Option to Customise Your Streams of Income
1. Multiple Business Models
- What It Is: Instead of relying on just one business model (e.g., selling products), consider combining various models like:
- E-commerce: Sell physical or digital products online.
- Subscription services: Offer memberships, subscriptions, or recurring products.
- Freemium models: Provide basic services for free with premium paid features.
- Affiliate marketing: Promote products/services of other businesses and earn a commission for sales or leads.
- How to Customize: Identify opportunities in your industry to mix and match models. For example, an e-commerce business could offer subscription boxes or affiliate links on the website.
2. Passive Income Streams
- What It Is: Income that requires little to no active involvement once set up.
- Real estate: Renting out properties (or using platforms like Airbnb).
- Investments: Earning dividends from stocks or interest from savings.
- Online content: Monetizing through YouTube, blogging, or podcasts, where ads, sponsorships, or memberships can generate income without daily effort.
- Digital products: Selling e-books, courses, printables, or software with low overhead.
3. Consulting or Coaching
- What It Is: Leverage your expertise by offering advice, training, or mentorship.
- How to Customize:
- Offer one-on-one consulting, group coaching, or webinars.
- Create packages or tiered services, ranging from basic advice to in-depth training sessions.
- Use platforms like Udemy, Skillshare, or Teachable to sell courses that generate income on an ongoing basis.
Benefit: You can scale your consulting business by creating digital products like e-books, courses, or recorded webinars, making it easier to earn income without constantly working for clients.
