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Aired on April 19, 2022
Episode 142
7 Income Streams to Increase Recurring Revenues
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Diversify your income with these 7️⃣ streams for stability and growth: Freelancing, digital products, affiliate marketing, rental income, memberships/subscriptions, dividend stocks, and digital media. Take control and secure your financial future now!

7️⃣ Income Streams to Increase Recurring Revenues

Are you tired of constantly worrying about your monthly income?

It's time to take control and create multiple income streams that can provide you with recurring revenues. Diversifying your income can bring stability and security, and it also opens up opportunities for growth and expansion.

Here are 7 income streams that you can explore to increase your recurring revenues:

1️⃣. Freelancing or Consulting Services

Do you have a special skill or expertise that others could benefit from?

Offer your services as a freelancer or consultant. Whether it's graphic design, writing, marketing, or IT consulting, there are countless opportunities to use your skills to earn extra income. Websites like Upwork, Fiverr, and LinkedIn can help you connect with potential clients and build a steady stream of recurring revenue.

2️⃣. Create and Sell Digital Products

Take advantage of the digital age by creating and selling digital products such as ebooks, online courses, stock photography, software, or apps. Once you've created the product, you can sell it repeatedly without incurring additional production costs. Platforms like Amazon Kindle Direct Publishing, Udemy, and Shopify make it easy to get started and reach a wide audience.

3️⃣. Affiliate Marketing

Affiliate marketing allows you to earn commissions by promoting other people's products or services. Join affiliate programs related to your niche and promote products through your blog, social media, or email marketing. When people make a purchase through your unique affiliate link, you earn a commission. This can be a great way to generate passive income and build a steady stream of recurring revenue.

4️⃣. Rental Income

If you have extra space in your home or property, consider renting it out on platforms like Airbnb or VRBO. You can also invest in rental properties that can provide you with regular rental income. Rental income can be a lucrative source of recurring revenue, and it allows you to leverage your existing assets to generate additional income.

5️⃣. Membership or Subscription Programs

Create a membership or subscription program for your audience to access exclusive content, services, or products on a recurring basis. Whether it's a monthly coaching program, a subscription box service, or a premium content membership, offering a subscription-based model can help you earn consistent, predictable income from your loyal customers.

6️⃣. Dividend-Paying Stocks and Investments

Investing in dividend-paying stocks and other income-generating investments can provide you with a steady stream of passive income. By building a well-diversified investment portfolio, you can benefit from regular dividend payments and potential capital appreciation over time. Consider working with a financial advisor to explore investment opportunities that align with your financial goals.

7️⃣. Create a Digital Media Channel

Start a blog, YouTube channel, podcast, or online community to create and share valuable content with your audience. As your digital media channel grows, you can monetize it through advertising, sponsorships, merchandise sales, and premium content. Building a loyal and engaged audience can lead to a consistent stream of recurring revenue from your digital media platform.

Creating multiple income streams takes time, effort, and dedication, but it can provide you with the financial stability and flexibility you desire. By diversifying your income sources, you can reduce the risk of relying on a single source of income and open up new opportunities for growth and success.

Take the first step towards increasing your recurring revenues today and start exploring these income streams to create a more secure and prosperous future for yourself!

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Biggest Takeaways:   

  • This is an opportunity for you to just expand your thinking and your mindset.
  • You don’t get it if you don’t ask.
  • When you’re able to take parts of what you do for clients and productize them through the use of templates, it makes it a lot easier for clients to get access to that piece of what you do in a way that’s much more accessible.
  • think about how you could do this in your own business and apply this for yourself.
  • These different options can be an excellent complement if you already have a successful business in services to add on a product base or vice versa.

 

Highlights:

  • Ways to create a million dollar business – Understanding the Opportunities [02:57]
  • 1st Income Stream to Increase Recurring Revenues [04:31]
  • 2nd Income Stream to Increase Recurring Revenues [10:52]
  • 3rd Income Stream to Increase Recurring Revenues [16:51]
  • 4th Income Stream to Increase Recurring Revenues [20:48]
  • 5th Income Stream to Increase Recurring Revenues [23:42]
  • 6th Income Stream to Increase Recurring Revenues [28:30]
  • 7th Income Stream to Increase Recurring Revenues [32:44]
  • Some resources that will help you [35:17]

 

🎙 Previously Episodes Mentioned on This Episode and Powerful Resource Episodes:

 

Want to create recurring income in your business?

Want access to the million dollar membership secrets? Grab your front row seat at this once a year ah-mazing training series! Find out how your business can add a recurring income stream using memberships to help you make consistent money while you help more people! It starts April 21 this year and there’s still time to binge watch 👉 http://www.susanmcvea.com/TME2022

 

Need consistent leads?

Before you spend more hours on any social media platform, make sure you know how to generate consistent leads on demand. Don’t get trapped spending hours with little to show for your efforts or talking to tire kickers who have no intention to buy from you! In 5 days, you’ll know exactly what you’re offering, who your best buyer is and what they are actually buying so you can create a never-ending supply of leads.

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Sponsored by:

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Resources to Help You Master the Sales Game!

They are the perfect companion to my Master the Sales Game podcast, so you can take the next step to getting more of those sales 😊

  1. Selling to Her – grab my quick assessment to figure out how well you’re currently selling to women as well as how to get my help to close the gaps! Grab your copy now.
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  4. Top 5 Secrets To More YES’es – Get the exact same secrets I’ve only shared with my premium VIP 1:1 clients paying multiple 5 figures. Learn how to turn connections into conversations and conversations into a waitlist of dream     clients. Grab your very own copy and start hearing more YES’es on your sales calls.

Join Sell with More Ease:

If you’re done with wasting time on tire kickers and desire to increase the closing rate on your sales calls and get your dream clients to work with you so that you can grow and scale your business faster than you ever have, click here to join the waitlist for Sell With More Ease and be the first to know when doors open!

 

Send me your burning questions:

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