There’s a statistic that says millionaires have, at minimum, seven streams of income. Financial authors from Richard Kiyosaki to Warren Buffet all stress the importance of not relying on a single source of income. However, as a small business owner, it can be a struggle to find the time to invest in your business, let alone diversify your profit.
Let’s take the example of a small health and wellness business, such as a Pilates instructor. Your primary source of income is teaching group Pilates classes at a fitness studio. That’s your bread and butter, a regular source of income you can rely on every week. There are ample ways to diversify your business beyond the studio, without splitting your focus from your primary skill.
1. Teach private classes
Private coaching is one of the fastest ways to boost your profit. Your clients are willing to pay a premium to get individualized, one-on-one time with you. And here’s an example where there’s no need to restrict yourself to your specialty. If your have other skills, like coaching, mentoring, or organizing skills, you can expand your services to include these options, too.
2. Set up a website to provide on-demand fitness classes
This one requires more investment, with recording your videos and setting up the website. However, will option is virtually a passive income stream, requiring very little time to keep profitable. You’ll need to add new videos occasionally to keep your clients engaged, but when done right, this type of income is incredibly lucrative– just ask Kayla Itsines or JIllian Michaels.
3. Upload mini-classes to YouTube
Requiring less investment than your website, recording your class and uploading it to YouTube for people to use for free may seem counter-intuitive to profit, but it will act as a great marketing tool for your existing business. It will attract new customers to your business and act like a movie trailer for the real thing. Plus, you can enable YouTube’s monetization options to bring in another passive stream of income.
4. Utilize apps such as XrossWorld to access a range of new customers
Using an app such as XrossWorld to reach a wide range of new clients can drive new income into your business. A free tool that works well with your existing marketing strategy, or on it’s own, XrossWorld can help fill the empty spaces you have in your classes that you’re already teaching.
5. Train others
Teaching is big business, and there’s never a shortage of people looking to improve their skills. Establish yourself as an authority in your field, then profit further with training programs to help others become their best.
6. Partner with local nursing homes, schools, and community organizations to teach classes
Enjoy giving back to the community, as well as expanding your network of potential customers, by partnering with local organizations.
7. Review and sell equipment online
Whether you use Amazon, eBay, or your website, you can increase your profits and establish a new income stream by providing your clients with equipment and accessories.
Thanks to some strategic thinking and a creative approach, you can find any number of ways to diversify your business into multiple streams of income, and be well on your way to exploding your profits to an all-time high. For an additional boost to your business efficiency, check out our top six tips for revolutionizing your business with technology and our in-depth look on ways to explode your marketing reach.