In episode #1261, we discuss why and how you should go about building different income streams within your business. It’s not about having multiple businesses, but about knowing how to monetize the various aspects within your sphere. Tune in to hear how you can optimize the low hanging fruit in your business!
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Welcome to Marketing School, the only podcast that provides daily top level marketing tips and strategies from entrepreneurs that practice what they preach and live what they teach. Let's start leveling up your marketing knowledge with your instructors, Neil Patel and Eric Sue. All Right, guys, before we start, we got a special message from our sponsor. If you want to rank higher on Google, you got to look at your page speed time. The faster website loads, the better off you are with Google's Core Vital update. That makes it super super important to optimize your site for low time. And one easy way to do it is use the host that Eric and I use, dream Hosts. So just go to dream host or Google it, find it, check it out, and it's a great way to improve your low time. Welcome to another episode of Marketing School. I'm Eric Sue and I'm Neil Platel and today we're going to talk about how to build multiple income streams at The question Neil for you is should you even try to build multiple income streams at the same time. That's the first question you should And when we're seeing multiple income streams, that doesn't mean you need to do multiple businesses. You can end up monetizing in many ways. You can. For example, Eric and I both have blogs. We can generate income through consulting. We can generate income by putting ads like we are on this podcast, Thank you dream Host. And you can also end up generating incomes from things like public speaking, which Eric can I both do as well. That's just the example of how we have multiple income sources but for the same exact business. Dude, Actually we should we should talk about this podcast more because it actually is multiple income streams. But I'll give you an example, like I've had this skill share course maybe for the last three or four years, and it's the gift that keeps on giving. I get like this, this four or five hundred PayPal transaction each month from this course. That is an income stream, right, So you can easily you can build a course out there. To Del's point, you know, we both have blogs, we make money on the consulting, and then we have events too. We have the what else do you call it? We have the dream host thank god for dream hosts as well. And what I'm testing out with the Level Level podcast my other podcast is right now, I'm adding a premium subscription to it. So there's actually a lot that you can do when you take an asset and you think about creative ways to not only just monetize, but add value to your audience. What I would caution though, against, is so we're taking one asset and we might be putting multiple income streams around it. But what you want to go maybe try to avoid is try to start multiple businesses that are maybe unrelated to each other. So for example, when I had like the senior Living website, or when I had like, you know, actually that's a good example senior Living website, but actually, like my audiences and the people that I know, and what would do well for me is actually set around marketing. When I kind of take that away, it actually makes it way harder. So you got to be careful of starting a starting too many things at once. And if you're going to start something, you'd want to try to keep it related to the other stuff that you're doing. Yeah, and that's a big thing. So I was once talking with a guy named Brian Lee, and he created a company called Shootazzle with Kim Kardashian on his company with Jessica Alba legal Zoom. He's done quite a few startups, and he was giving feedback to me and I was like, Okay, what's the feedback And he was like, look, you should always have laser focus until your girl starts plateauing. That's when you should expand. And he made something really clear to me in which he was like, there's nothing wrong with monetizing multiple ways in the same business or channel, but you shouldn't go after and create multiple businesses. Instead, you should figure out how to keep creating expansion revenue within your current business. In other words, upsells, down cells, figure out how to get repeat purchases, all that kind of stuff. So if I were you, I would go and try to figure out, Hey, can I monetize in other ways and what are they? Can I do partnerships? You know, hey, already have all this traffic. Can I send traffic to someone who's in a similar space, and even though they're not paid me for it, they'll send me all of their customers. That would be a good fit for our business, and that would make my core business to grow as well. Right, that's example of trying to expand your income streams. Like my take on it is this, I think there's sometimes people, especially entrepreneurs. There's shiny objects syndrome. I'm certainly guilty of that sometimes. But you know, all of a sudden, you know, there's one guy I was listening to a podcast recently. It's like, okay, he might have courses, and next second he's interested in like clean energy, next second he's interested in crypto, And so you keep jumping all around. And the analogy I always used that I got God, I forgot where I got this from. But imagine success as a as a sphere or like a circle. Right, So you have success in all the edges of the circle, and you start in the middle of the circle. So imagine you're trying to make it to one of the edges. But if you keep changing direction, you're not going to get to that level of success, and you can't really expand on that success, so you end up shooting yourself in the foot. What ends up happening is you waste a ton of time, a ton, a ton of money, and well, most importantly, a ton of opportunity. Neil. So yeah, and if you're trying to figure out, hey, how do I execute and start off from one income stream to multiple, Well, the simplest answer to you is what do you already have that you can monetize? What do you already have that you can ink out more revenue from? Look there, look for low hanging fruit. Don't go out of your way to try and go and create something new from scratch. Always start with what you have. Eric and I didn't set out from day one saying we're going to monetize our podcast. We create a podcast, add value and we're like, hey, indirectly we may get some business. Once a podcast grew, we're like, oh wait, we can monetize it as well and just throw up one ad. It won't be too aggressive with that way. We don't have three or four or anything like that, and it provides more income. In other words, we didn't go out and say we want to monetize our podcast. Instead, we built a podcast, built the audience, and then from there we figured out other ways to generate income from it. And you have the same thing with your business. You just may not see it. There's a lot of different aspects from your business to your website, to your traffic to your social media channels, and look for the low hanging fruit before exactly all right, so before we go, everyone go to marketing School to ioslash Live. That's l I V. To learn about our growth Accelerator, which is happening in San Francisco March eighth through tenth. This is a different way of growing your business where it's an event unlike any other. I wouldn't even call it a conference, but just amazing people. You're gonna learn from amazing speakers, and just we're gonna do different things. And yeah, market School to ioslash Live. L I V. We hope to see you've felt an application and if it looks like a good fit Meil or myself, we will reach out and have a conversation with you. All right, that's it for today, see you tomorrow. We appreciate you joining us for this session of Marketing School. Be sure to rate, review, and subscribe to the show and visit marketingschool dot io for more resources based on today's topic, as well as access to more episodes that will help you find true marketing success. Tax Marketing School dot io until next time. Class mixed