Diversifying Your Income Streams

2020 has had more ups and downs than my favorite rollercoaster ride at Disneyland and I hope we get to exit this ride soon! But one of the many learning lessons this crazy year has taught us so far is to NOT put all your eggs in one basket when it comes to your income.

Whether you have a full-time job and your goal is to soon be a corporate escapee or you’re juggling family life while building your online business, the best time to create more options and diversify your business is before you need to! The second best time is NOW!

That’s why today I’m going to share how I’ve diversified my business to create more OPTIONS in my life by having three very specific streams of income and how you can do it too!

Here’s a sneak peek of what we talked about: 

• [5:38] Don’t put all your eggs in one basket!
• [7:18] My three streams of income!
• [16:56] What to do when imposter syndrome creeps up!
• [17:58] Why you shouldn’t dismiss or skip one-on-one work!
• [21:56] The power of brain dumping!

Don’t Put All Your Eggs in One Basket

The number one thing that I want you to become vividly aware of is that regardless of the industry or the niche that you’re in, don’t put all your eggs in one basket. Even if you’re in a very good spot right now or you haven’t been directly affected by the pandemic, you are setting yourself up for success when you create more options in your life!

Peeling Back the Curtains: My Three Streams of Income 

People may not realize that in my business I have three main streams of income: my digital course & backend membership, affiliate marketing & referral relationships, and consulting. 

1. Digital Course & Backend Membership: I’ve recently shared on the blog how my digital course, Lights Camera Branding (LCB) created the opportunity for my LCB Insider’s Club backend membership. The LCB Insider’s Club was literally birthed because my students demanded it. This has been an additional stream of income for my business and one that other entrepreneurs have started to replicate.
2. Affiliate Marketing & Referral Relationships: I’m a huge proponent of affiliate marketing, or what I like to call “referral relationships.” This is a huge option that I don’t see enough people take. Before LCB existed I started off in this online marketing space as an affiliate marketer by promoting other people’s programs that I was a student of. Regardless if you have a digital or physical product, affiliate marketing is an essential stream of income that every entrepreneur and business owner can benefit from.
3. Consulting: Prior to building my online business I was doing one-on-one work as a makeup artist, wardrobe stylist, and set designer. Even after creating a seven-figure business, I still have not let go of my consulting. I still do wardrobe styling on a one-on-one basis for a very select few clients. Because I never fully gave that up, consulting has given me the opportunity to work with some amazing humans who are doing some amazing things in the online and offline space.

What to Do When Imposter Syndrome Creeps Up

When I see the same people suffering with the same thing over and over again on repeat, it might be that we didn’t learn the lesson the first time. If imposter syndrome continues to creep up on you, maybe it’s because there’s a little bit of truth to it? I know that can hurt a little, but this is something that you have to ask yourself.

I see so many people, especially course creators and digital entrepreneurs, second-guessing who they are to do this and if they have the experience. The honest answer is that you have to look within. Most of the time the answer is, who are you NOT to do this, but sometimes there is a little bit of truth to why you’re feeling like an imposter. Here’s the solution:

Why You Shouldn’t Dismiss or Skip One-on-One Work

A massive mistake that I see far too many course creators and digital entrepreneurs make is dismissing or skipping altogether doing the one-on-one work. Sure we all want to scale fast and scale big but in order to do that, where is our knowledge coming from? That’s what helps squash Imposter Syndrome when you’re CONFIDENT in the results you’ve gotten for your clients.

There is power in working, learning and the experience you gain by doing one-on-one work which is why I still do it! After years of consulting work, I can predict what my clients’ and students’ obstacles, challenges and problems and why they’re coming to me.

Whether you’re doing one-on-one or one-to-many, don’t skip the power of learning what your audience needs and how you are the solution for that. Business is a matter of identifying problems in the marketplace. We raise our hand as entrepreneurs to say that I have the solution to overcome that problem, so do not skip doing the one-on-one work.

The Power of Brain Dumping

It is time to take pen to paper to write down and brain dump how you can diversify your business. Give yourself 15-20 minutes of uninterrupted “airplane mode” time where you turn off all your distractions and let the ideas flow.

I teach the art of brain dumping with my students because it helps them to overcome being a perfectionist, overthinker, and procrastinator. This also gives you permission to just freeflow and write whatever comes to mind.

When you brain dump I want you to think about: 

• All of your skills sets (i.e. software, social media)
• Work experience (i.e. jobs, volunteering)
• Knowledge (i.e. education, training, certifications)
• Life skills (i.e. public speaking, organization) 
• What do you get asked about on repeat, “How do you…” or “Can you help me…”

This is a list to help you get started, but the real power of brain dumping is taking your mind off of trying to juggle all the things. Allow yourself permission to pause. Let this brain dump be the catalyst that gets those ideas going that are going to diversify and strengthen your business!

With Grit & Grace, xo!

Tiffany aka Coach Glitter