By | Maurice Pennington | www.entrepreneur.com
In 10 years of running businesses alongside my wife, we know how appealing it is to increase top-line growth. The question we’ve actively asked is: How do you make more without adding more work, more hours and more effort into what’s already taking your full attention?
Before we jump into how to do this, let’s take a moment to review what business ownership has looked like in the last few years. According to Fundera, small businesses (defined as businesses with fewer than 500 employees) account for 99.7% of all business in the US, including 44% of the US economy, totaling $9.4T in economic activity!. Yet, according to the SBA, “about 20% of small businesses fail within the first year, by the end of the 5th year, about 50% no longer exist.” In summary, it is much easier to start a business than to remain in business.
So then, how do we secure our piece of this economic opportunity without burning ourselves out? One phrase: multiple streams of income.
Here are three strategies we’ve developed and relied upon to allow us to create a whopping 13 streams of income:
Identify passive income offers without having to start from scratch
The key to this approach is being able to see opportunity within the gaps of your current service offerings. For example, if you have an entry-level offer and a high-level offer, is there something you can build in between? Perhaps there’s a hybrid option that can be developed to meet the needs of those in between your two offers. Think of this like Goldilocks: Each of the situations is ideal for the people they were intended for, and we’re now trying to figure out which one would meet the needs of Goldilocks herself.