Episode 13. Your 3 Income Streams To 5K Months

In this week's episode I share the 3 income streams that will scale your small business to consistent months of 5K.

This will work whether you have an online or offline business and is usually best when you are currently generating 1-3K and you are ready to stop hustling and working so very hard and instead to become more strategic about your offers and pricing so that scaling becomes possible.

I share examples of each type of income stream and how I use each income stream in my business.

This is a content rich episode, so you may want to grab a notebook and pen so you can map out how you can use this in your business or save it so you listen back to it.

If you have any questions about what I share, please post in the comments below and if you had any aha's moments I would love to hear from you.

When you are stepping up in your business and becoming more intentional about how you are growing your business, you also need a step change in your mindset.

DOWNLOAD my free Wealth & Abundance Hypnosis recording here to ensure both your mindset and your actions are in complete alignment for even easier growth and expansion of your brilliant business - https://rachelsmith-thebusinessgrower.com/your-hypnosis-recording/

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Love Rachel x

Transcript

0:00

So this is the word that I love to share. And today we're going to be talking about your three income streams. That's good to help you to scale your business to five cares and to beyond. Every single month. This is absolutely perfect for you. If you are already earning. Between kind of one and three care every month, but it's not consistent. And at this moment, time, you feel as if. Your time and energies really tight and actually the thought of. Finding even more time to earn five care. Feels a little pressurize and you worry that you don't have enough hours in the day has actually made that happen. So I'm going to share with you the exact three income streams that will help you to easily scale your business to five care without you having to find. Even more time in your busy day, I'm going to really give you three formulas. That will help you. To see. Exactly what folks on where to bring things into your pricing structure. And exactly that level of clarity that's going to help you. Make the decision about your next author. So this is content rich. Definitely. You are probably going to want the texts nuts. Or even say this episode, so you can come back and listen to this content again. So you're the go and grab yourself a notebook. And a pen, or if you're listening on apple, There are three little dots. That you can click on and actually save this episode. If you're listening to it somewhere else where you can't get access to. Pen and piece of paper. So. So let's get straight into this. This is so transformational. I wish somebody had shared this with me right back. At the beginning, part of my journey, when I was looking to scale my business to consistently it's a five cap. The very first income stream you want to be bringing into your business. Is your VIP income stream. This is your one to one. Package where you were working with clients privately, and it's likely to be over three to six months in duration. And this is because you are helping them to, to achieve a big girl in that business. All their life. However, you are working with your clients. So to give you a real life example. I have a 90-day package where I support my clients to scale their business, to predictable Romans five care. And we work together on a daily basis for three months. They receive a tone of support, coaching. Plus I create them bespoke mindset, tools, and resources that are going to help them to overcome any resistance and to really get there. Mindset in the right place so that they can step up and keep moving forward. Even when the facing challenges. And my clients achieve brilliant results working in this way. So that's to give you an idea about how myself has structured a VIP package. To give you a flavor of how you might want to package up something that's going really well in your business. At the time of recording this podcast, it's June, 2022. And I only have to sell two of these packages to receive almost. The 5k that we're talking about here. So you want to make sure that even if you have a package like this, that your price point truly represents the value that you provide in your VIP offer. Now the really cool thing about your VIP is that if you need a sudden boost of income, It's the thing that you go out and sell your early need, sell one or two of them. And ultimately your VIP offer could become a group offering in the future. Okay. The second income stream you want to bring into your business is your group author. So at this point in your business is highly likely that you, have a group offering already, or you are planning to create one. And if you are still in that planning to create, well, maybe this will give you the, Kind of motivation to get started with that. Bringing this income stream into your business is one of the fastest ways you can scale your business. And when you have created that group offer. The first time you actually don't need to create the content again. So you created once. Sell it to many. And you can create group offers. Whether you have an online. Offline business. So, let me give you some examples of the types of group offers to bring into your business. If you're looking to scale your business to consistent ones of five care. If you have an online business like mine, here's some of the types of offers you could create a membership. I subscription service a program. Of course accountability group. Or mastermind. There's probably some of those as well, but they're kind of the top ones. And then if you have an offline business, so you actually see your clients in person, you can create group offers that are events, retreats, in-person groups, I'll call series. And the beauty of creating anything like this is that you can scale. As you know, once you start to get things at work in Brighton, your business at a resonate with your audience, you live in running it. And you're generating kind of a momentum in other people's lives or businesses. Is that you can actually start to scale this. And one of the key. Aspects of having a group offer. Is that you can remove one of the biggest challenges that we often face as entrepreneurs. And in particular, when you bring in an income stream, such as a membership, Or a subscription offer. Where you are generating reoccurring income in your business every single month. This actually allows you to remove any feast or famine in your business. So the FISA feminine element in your businesses where you're working really, really hard, we clients. He gets the end of that work. And because you've been so intent on working with those guys, you haven't done any marketing of your services. And then at the funding point, In your business because you don't have your next office. Sorted out. So when you have, feast and famine happening in your business, you can really go through a very turbulent time. Both with your revenue and your mindset and to actually even that out. Bringing in recurring months of income will actually eliminate that forever. And that is one of the beauties of having a membership or a subscription offering in your business. You can also achieve this with courses and programs. When you introduce payment plans. So even if you don't have a desire to run a membership, A subscription offer at this moment in time, but you have courses or you plan to have courses in the future. If you want to have that reoccurring monthly income. And you think it would appeal to your audiences to have a payment plan? It is a brilliant way of giving you that, um, buffer that kind of reoccurring amount of money coming into your business. Now in my business, my S and I'm going to use a word here and explain it in a little while, but my sickness check group offer. Is my membership. The 5k club. And this is where I support my clients with exact strategies. That you need to scale your business. I also provide a ton of coaching accountability in a private community where I personally support my clients to grow their profitable business. And it's perfect for anyone who wants to be in a community with other women who are on a similar journey. Now having a signature program. Allows me to build my reputation around the 5k club. And it is the thing that I am known for. So it makes it really easy for me to promote and to sell it. Now, one of my favorite income stream. Is this third and final income stream. And this is where you are using passive or semi-passive income streams. In your business. I'm all lovely called my hell. Yes. Offers. So this is a low risk. High impact offer that are priced so that when you're so mad, Client sees the offer and they see the price to see the content, the, see what you delivering. They just say, hell yes, I want, I need this right now. I need to really easy for them to invest at that level. And it's low risk for your clients because of the pricing around that. And you want to have it priced at a point where. People going to show up and actually take the action because that's what you're all about. But you want to have it priced at a point where it's very affordable for your client to come in now with. Hell yes. Offers. It is highly likely that the amount of contact that you have. With anybody on a Helia Safa. Software is lower than if you're in a group offer. That's one of the ways that you can differentiate as well. The tend to be shorter pieces of work as well. And this is a really brilliant way for someone who is new to you to actually try you out for the commit to that bigger investment. There's nothing like shelling out a couple of grounds. To work with somebody and finding out that they are not for you. So just to give an example of how. Impactful and how easy it is to create how the S offers. Again, it we're in June and this year alone, I have created profit and prosper, which is a full week Haley S program. I also created and sold a blow up your email list, which is a 21 days to scaling your audience. Create launch and sell, which was a full week mini program where I supported clients to create a brand new offer, take it out to the market and sell it. And I have another two mini courses that I will be selling via Udemy this summer. That is five hell yes, office. In six months, they're fun and easy. And you can repurpose the content or silicone scan, or even put the cost into your funnel as an upsell or downsell. And they are so brilliant. I getting somebody into your world, working with you, realizing that they love you, and that they are ready to come and work with you. So that is amazing. Isn't it? So hope that you have really got a lot from this episode. If you've got any questions about this, or you've had some like aha moments that you want to come and share with me, just pop them in a comment below. I would absolutely love to hear from you and. And if you are like, I love this episode. And I want to know what the next episode's going to be about. Please subscribe to the podcast. So you do not miss an episode. Equally, if you're like, look there's, I want to leave, write some feedback. Please do that feedback is always welcome as well. And one final thing is, is that often when we're looking to approach business differently, when we're looking at. Doing things differently in our business, it takes a different kind of mindset. And it will be pleased to know that I have got you covered that as well. So you can download today, my wealth and abundance hypnosis, which has been specifically written and recorded to support women like you, who are all in to scale in the business. Creating the most fabulous business, creating the most fabulous life and actually being open to more abundance and wealth coming to you. So make sure you check on the show notes below and download that free resource. Get started with bringing these three income streams into your business. Thanks for. Listening