To kick off the year, let’s talk through 5 ways that you can diversify your income! By diversifying your income, you’re able to relieve the stress that comes in your business during slower seasons by building revenue streams outside of your primary offering! In this episode, I’ll be giving you passive and active revenue opportunities in your business.
Called to Both is brought to you by Joy Michelle, mom of two and multi-passionate entrepreneur who’s on a mission to help others find balance between the worlds of motherhood and business. Called to Both is the podcast for women who have big business ambitions and also want to be intentional and present moms. At Called to Both, we truly don’t believe you have to choose between these two worlds tugging at your heart You can be Called to Both.
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Today’s episode is brought to you by Honeybook! HoneyBook is the client management software that I’ve been using for years to send contracts, get paid, and keep track of all of my client inquiries and projects. Inside of HoneyBook, I can see at a glance exactly where my projects are in a timeline! I love that I can use this for sending questionnaires, setting up recurring invoices, and book calls through their built in scheduler tool and so much more! You can try Honeybook for 50% off today with the link below!
Want to see how I use Honeybook in my business? Check out this deep dive post here! Or you can follow along with how I use it to book photography clients step-by-step here.
Diversify Your Income 2024 with These 5 Steps
As I approach my 10th year in business, I look back on how my revenue streams have diversified over the years and I’m blown away. When I first started, I had one way to make money in my business. After adding in prints, albums, education, and more, I started to realize that there is so much opportunity for your business when you diversify how you’re making money.
There is a mindset shift you have to do as you approach diversifying your revenue streams. I still find myself, even after 10 years in business, finding new ways to make money in my business that were there the whole time. Let’s dive into 5 ways that you can diversify your income as a business owner.
1. Embrace a Content Creator Role
You need content in your business. This is how people will discover you, get to know you online, and ultimately decide if they want to work with you. In addition, your website content will help tell Google what you offer and allow you to show up in search results—allowing even more people to find you.
Embracing content creation also helps you to stand out online and cut through the noise when you’re fully committed to it. Organic content is your way of getting in front of and connecting with potential customers without having the spend advertising dollars.
Not only does content creation give you an organic edge online, but it opens the opportunity for sponsored content. We’ll be exploring this more on the podcast in the future, but the only way to get sponsored content deals is to already be creating content.
Want to get serious about content marketing, but don’t know how? I did a whole episode on content marketing HERE.
2. Grow Your Email List
As you get people’s attention online with your content, one of your biggest goals should be to share your email list and get your audience on it. While you may not know what you want to sell to them yet, it never hurts to start building that list now.
I’ve created a series on Youtube for photographers, but it’s relevant for any service-based business!
Youtube Series: Email Marketing for Photographers:
Part 1: How to Get Started with an Email List
Part 2: Email Marketing for Photographers
3. Add Affiliate Marketing to Your Strategy
Back in episode 4 of this podcast, I shared why I believe everyone should be an affiliate marketer. In the past few years in my business, I’ve made over $100,000 in just affiliate marketing revenue. We all have influence, which means that you can share products that you love and people will buy them based on your opinion.
You’re likely already doing this—but what revenue could you generate if you put affiliates behind those opinions? If it’s time for you to get started with affiliate marketing, make sure you download my free guide: The Affiliate Marketing Jumpstart Guide.
4. Create a Digital Course or Download
One of my favorite offers as a business owner is a digital product like a digital course or download. While it’s not completely passive, the work is front-loaded, then once you build a marketing plan for it, it’s somewhat passive for you. I host all of my digital products on Kajabi, which you can try for free at this link.
Want to step into the world of digital products and get started selling? I’ve got you covered in this episode.
5. Offering business coaching or Mentorship
If you’ve been in business for a while, you should consider offering consulting or mentoring and scale that offer. Once you’re in those consulting or mentoring sessions, you’ll find exactly what your audience needs help with so that will help you explore digital products as well.
Important note: Not everyone should do this. Just because you are knowledgeable on a topic or skill does not mean you need to (or should) be coaching on it. Coaching is a separate skillset. I have been coaching for over 5 years, and have been coached by a handful of coaches myself and can tell you this is one area entrepreneurs jump into without doing their homework.
Bonus Tip: Build a Community
As a final bonus tip, I wanted to share one of the best ways to diversify your revenue—that’s through building a community. You can explore their opinions, needs, and wants from you to understand what you should or could be offering. I’ve built my own community inside a private Facebook group to over 10,000 members and I share all about that in episode 28!
If you’re enjoying the content we’re creating on the podcast and want to connect with others who are called to both, make sure you come join us in the Called to Both Facebook Group!
Mentioned in This Episode:
Part 1: How to Get Started with an Email List
Part 2: Email Marketing for Photographers
Episode 4
The Affiliate Marketing Jumpstart Guide
Kajabi
Episode 28
Connect with Joy:
Instagram: instagram.com/joyymichelle
Youtube: youtube.com/channel/UC-Ou6jRKxcjMrVMxWxLO_fQ
Facebook: facebook.com/joymichellephotography
If you decide to use any of the links above and buy through them, I’ll receive a small commission back. All of those affiliate income commissions really add up over time and help generate revenue to help support this podcast.
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