4 Simple Income Producing Strategies That Busy Solopreneurs Can Implement Today
I don’t know one solopreneur who doesn’t want to make extra money in her business.
While this is at the top of everyone’s wish list, the challenge is that most solopreneurs don’t know how to do it, or where to start.
Many believe they need to create long group programs, and announce them to the world through big launches in order to get more clients and increase profits.
Luckily, this isn’t the only way to add extra income to your business.
If you’re sick of launches or overwhelmed at the thought of creating a new product/program, check out these four proven ways to make extra income in your coaching or service-based business (without creating a product/service from scratch).
1. Become a Facilitator
There are many options available, just choose an industry and a topic; the opportunities are endless.
Today I’m going to highlight International Best Selling Author, Danielle LaPorte’s Desire Map Workshop curriculum. This program allows coaches and healers to leverage their own expertise inside of her proven framework.
As a facilitator, you can host as many or as few workshops as you would like, creating another revenue stream of limitless potential. And, as a facilitator, you receive done-for-you marketing materials to help make your events a success.
Danielle LaPorte describes the Desire Map Licensing Program as a “(Soulful) Workshop-in-a-box.” Visit the Desire Map Licensing Program website to learn more. You can also read more about Kate Muker's experience here.
When you’re determining which program you want to facilitate, I recommend doing your due diligence to find a program that aligns with your mission and values.
The next two tips highlight passive income opportunities. To clear up any misconceptions, I want to be really clear about what I mean by passive income.
Passive income is defined as income received from repeatable systems and minimal effort. For instance, setting up one page on your website and making money if/when someone clicks on the link and makes a purchase, based off your suggestion. Passive income is not defined as easy peezy, effortless income.
2. Become an affiliate and Sell Other People's products and programs
Love a program? Share it and get paid to do so.
One of the most notable instances of this is probably Marie Forleo’s annual B-School launch.
When Marie Forleo launches B-School, the universe knows it and every notable business coach and former student come out of the woodwork to show their support. And, I’ve heard that Marie offers a generous commission for sharing the news.
If you’ve participated in a program in the past, reconnect with your mentor to see if he/she offers an affiliate program. I’m currently working my way through Melyssa Griffin’s Pinfinite Growth course and she has a very generous affiliate program in place.
Regardless of your industry, if you’re looking for products or programs to promote, just think of your preferred tools of the trade. As a business coach, you may get asked how to start a website, and while it’s not your particular specialty, you could set up a blog post or resource page on your site where you share your favorite tools.
Remember, while passive income doesn’t require you to create a product or program from scratch, It does require three things to be effective.
Don’t just promote stuff for the sake of promoting stuff. It’s fake and your subscribers will see through it. It’s better to create a content and/or promotional schedule around the products and programs that you want to promote.
Create your blog post, resource page or ebook to share your links. Pro tips: remember to disclose the fact that you’re using affiliate links and keep track of your links to regularly check for broken links.
Traffic is one of the hardest things to nail down as a new affiliate. This is why it’s so important to engage with your network beforehand.
Engagement = conversions (read: opened emails, liked posts, clicked links, etc).
You must identify how you want to promote your affiliate links in order to have an effective affiliate marketing campaign .
Ask yourself these questions:
- Will your traffic come from promoting a popular post on Pinterest?
- Will you focus on SEO and pull in organic traffic from Google?
3. Create your own affiliate program and share your own products
I talk to solopreneurs often and two of the most common obstacles that prevent them from creating an affiliate program are pricing and not knowing which tools to use.
I looked at over 13 affiliate marketing platforms and I’ve taken the guess work out of affiliate marketing. During my research, I also found some great free link tracking tools.
I've compiled everything I learned in an easy-to-read Google Spreadsheet and I'd love to share it with you.
Grab a copy of my Top 10 Affiliate Marketing Platforms Comparison Cheat Sheet.
4. Join a network marketing company to supplement your income
If you’re a health coach, there’s a good chance you’re interested in holistic wellness, cleaning without chemicals, or promoting a lifestyle that allows you to live at your optimal weight and natural remedies. If that’s the case, I recommend partnering with a mlm that offers products that align with your mission and help your clients reach their goals. You also want to make sure you stand behind the products you’re sharing.
Take me for an example, I’ve been on and off the wellness train a few times over the past few years.
Last year, I had a pre-diabetic scare and it forced me to get it together. In that moment, I realized that drinking (1) green smoothie a few times a week and occasionally meeting the minimum requirement for my water intake wasn’t enough. I started taking Plexus to lower my blood sugar, improve my energy levels and lose weight nearly two weeks ago and I’m hooked (I even joined the company as an ambassador).
I’m taking Plexus’ Triplex and if I were a health coach, I would certainly recommend Plexus Slim (the Pink Drink) to my clients looking to lose weight. I started using this supplement in December of 2015 and lost 18 pounds in less than three months.
There are several coaches that are partnering with network marketing companies that complement their services. Kim Wilson Pollock is a health coach and author who supplements her services with Plexus products. Fitness coach, Jessica Vaughn, pairs her coaching with BeachBody’s Shakeology. And, The Whole Daily blogger, Alice Nicholls raves about doTERRA’s essential oils.
It's your turn
I’ve given you four simple options that you can use to create consistent cash infusions for your business. Pick one and get started.
Don’t forget to grab your copy of the Top 10 Affiliate Marketing Platforms Comparison Cheat Sheet.
*Some of the links in this post are affiliates links. Please note: I am only sharing these products because I use and love them myself.*