5 REALISTIC Income Streams for Business Owners

As a solo business owner or a business owner trying to finally hit $10,000 a month in revenue, it's going to be hard to get there when you just have one stream of income. When I'm talking about one stream of income, I mean maybe just one on one services, or maybe you just have like a course that you're trying to sell. But the quickest way to 10k months is multiple streams of income. But I know you, and I know you're already crazy busy and you're like, okay, but how am I going to get multiple streams of income when I'm already struggling with just one stream of income? Do not worry, I've got you here. I totally know what it's like to be sitting in your position. I was there for the first four years of my business working alone, by myself, trying to figure out the quickest way to getting 10k months. And so I'm going to walk you through the five streams of income that I have right now. And these streams of income are going to be the quickest way to help you get money in your pocket. Like now, I'm not talking about investments or dividends or digital art, whatever that technical term is. I'm talking about the quickest way to create multiple streams in your business today. If you're ready to finally have some consistency in your monthly income, make sure you hit that like, button. And let's get right to it. I know what it's like to run your business all on your own. And I know what it's like to struggle not knowing what you're going to make every single month. That's why over the past four years, I've been able to diversify how I'm making my money money. So that if something slips, one of these streams of income slips. It's okay. I still have the money to basically keep the lights on because I'm not reliant on just that one stream of income. So I'm going to walk you through the five that I have and I think are totally doable for any solo business owner or any business owner that's ready to get to that 10k a month kind of goal. And I'm going to actually break down the numbers that I made in 20, 21 in each of these streams of income. And real quick, before I dive into this, there is a previous video that I, I did a few weeks back where I break down the math. So picking these multiple streams of income and actually breaking it down into the math to know what you need to do each month how many clients you need to have, how many courses you need to sell, how many of these different streams of income that you would need to do to hit your income goal. And it doesn't need to be 10k. I just generally know talking from you guys in the comments and on Instagram and in the community tab here on YouTube, that's kind of most of your goal to get a consistent 10k revenue month. And so that's what I'm basing this off of. My first stream of income is my agency. And this could be one on one services. Anything that you have that you could help people with or you could help people do, it doesn't necessarily mean you need to be an expert. When I got started and I quit my full time gig in the government, I literally was doing social media management. I played around on instagram back in 2015 and I was like, I can do this, let me offer this to some people. And literally my first client was working on her Instagram account, posting, responding, growing her Instagram account before diving into YouTube and figuring out strategy and deciding that was the route I wanted to go. So this is one of the easiest streams of income that you could start building right now. It doesn't have to be a full blown agency like we have, for example in our agency we have two employees, we have two contracted video editors. We also have a thumbnail agency hired as a third party source to create our clients thumbnails. It does not need to be that elaborate. Like I said, you could just offer like 20 hours a month to somebody to help them post their Instagram, to help respond on their Instagram account. Like you don't need a degree to do that, but that's going to help you start getting that flow of reoccurring income or reoccurring revenue every single month. And there's a huge opportunity here for one on one services or an agency style. And I know we hear a lot about you need digital products, you need a course, like services are over. But I'm telling you, the past two years in my agency have been a huge thing, success. In fact, in 2020 alone, our agency stream of income for the entire year was $200,000. And that is income that is consistent every single month because they sign retainers, we manage their YouTube channel, we edit their YouTube channel and they sign a contract. And once they get into our systems and our workflow, they see how easy it is to get consistent YouTube videos up, so they're sticking around. A lot of our clients have been with us, but Past a year. One of our clients has been with me for three years. This is such a golden stream of income. And I know service providers get a bad rap online, but it is totally doable and it is a great place to start. The second stream of income that I want to talk about is a little bit different than agency or one on one services. When I'm talking about that stream of income, I'm talking about something that is reoccurring, right? You're getting them on a retainer base so they want to sign up and work with you for 3, 4, 5, 6 months. However you want to map that out. The second stream of income I'm going to lump in as services. And for me, what that was is VIP days. So in a VIP day I would literally map out a YouTube strategy for a client like from ground up, and that cost $4,000 for one day of work from me. And what's great about these VIP days are you can quickly get to 10k months just by working like 3 days, right? If you have, you know, a service that you can do, a VIP day where you can charge 4,000, even if you can charge $2,000 a day to do something for somebo, you only need five clients. That literally means five VIP days that you could do to hit that 10k month. Now you're going to have to do that every single month. Find five clients every single month. But in that video I talked about earlier, this is just one piece of the total formula to help you get that reoccurring income. And you're not putting all your eggs in that basket for VIP services. Now I also want to lump in here consulting. So I have also done a one hour strategy sessions as well. I'm currently not offering them because we are other things behind the scenes right now. Now I charge a certain amount of money for an hour of my time and that literally means me popping on a one hour call with somebody to talk about their YouTube strategy, help them figure out what that next step is or what's going wrong with their YouTube strategy. So if you have an expertise or if you have a special skill that you could help people with, you could also offer kind of these consulting services that I'm lumping in with VIP days as well. Now for me, this stream of income wasn't huge, but it did help me contribute to almost hitting half a million dollars last year. And for the year we made about 10k in consulting fees or VIP days. We didn't do a whole lot of those. It's just something we were playing around with and testing towards the end of last year. But you can see how if you are consistently promoting these and incorporating them into how you're going to get to 10k, how that could definitely be beneficial. This third stream of income is really beneficial, especially if you trying to get to that 10k. Maybe you're doing services and you don't have the time to do any digital products or any courses, but affiliate revenue is a huge opportunity here. You could affiliate for Amazon, like anything that you use on Amazon. You could link in your videos if you're doing YouTube content, or in your email letters or on your blog post, or any tools or services that you use. I use Tubebuddy and I get a check from Tubebuddy every single month for affiliates that I've helped them sell. I also affiliate for FG funnels because I honestly think they are the best funnel provider out there. And we have moved all of our stuff over to FG Funnels and I think it's, like I said, a great resource. So I want to talk about it and I make commission whenever somebody hears me talk about FG funnels and decides to try them out as well. And for me, affiliate revenue, this stream of income was actually more than my consulting and VIP days. And in 2021 alone we made over $18,000 just with affiliates. And this is something I'm doubling down this year. We're looking at more opportunities, we're looking at more strategic approaches to make more money from affiliates. And so that's why you do hear me talking about FG funnels more. Because we do want to open up that stream of income, particularly in my business, because it's not hard to talk about something that I love, right? And it's not hard for me to talk about equipment and tools and courses that I love. And I would recommend to you. And it's great that so many of these brands and businesses allow the creator, the business owner to make money talking about things that they already love. The next stream of income I'm going to talk about is digital products or low ticket products. So I want to talk about anything that is under $100, like a $10 template or a $27 mini course. I talked a lot about digital products in a video last week, so I will link it right up here for you to catch after this particular video. But I dive into nine different digital products that you could create and that' particularly what I'm talking about in this stream of income, things that are super easy for people to buy it's not a couple hundred dollars. It gives them that first taste, that first trial of working with you. It helps you start to build that trust with that person when you can provide something super valuable at a smaller price point. Now, my friend Christina Scalera, she talks about creating an entire shop on digital products and I do think that is a great opportunity. But I know you and you have a lot of work on your plate and you're just trying to build these streams of income with the minimal time that you and so I would recommend just having one digital product that you could use to start helping build your email list because any email provider that you have, it's going to cost you money. And I would love to help kind of offset that cost of that email service provider by getting you people on your email list that are prime to buy. And so the people that are buying a small price point digital product are going to convert higher into that next step with you, whether that is the one on one services or that is a couple hundred dollars course, as opposed to building an email list full of people who just got freebies. Because those people, it's going to be hard to get them to jump up to a couple hundred dollars price point product. So for us, our digital product revenue for the entire year was about $14,000. The primary reason is because I promote my prep system and this is called my self liquidating offer. It's how I get people on my email list and it's also a piece of marketing material that I have to help grow my email list. So if somebody wants me to be a part of a bundle, that's something that I can provide at a smaller price point to help me build my list. But giving people a sense of what it's like to hear and learn from me. I will make money off of commission if I promote that bundle. Otherwise people buy the Bundle for like $100 and they get access to my digital product for free. So it's been an email building opportunity for me and that's why that is so much lower. That $13,000 this month is so much lower because it's not been my core focus. Now before I talk about kind of what is my core stream of income or what has been just as big as my agency stream of income. If you're starting to think about different ways you could create multiple streams of income, but you're like, but how does this all fit together? How does my content then drive people to this? How do I create this funnel? I am hosting a free workshop called how to hit consistent monthly revenue in your business. I'm going to link to it here on the screen and it's going to be done in the description box below. But you need to apply to get your ticket to this training. It is a private training. Only those that are accepted will be available to attend this training. So if you're really wondering, like how do these multiple streams of income, first of all, how do I create these? How do I know which one to start working on? How do I know what content to create to build these multiple streams of income? And how do I have the time to do all of this? Trina, I'm just a team of one. I'm going to be covering exactly that in this free private training. Like I said, this isn't open to everybody. This is open to selected people who apply. Head on over to trina little.com forward slash private training. Fill out the application and you will hear back from us within five days whether you've been accepted to join us in this training. I'm telling you, this is the best training that I've ever created and I'm so excited to be sharing this with you. So if you're wondering how this all fits, make sure you apply now. Okay? And that fifth stream of income is my core product, Video Strategy Academy. It is a thousand dollar course and it has accounted for $212,000 in my business in 2021. Now, I've had this program for over four years and it's taken time to build it up to this. We had one really great successful launch at the end of 2021 and we most recently hit our first six figure launch in 2022. So I can't wait to see kind of what that stream of income is going to look like at the end of this year. But I can't just come out of the gate with a thousand dollar course. And I know from experience because I did that when I got my business started, I came out with $1,000 course and guess how many people bought it. And one was a friend who felt bad for me. And so that's why it's so important to have these multiple different levels that are doable for you, doable for your schedule, because I know you got a lot going on as a team of one. But you're creating these different ways to get income into your business so you can start hitting that consistent 10. And once you start to really strategize which one's working best, you're going to start to see where you can pull the lever to crank up one stream of income while you work on another one, or kind of put one on automation so it can work for you while you are working on another stream of income. And that's why it's so important to have these different ways to make money, because just having one makes you so vulnerable to any type of thing that's going on in the world. I never imagined that I would have an agency. That was never my plan. But when 2020 hit, a lot of people didn't have a lot of time to do things. And guess who could do it? Guess who could do the YouTube strategy and the editing. And I really benefited off of this, you know, lack of time, because guess what? There are business owners out there making multiple six figures, seven figures that need somebody to do the work for them. And I would have missed out on, like I said, over $200,000 this year if I hadn't thought about that stream of income. Now, I talked about a video earlier about how I down the math or how you can really formulate which streams of income you should focus on and what are the numbers you need to hit to make $100,000 in your business. I'm going to put that video on your screen right now to watch next. But before you watch it, make sure you apply to the free training that I'm hosting. Remember, it's private. You've got to apply to it, and we'll be in contact with you once you apply on your next steps. All right, I hope I see you there.