Have you been thinking about creating and selling an online course? A monthly membership perhaps?

Did you know that millionaires have at least seven income streams? That’s seven different ways that they’re making money each month. For some, this means real estate investments, capital gains from selling appreciated assets, dividend income from owned stocks; you get the idea.

For online entrepreneurs this could mean, affiliate marketing, JV partnerships, book sales, speaking engagements, virtual or in-person events and summits, online courses, monthly memberships,, masterminds; the list goes on.

Now take a look at your business; how many streams of income do you currently have? If it’s only one, then your instincts are correct, it’s time to open up that creative part of your brain and build more income streams.

WHAT ABOUT PASSIVE INCOME?

There's a ton of information out there about "passive income", but that concept is something of a misnomer. Work is still involved in creating products or setting up different forms of income. You can, however, create streams of income that work for you almost on autopilot, long after the initial work is complete. 

And that's the goal, isn't it? Create income streams that don't need a lot of babysitting!

The process of setting up online courses and memberships are work-heavy in the beginning, but unlike one-on-one work, you can continue to earn money from them well into the future -- without it taking too much of your time.

Benefits of ADDING AN ONLINE COURSE OR MEMBERSHIP OFFER

1. Increase your bottom line profits. This is the most obvious benefit but certainly worth mentioning because who doesn’t want to earn more profits?

If you created a for-profit business, extra ways to earn income are always welcomed. As you well know, limiting your business to one-on-one freelancing, coaching or consulting can limit your income potential, making additional income streams even more important when your calendar is filled to capacity with your one-to-one services.

2. Regain time in your day. Hold up…I know I just said that creating products and other streams of income takes time but look ahead. Think about when your online course or monthly membership is completely set up and the upfront work is done.

With a consistent, strong marketing plan, you can easily earn money from these income streams without much effort. You then have the opportunity to structure your day-to-day around the other things you want to be doing; serving your clients, creating more products, traveling, volunteering, being in nature, spending more time with loved ones. You know, living your life!

You can build your multiple income streams in a way that it supports the lifestyle you want to live.

Tell me . . . when was the last time you took a day off for fun? What about a week? Two weeks?

When was the last time you took time off for fun . . . without guilt?

3. Increase your credibility by helping more people. Think of multiple income streams as a way to share your expertise with an ever-expanding audience.

I always think of the ripple effect analogy. A pebble, when dropped into a body of water creates a disruption and propagates outward, larger and wider thus causing a ripple effect. We are each a pebble. When we show up and offer ourselves and our superpowers to the world, we create a ripple effect of growth, expansion, and transformation.

Your ripple effect can help so many. And I know that, because I know you!

Because you're here, reading this, I know your business vision and life's purpose is to help others while realizing your greatest potentials. You have a deeper knowing that your meant for greater things, and now you're looking for the answers to "what's next?" and "how do I bring to life this knowing I have inside?"

My calling is to help those who help others. To teach women just like you how to bring their vision to life and do it in a way that is aligned with their North Star, higher awareness, life's mission, and purpose.  

And when you're at the crossroads of either: you can't take on any more clients because you're fully booked, or you want to transition away from the one-to-one client business model to develop your empowered body of work, then my friend, it's time to take the leap and start creating additional income streams!

Together we amplify the change we want to see. Think about the ripple effect analogy again. When a larger pebble is dropped it ripples out further, wider and deeper. You have the opportunity to dream up what you want to offer AND live your life with purpose and prosperity.

When you reach out to more people, networking online and off, and providing guidance through your books, masterclasses, workshops, women's circles, monthly memberships, and courses (or whatever combination you desire), you expand your own growth and those you serve.

Leveraging your knowledge and showcasing your expertise to infinitely more people, will lead to increased sales and an army of people who will amplify your work. 

Planning Your Income streams

Now that I’ve sold you on the benefits of having multiple income streams, it’s time to plan out what those streams should be for your business.

So let's review: in the digital online world we live in as online entrepreneurs and digital marketers, online income streams that can be automated usually include courses, monthly memberships, writing a book (which can then be automated to sell online), hosting virtual events, summits, or a training series based on your expertise.

Of course, use your creativity to think of an idea that’s different from what other's produce that will also appeal to your ideal soulmate customers.

Your call-to-action: Brainstorm a list of ideas. 

Get curious . . . what are some possibilities for your next income stream?

• What do you want to create?
• Where does that offer align with your greatest business vision?
• How can you design it in a way that supports the life you want to live?

Post in the comments below. I'd love to hear about your ideas. Plus, I just might comment back and give you some tips or write up an article to help you flesh out your new income stream.

I'm here. I'm listening!