Creating Revenue Streams
That's so bad revenue stream what do you think? Self revenue streams and this is a mind mapping myself whether I use which we will also talk about and again, if you haven't gotten the workbook this isthe about time now because now it's about creating revenue streams and we have that on page thirteen and page fourteen off the off the workbook so revenue streams, you know and I put it out like this so if the business is in the middle then the money should come from different entry points and there's passive income and there's active income so what's passive income you don't have to do anyways so beautiful. Yes see, you know so you always want some passive advertising because when you are on this yacht in the british virgin island visiting richard branson you want the money to come in because somebody's gonna pay for your vacation so he said I feel good. Okay, let's, talk about what's your main product. How is anybody gonna goingto order your product? Is there an upsell? And if they don't...
want your product is there down cell so it goes like this. Somebody goes to the website, they look at the women's code ambassador of course that's four hundred ninety seven dollars and they go well, sounds real interesting now they want to leave I'm going wait is it the price because we also have you know the the work life balance course and it's only one hundred ninety seven dollars and then that's the down cell right before they leaves like was it the price and here's something something cheaper if something somebody buys it and they go through the course it's easier to sell some something to somebody who's already your client and maximize wth um so what can I give them in addition so they become a repeat client so I said did you like the course would you like one on one coaching you want to join the mastermind you wantto v I p day you know how is the experience so you want to maximize abort and you want to make sure you have a failsafe downward and if you don't want that how about my how about you go and you go amazon and by the book so you know in a good funnel there is you know money on every way so that's an income stream so the courses in income stream and online course an income stream a um a video on online video could be an income stream and people could be an income stream a um one on one coaching a consultant could be a serious of coaching sessions could be so what could you provide that could make you money so think outside ofthe just your regular outside of your regular product and in the workbook we we have this as you know I've put this out so identify what and we're just doing this with two revenue streams so think about tell me I want you to tell me to revenue streams and again for everybody who's life out there in uh in the life audience this is a great time for you to tell me what are you revenue streams on dh not your main product but additional revenue streams that you could create outside of your product that air creating how much by when because this is about the commitment okay and do we have anybody who dares to go first? Not you can e that to my ideas um so I currently have a product I have an intentional planner that is a printed out planner um and I'm from this discussion I'm creating pdf ce what you shared about like give right creating into a pdf format um and then I also see the possibility of mentoring through in community so creating an intentional living mentorship that that people are they get measured on what it is to be and live intentionally and then also have a community of people that they connect with and they can they can create you for example could do a meet up group because you can charge for meet up groups so there's a way teo to use a meet up group as a a za money making venture you can also charge for google plus communities. Yes, and and that's. And you could do it on a monthly basis, right? You so that it's actually a membership to be part of the community. And in exchange for being in that community, they could get downloadable. Pdf ce that would allow them to actually express their intentions in a way that they could have a keepsake. Yes, at the at the end of the year. Wonderful. I think I like that. Okay. Anybody else? Mary tio? I can only think of revenue streams that I currently have. I can't think of anything that I don't have, but so it would be head shots or their own entity that air sort of quick and easy. And then my session photography. And then I also do school photography with I'm backed by a separate company. And so that creates revenue for me throughout the entire year. Okay, um product. Oh, well, yeah, sorry. That's in there too. I swear. What kind of products could well that's why? View for prince would prince canvases cellphone covers boxes? I mean, the options are kind of endless days from I have nothing to endless that took you, what three sex t mean it's our bundles? You know like if I have the client who's already paid for the session fee then it's just a up cell it's not a whole new revenue stream that makes sense you don't think an upsell is a revenue stream I don't think it's a separate revenue stream and I think of it that way ugo yeah because uh you know think about this way and your tax rate you know in in in in your profit and also the way you calculate us you want to know how you making money? Sure. So when you have your your item number one let's say the session makes you let's just pick a number let's say the session makes you a thousand dollars let's pump it up I've sell product number one well wait until we get your squirming about the number um the opsail number two is I'm able to sell them prince and prince for another three hundred dollars the next ups ellis I sell them an album that is x amount of dollars that's really three different things so you want teo you know do this line item by light and those are all individual revenue streams because and I tell you a great story about this. So the read the way I got to celebrity home stories and how became the worldwide leader selling to seventy nine countries he's at home stories went like this so I had my stocks indication and I was selling architectural an interior photographs if you go into any bank and behind you know the teller it has said sign says remodel your house that would be my image the house you know he went to the paint store and they gave you you know that the image off you know this is what blue looks like on an exterior and yellow those could have been my images and then one day my first photographer came in and he said I any just like sort of through this on my desk and says, you know, I just uh photographed madonna's house and it came out of embargo would you be able to sell that for me like madonna's house madonna's house and because it was a photo editor of elle magazine of course I knew that I could sell these stories because that's what I used to do when I was you know in back in germany so I put it out into my syndication and people went bananas over it and so I kept doing a couple of these and then the day x came and my controller who was meticulous about putting these items in line by line by line by line came in my office she closed the door, she locked it she said down she threw the report right in front of me and she did this like, oh no, I did something wrong and I took this report and I looked it in very much like we just looked at the numbers, you know, at the blogged my eyes get this big and I said, holy smokes and she said, exactly and what did the numbers tell me? The numbers told me that my celebrity syndication already out salt all the other stock, individual single stocks indication that I did. And only in six months, when I started that line of the business, it already outsold the other one. What do you think that told me I should concentrate on very good off course. That's what I should be concentrating on. So now, of course, I went out and I went after more photographers in the space. And I did a lot more that's. How became the worldwide leader and that's? How attracted the attention off corbis, which is the privately held company by bill gates. And then they came to me, and they said, could you show us on how you do it? I'm like, why would I show you how to do it? If you want to know how I do it, you're gonna have to buy my company and they said, ok, is that but I'm really expensive, and I said, okay, and that's how I, you know, got to that's how the big turnaround came is by looking at the numbers so I can not overemphasize enough it may look like overkill or like a little bit too much work at this moment in time but you must must know where the money's coming from because that might be the opportunity in disguise and for you too to miss that and to just have sort of a modeled thing that's called income where everything is in there will not help your business the more specific you are the more specific you can you know find two new actions make sense okay do we have anybody out there who wants to share their revenue streams with us we have yeah but maybe at the beginning of the next second we might have some ideas absolutely you know people are saying how excited they are how engaged they are travelling stamps is saying you know it's not steps but faces of engagement on the same they miss it they felt they actually missed the first step I'm going back now I'm taking when you work with the social network etcetera we got some good questions that come in those smoke we got a great comment from polynesia says wow I only just logged in from the u k and beyond just answered one of the questions I've been thinking about for ages so it's one of its one of those ha's everyone's having their own ah ha's for sure people were getting very hung up on their klout scores earlier, it's getting very competitive in the chat room. Jeanne marie was very proud of the fact that hurts me. Max her age, I was shocked to discover that my missus zero million mine matches mine. It matches my joke age, there's, there's actually a lot of good comments, a lot of thinking around what we're going to explore in future segment. So stay tuned. Your questions are being logged, and we're ready to answer those when we get to that point in our next segment, if actually is coming up it's going to be money funding and budgeting your business, which is, of course, crucial. Tell us more about that. Yes. So the next segment we will talk about who has the money gonna come from and how much do I even need? They say that eighty percent off small businesses fail within the first three years not because the owners are incompetent, but because of a lack of funding. There's a certain you know, the things you need to know about money, and I'm going to tell you in the next segment where the money's going to come from on how sort of this hole uh, where you can go to get the money and then how to come up with a number? Because how do you even know how much money you need and what you should prepare for? So we will. We will be talking about that. And, um, here's another quote which I like a lot is called it takes courage to grow up and become all you really are. And this is the end of the part off the motivation that, you know I'm really, really big about I mean you by now you figured it out, it's all about you, it's all about what can I do for you? What can I tell you? What can I give you so that your confidence level goes from the to the yes, I can do it. And I will do it in the commitment to go out there and do that growth as a person and as a business owner is not easy and that's. Why? You know why? The people that rise to the top and when they tell their compelling stories and then they tell their stories, we we associate and we connect with them on that level? Because a lot of these stories are just like our stories, I said it earlier, I'm a thirteen year overnight success. That means it took me thirteen year, the first time before somebody really, really noticed until I hit that and I just told the story off the celebrity homes that is my claim to fame. Now today I'm one of the few women let's sell the company to bill gates. You know, a creative company where I didn't even own the material it was. I had licensing agreement with my with my photography people there's a how's, it even possible everything is possible, but it's required from you, too. You know, in the segment, we would talk about the testing in the probing and the surveying in the researching. I cannot overemphasize enough if you want to get to that next level. It's not just about what you think, it's, about what your market tells you, and when your market tells you you're onto something like the celebrity homes for me. Don't be afraid to throw everything out the drain and just focus on that for now, because again, we talked about making money. Cash in the bank is thie keyed to survival for a business.