If you have a dream life that your current income can't pay for, perhaps it is time to take diversification of your income seriously! Whether you go all in or toe dip into other sources of income, this post is going to give you my top 5 ways to multiple your income this year!
The best part is, anyone can do these things! You just need the courage to believe in yourself and take a step forward. If you need help with any of these reach out and let's chat as I have instant download trainings on each of these!
Option #1 - Monetize your current knowledge
Sell a how to guide or video training on something you are already doing. Here are a few examples:
If you bake, sell a recipe book or a video course on popular baking questions.
If you are the queen of budgeting, make a download that is generic enough to allow others to buy and get the results they are looking for.
If you made workbooks to help your kiddos learn a skill, offer them up as a download on Etsy or amazon.
If you are stumped on HOW to monetize your knowledge and want our help book a FREE 15 minute consultation call with Kate and her team here.
Option #2: Coach
You do not need to be an expert or have a degree in coaching, you just need to have a passion to help others and assist them in passing on your knowledge or support. In today's podcast I interviewed Annette J Morris of www.goalgetterforever.com She shared how she went from full time therapist to mindset coach in order to help people turn their goals and dreams into reality. She has written over a dozen books, has a store of amazing products you can purchase and ship worldwide, as well as instant downloadable courses and one on one coaching! I mean, let's talk about diversified income sources!
Coaching has been so rewarding! Seeing my clients confidence increase, sales increase, them being invited to speak at national conventions and more is such a blessing. Often times it is our mindset or lack of skill that is holding us back and I can help you with both!
Option #3: Sell a product
Did you know the global direct sales industry grew by 11 billion between 2021 and 2022, and expect3ed to grow another 86 billion in the next 6 years! Wow! It's no wonder you are hearing more friends chatting about their new business and it might be time for you to take a look too! I started in direct sales in 2008 selling spices, then jewellery in 2009. While pregnant with my second daughter in 2015, I finally saw the potential of the direct selling industry and became a top network marketer for 5 years in a row. I decided to refocus my business to social selling over the party model in 2021 and became a top 1% in a mere 6 months.
My mission for years has been to help women around the world make commas each month in their monthly commission cheques by working in the nooks and cranies of their day. Imagine making daily income by being paid to share products you love with familiyes and friends. If you are curious how you can make an extra money each month from your phone look at our free short training here
Option #4: Invest in assets
There are two ways to increase your income each month. Make more money or spend less. My goal is to do BOTH each month and invests the profit into building assets.
What are examples of assets in real life?
Property or land and any structure that is permanently attached to it. Personal property—boats, collectibles, household furnishings, jewelry, vehicles. Investments—annuities, bonds, the cash value of life insurance policies, mutual funds, pensions, retirement plans, (IRA, 401(k), 403(b), etc.) stocks.
Now if you have debt it is important to pay that off but I believe we should also build our future. One book I really avoided reading but ended up loving was Profit First by Mike Michalowicz.
Option #5: Duplicate yourself
Lastly, you can only do so much and only have 24 hours a day, 7 days a week. When you add in family, work, health, and life, you cannot and should not be working all 24 hours! This is where duplication or subcontracting can help.
In my direct sales world it means hiring a virtual assistant to create and post content for my Pinterest channel or help in branding. It also means acknowledging that if you can build a team you can make additional commissions and team cash bonuses monthly in return for your support of those under you.
In my coaching world it means paying assistants to run group seminars or supporting those clients that don't need 1:1 with me. Think of your daily and weekly tasks. Are there items on your list that you can sub contract out at a lower rate than you are earning for that task so you can accumulate more tasks that take your expertise to handle directly?
Don’t forget that...
There is no one size fits all for diversifying your income, just that you need to do it! I couldn't imagine if I had lost my job or my company shut their doors not having a second source or more of income! If you are ready to monetize your knowledge book a 1:1 free coaching call with me and we can see if my team and I can help you.
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