people to create multiple income streams in their business and at the beginning, this doesn't have to be too complicated.
For instance:
* If you're a freelance lighting designer in a theatre, consider ‘lending' your materials at a fair price;
* If you're a pr & comms person, charge extra for your list of press contacts;
* If you're an artist, think about creating merchandise easily through Shopify;
* If you're running an online business coach and you're creating trainings for your clients, consider selling those trainings to others too.
So the thing you want to do is to have a closer look at all the work that you're doing and see what you're doing hourly and see what else could be leveraged once people are working with you.
The interesting thing is: this is a great filter to see if your clients really value working with you or not.
If people are saying; you're too expensive, then it might be time for them to find someone else. Because you've diversified your income and you're not dependent on one client.
And from here, you can create so much more for yourself, because that's what business is: it's about seeing opportunity and loving to respectfully play with this.
In this week's podcast
One of my clients recently asked me a crucial question:
“How can I get rid of my 'employee' money mindset and install an entrepreneurial one?”
Which means for instance, she noticed her own mindset on this: having a limiting thought pattern like:
I have 6 more months I can survive. Whilst every day could be an opportunity for her to make double of what she’s made in the past half year.
In this episode, we dive into three powerful tips in how I’ve helped her, and all of you listening, make this transformative shift. So, let's dive in!
Do you have a question for me for on the podcast?
It's really easy!
Happening in my business this week:
- It's the final days of my staycation and this newsletter was pre-written on Aug 9th, but I do know that this Tuesday (Aug 29th), I am hosting the Art Profit Masterclass and there's many people signing up and especially because my clients are such great ambassadors, check out this post from Dorine Schoon, one of my very first clients (check out her profile):
Hopefully see you this Tuesday, you can subscribe through: bureausbb.com/artprofit
See you next week!
All the best,
Sarah
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