Written by Myra Stacey, KNOW Women
Thriving with Diverse Income: Insights from Multifaceted Entrepreneurs
In a world where financial stability is often synonymous with a singular, focused career path, the concept of diversified income streams emerges as a beacon of innovation and resilience. “Thriving with Diverse Income: Insights from Multifaceted Entrepreneurs” is an exploratory journey into the lives of ten remarkable women entrepreneurs who have broken the mold, embracing the richness of varied revenue sources. This collaborative article is not just a narrative of success; it’s a roadmap filled with real experiences, strategies, and insights from those who have navigated the complex terrain of multiple income streams.
At the heart of this exploration lies the burning question: What inspires a successful entrepreneur to step beyond the conventional and venture into the world of diversified income? Is it the allure of financial security, the thrill of new challenges, or a combination of both? We delve deep into the motivations that drive these women, uncovering the catalysts that propelled them from traditional business models to the dynamic world of multifaceted entrepreneurship.
But inspiration is just the starting point. The crux of success in managing diverse income streams lies in identifying and selecting opportunities that not only promise profitability but resonate with one’s skills and passions. How do these entrepreneurs spot these golden opportunities? What criteria do they use to sift through the myriad of options to find those that align perfectly with their unique skill sets and interests?
Sustainability and profitability are the twin pillars upon which these diverse income streams stand. Our article sheds light on the strategies employed by these entrepreneurs to not just initiate but also maintain and grow each revenue stream. These stories are a treasure trove of practical advice and proven strategies.
Lastly, the art of juggling multiple revenue streams without succumbing to the pitfalls of overextension is a skill in itself. How do these women manage their time, resources, and energy to ensure each venture receives the attention it deserves? The answers, as diverse as their income streams, provide a fascinating glimpse into the world of effective multitasking and strategic planning.
“Thriving with Diverse Income: Insights from Multifaceted Entrepreneurs” is more than an article; it’s a celebration of entrepreneurial spirit, a testament to the power of diversification, and a guide for anyone aspiring to create successful, interconnected revenue streams. Join us as we journey through the experiences of these ten visionary women, uncovering the secrets to their success and the lessons they’ve learned along the way.
As a solopreneur, I have a limited number of hours per day that I can allocate to coaching and consulting, which is the primary revenue generation in my business. In order to increase revenue, I either have to hire additional coaches, raise my fees, or add other sources of income. I used multiple assessments with my coaching and consulting clients and realized that I could actually generate additional revenue by training and certifying their internal experts to use the products themselves. This strategy allowed me to sell products directly without providing service delivery and doubled my product sales!
The mortgage business is my day job, and I love helping my clients obtain a home and begin their wealth-building journey. I also love investing in real estate and leveraging the banks’ money to acquire additional assets to grow a portfolio. As those assets grow, they provide additional revenue along with self-banking opportunities. As your own bank, you can invest in anything. That is true diversification.
Creating multiple revenue streams stems from my identity as a multi-passionate person. Once I started and built a successful first business, I simultaneously carried on the work of pursuing my personal development. As I discovered and accepted more about myself as a person and businesswoman, it was clear to me that conventional “niche down” advice didn’t apply to me. From there, I started and have built several other successful businesses.
One of the biggest reasons I drive revenue in different ways within my business is because I am multi-passionate by nature. I love the 1:1 + group coaching side of what I do, but I also really love event planning. It was a natural progression to create a leg within my company that curates in-person events for female entrepreneurs. This allows me to be creative in a different capacity!
Drawing from personal experience, I’ve come to recognize that relying solely on a single income source is akin to entering the Super Bowl with just one play. Such an approach is not only impractical but also counterproductive. I carefully studied affluent individuals, and it revealed that the route to financial independence and generational prosperity lies in the diversification strategy.
How do you identify or select new revenue streams that align with your skills and interests?
I pursue my passion and explore different interests because it allows me to be creative and engage in various projects or ventures. My current passion for affordable housing is rooted in a desire to provide equal opportunity and empower families through access to stable and affordable housing.
I guide women entrepreneurs to make revenue directly from their NATURAL GENIUS. This is what they are best at, what gives them the most joy and what makes them the most money.
I’ve been in real estate as an agent for almost seven years, and owning rental properties has always been my top of mind. I started educating myself right out of high school on how to become a real estate investor, and learning about that opened the doors to other passive investing forms, and I could add in without taking up more of my time. Once I got into the coaching space, I was able to create my own offers that lined up with how I enjoy engaging with people directly while also balancing the time freedom I wanted.
Always follow the customer’s lead. Don’t try to make fetch happen. Listen to your customers and provide solutions to them.
I think about what interests me now and in the long run and imagine myself doing that for years. If I can see myself doing it with some level of enthusiasm, I try it out.
The first and most important strategy is to ensure that the business owner herself is sustainable. Once that is achieved, the next step is to ensure her revenue streams are sustainable and profitable. If she isn’t sustainable, her revenue streams have no chance. When she IS sustainable, her revenue streams will SOAR.
I joke that I, in a sense, run three different businesses right now, and it has been a huge adjustment for me over the past year to go from my 9-5 job with only the coaching business on the side to now working from home for myself growing these businesses. I try to break up my time with each business/income source by blocking my time and allowing myself to work on just one task at a time for a predetermined amount of time before moving on to the next. As for staying profitable, I also track each one separately in QuickBooks to keep track of money coming in and going out.
Introducing new streams of revenue can be overwhelming and a little bit scary. Planning ahead and developing a clear marketing strategy that begins with market research can help ease those worries because you’ll have a clear path forward. Truly understanding who you are targeting and being able to create marketing assets that make them wonder how you got inside their head will help your revenue stream be sustainable and profitable.
Irrespective of the type of business held within VANBAR Holdings, I’ve found there are three fundamental strategies I employ across them all. First, financial management. For this, I’ve used and had great success with implementing the Profit First Method. Second, excellence is a pillar in how I strive to do life and business. Third, continuous improvement. I only get better, baby!
I layer our product and service offerings to complement each other. Whether you are selling a product or service, charging fees or subscriptions, or licensing – revenue streams will vary in frequency, predictability, and profitability. Make sure that you are consistent, diversified, and scalable.
The million-dollar question! It’s like being the quarterback of your own financial game. I’m big on setting priorities – those revenue streams that demand more attention get it, while others still get their spotlight but allow other players to assist with those streams. Time blocking is my secret weapon, and I protect my calendar like a vault secures priceless gems – no entry without the right combination! And when it comes to resources, it’s about allocating wisely – whether it’s manpower, funds, or tech tools. I don’t shy away from resources that are needed so long as it makes financial sense.
I identify the most important and time-sensitive task, then I set time blocks to avoid distractions, and I always set achievable goals to help me stay on track and make progress in each area.
Only jump into another service/product if you have the time to dedicate to it, and it will be profitable for you. Know when to hold ’em and know when to fold ’em. Just because you want something to work or you really like it doesn’t mean it’s the right time for this product/service. Your customer needs to want it, and you need to have the resources to make it B+ for Go To Market. Note: it does NOT need to be perfect, but you don’t want to discount your brand, especially to your existing customer base.
Time blocking is super effective for just about everything in my life, particularly juggling multiple work projects. I love to dedicate certain days of the week to certain revenue streams. I honor that free-flowing also feels good, so I leave many Fridays up for whatever comes up organically.
This can be extremely challenging for a solopreneur! I outsource some of my business functions that I don’t like to do and/or know I don’t do well, such as bookkeeping and marketing. This allows me to do what I do best: work with my clients, assess new tools and products, and network.
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