Passion gets you started, but strategy keeps you going.
Successful entrepreneurs know that in order to pursue what they love, they have to be smart and strategic about how they operate their business.
And a business cannot operate without money.
Money can be an uncomfortable topic, but it’s a necessary part of entrepreneurship.
While I love my job and consider myself blessed to work with clients and write new content all day long, Elle & Company is a business, not a hobby.
In order to keep things running and bring in a steady income, I’ve had to be strategic and intentional about how I generate a profit from this business (especially to start pursuing it full-time).
And the best, most reasonable way I’ve been able to do that has been through creating multiple streams of income.
Because when you have money coming in from multiple sources, you:
- Lessen the risk of a slow month
- Set yourself up for recurring income (depending on your income streams)
- Have the potential to bring in more money
- Increase your chances to take your business full-time and possibly outsource tasks
What are your current income sources?
Are you relying solely on services to bring in enough money for a paycheck? Are you relying solely on fluctuating sales from an online shop?
Diversifying your streams of income is your answer to bringing in a greater amount of money from your business on a more consistent basis.
Now you just need to figure out what those added streams of income are going to be.
Whether you’re a graphic designer or a food blogger, I’m shared 9 creative ways to diversify your business income in last week’s free Ellechat webinar.
You can watch the replay by registering through the Crowdcast window below, or keep scrolling to take a look at the slides.
Stop fretting over the ebbs and flows of income as a small business owner.
Instead, begin implementing different streams to stabilize your income and lessen the risk of a slow month.
What are your current sources of income? Which of these 9 ideas are you hoping to implement next?