The 5 Income Streams For One Person Businesses

By Tsvetanka Petrova

Many business owners get confused as to where the money is going to come from. There are 5 different income streams and they all require different strategies to get the ball rolling:

1. One-On-One clients – Weather you connect with your clients face to face or on the phone, you are trading time for money as your clients pay you by the hour (or however you structure your billable time). That for a beginner is usually priced very reasonable as while the practitioner gets well known in the community (online or offline) this is the main source of income.

2. Group Meetings – They could be programs, workshops, seminars, mastermind retreats, classes, teleclasses. They all aim to leverage your billable time. The price is usually little less per person than if they are to engage you one on one but what you aim for is quantity – the more people sign up for the group meeting, the bigger is your pay per working hour.

3. Products – Different leverage for your business is product creation. These are – books, ebooks, teleclasses, audio or video recordings, even whole training programs. Anything that your clients can find on the web site, click to pay and download instantly or receive by the mail in a few days. They are great to leverage your working time because you are not charging by the hour here. You do the work once and then you keep getting passive income from that work. The thing is, initial investment of time is to be included in the decision to make a product.

4. Privileged information – While your business grows, so does your list with trusted partners as well. It’s not the same to have any VA and THE VA that does a splendid job in your business. You own clients would be interested to get in touch with your vendors and benefit from the quality of work they’ve done for you. That information could just lay out there for free, or you can create a membership area where the secret answers can be found. Anyway, if you’ve worked to find that resource, others will have to either find the wheel on their own or pay to get the whole contact list (and usually plus much more) on a silver platter.

5. Licenses – This is the number one reason why you need to create a unique method you use, unique philosophy, or technique you can name. Over time, others will read your books and love your teachings, will be on your programs and love your teachings and….want to be like you. So, you can train them to be a licensed copy of you and do exactly what you do. That is the ultimate income stream because with a 7 day training you can earn your income for a whole year ahead and then go surf while somebody else goes to make money with the action plan you gave them.

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