No matter what business you’re in, multiple income streams are necessary for survival. Take this past year or so for example: if you only have one income stream, that is foot traffic through your store, and something like a pandemic comes along causing you to shut your doors, you’re now left with nothing at all and nowhere to move.
I teach all of my clients about business resilience. The ability for your business to make it through any adversity and come out swinging on the other side is essential for long-term success. But how do we achieve this resilience through multiple income streams? First, take a look at what is already making you money. How can you expand that so that if your brick-and-mortar store faces an issue, you aren’t left in the dust.
An easy one is establishing an online presence. If you have an e-commerce store you can direct your customers to, that is now a completely separate audience and source of income that won’t be affected the same way as your store. Vice versa, should your website crash or problems with the internet arise, the storefront is there to lean on.
Now, this can easily be overdone, however. I’ve known people to have so many streams of cash flow that they’ve ended up spreading themselves too thin and can’t get any of them to function properly because of it. There isn’t some magic number of streams you need, but starting with just two is already a step above the rest. The goal is to take what you’re already doing, do it better or differently, and without any added stress. Once you do that, you will build resiliency so that no matter what happens, no matter what impact comes into the business, you will be able to continue to not only just survive, but thrive.
If you haven’t achieved the results that you really want to achieve with your business, I’ve got you covered. I have a masterclass coming up that I’m going to be teaching, and it’s called From Struggling To Profitable. it’s going to be a free, 60-minute workshop that you can attend. And we are going to talk about all of these things so you can go from not having any cash in the bank and being stuck living in current circumstance to being cashflow positive and feeling the possibility in your business .Join me LIVE Tuesday, April 27th at 3pm EST by signing up here! Don’t forget to mark your calendars.
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