You started your online business to make a profit, but the cash hasn’t been coming in? So what’s missing? You’re probably missing one major portion; you need to diversify income in your online business.
So what are some major red flags that you need to diversify your online business income?
1: You’re Not Making Enough
Just to state the obvious here. If you’re consistently disappointed at how much is in your business checking at the end of the month (you’ve opened a business checking right?) . The problem might be that you don’t have enough services and products to offer each level of your ideal client. Diversifying your online business income starts with offering different forms of services or products to your ideal client at different price points. This way you’re able to service everyone with something and therefore capturing a lot more money.
2: You’re Trading Too Much Time For Money
This is really common for service based businesses, or anything in the B2B sector. Service based businesses rely on well, trading services for money, so it can be easy to get stuck in just trading that time for money. But when you’re only trading directly time for money you run into a big wall for business growth. The only way to grow then becomes creating more services (and more time) or raising your prices often and a lot. You’ll quickly price yourself out of your ideal clients income range. Not to mention this tactic of getting more money in only works if you are positioning yourself as a premium or luxury brand.
Okay cool, but how do I start diversifying income for my online business?
You’re in luck because this is exactly what I’m going to give you some easy steps to start with!
1: Give out paid bonus content.
This is probably one of my all time favorites because it’s the easiest. Online businesses require consistent content. Whether you use social media or use other forms of marketing, you’re still creating some form of content! Why not create a little bit extra with a low price to start income stacking? If you need an example, I do this! For the podcast I co-host The Revolutionista we have a Patreon. Check it out for examples here.
2: Sponsored Content
Just because you don’t identify as an influencer doesn’t mean you can’t take a few tricks from their book. Sponsored content can turn your free content into something that you’re being paid for. Some great recent examples are on Tik Tok. You can use the website Playlist Push to get paid for using sounds. If you’re already marketing ON Tik Tok you can market for your business while getting paid. Other examples are Affiliate links, and even brand deals if you have a more life style brand.
3: Passive Products
Passive products have a lot of power because they can come in so many different forms and price points. This allows you to take almost anything you do and turn it into something that you sell “passively.” Selling a passive product means that it’s a Digital product you created once, then you don’t need to spend anymore time on the actual product. Some examples of passive products are ebooks, and online courses.
Have you diversified income in your online business yet?
Ready to check if your product suite is aligning with diversifying your online business income? Take the product suite audit check list here and find out for yourself! This audit check list is super easy to do and will put you on the path to profitable alignment.
P.S. Want to learn more strategies to grow your business? Check out my other blog posts here.