Create multiple streams of income for your business

I’m not your typical business consultant.  At least, that is what I have gathered in talking to my clients about their experiences with working with other consultants.  I am not generalizing so if there are some consultants out there that think like me, then you obviously don’t fit in this (blah, blah… you have to say stuff like that or people get huffy thinking you’re talking about them… if the shoe fits…).

Anyway… one of the things that I believe sets me a part from other consultants is a phrase that I like to use, “Dare to dream.”  Sounds easy enough, right?  Not always.

When planning to start a business or while running a business, you have to make practical decisions.  You have to weigh each decision carefully to ensure you are on the right track and doing what’s best for yourself and for your business today, tomorrow and ten years from now.  But what happens when your vision gets so practical that you can’t see the future of your business?  What happens when you are so focused on being practical that you can’t dream of expansion or see what’s next?

By daring to dream, I encourage my clients to think of other ideas that are complimentary to their current business so that they have multiple streams of income.  Let’s use the example of a bakery.  Yes, my client is great at baking desserts.  She has a cute a little shop and does ok providing for herself and her family.  However, one day I asked her to dare to dream of where she wanted her business to go and she said, “I want to own a banquet facility to rent out for special occasions with an industrial kitchen for catering.”  I am the type of person that believes anything is possible in my own life and for my clients so I responded, “Let’s put together a plan.”

You see, her dream expanded the vision of her bakery to create the following streams of income:

  • revenue from the sale of her baked goods
  • revenue from opening during lunch hours during the week and operating as a deli
  • revenue from the rental of the facility for weddings, receptions, parties, etc
  • revenue from renting the industrial kitchen to caterers without access to such a facility
  • revenue from catering the events being held at her facility
  • revenue from bringing in a chef and using herself to provide cooking classes for the community

How many of you saw that coming?  LOL… that’s what I get paid to do.  I help my clients to see how their dreams, with a proper plan, can help them live the life they’ve always wanted.  When you have five streams of income versus just doing the one thing *while operating within the core mission of your business* you are building an empire for yourself.  On any given day, she is making money from one, two or all five sources.  How much better is that?

When thinking of your business, dare to dream of what you want it to look like at its peak, then contact me (contact@lakeshawomack.com) for a complimentary consultation to see how we can make it a reality.

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2 thoughts on “Create multiple streams of income for your business

  1. Love this! Recently, I’ve been thinking of ways I can have multiple streams of income. As you know, I’m in the process of monetizing my main blog and writing a book. Some other things I’ve been thinking about are becoming a writing coach/consultant and maybe even doing a few ebooks. Thanks for posting this; this was the kick in the butt I needed to go ahead and a least start researching my options Lol. : )

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    • All of those seem doable because they are in line with your main business ventures. The most important thing to do is create a plan so that you can have systems in place that will allow you to work efficiently and not create three or four times as much work for yourself.

      Like

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