“When you rely on one stream of income, you are revolving your entire business around that ONE way of earning revenue.”
— Melissa Houston
If you’ve been scratching your head trying to figure out how to diversify the income streams in your business — or wondering if it’s worth the effort — then you’ll definitely want to listen to this episode!
Here’s the reality: even if your business is currently profitable, relying on a single source of income puts you in a very risky position. Income diversification not only allows you to increase your revenue, it offers you protection against market fluctuations, supply chain bottlenecks, changing customer preferences, or other unforeseen circumstances that can affect your bottom line.
The trick? Figuring out which types of income stream are the best fit for your business.
In this episode, I demystify income diversification for your business, share real-life examples of how I’ve diversified the income streams in my own business, and bust the #1 myth about passive income!
In this episode, you’ll discover:
Highlights:
00:50 Intro & holiday thoughts
03:15 Why diversify?
04:08 Diversification example
05:13 Overview of income sources
09:02 My diversified streams
12:24 Personal finance strategies
16:01 Final thoughts & the bottom line
Links:
Link to calendar (free 30 min consult call)
Main website 🡪 https://shemeansprofit.com
Offers 🡪 https://shemeansprofit.com/offers
Cash Confident Course 🡪 https://melissahoustoncpa.lpages.co/cash-confident-sales-page
What’s Your Profit Personality? (quiz) 🡪 https://www.tryinteract.com/share/quiz/62ddb2293d71af001892a3a9
Follow me on:
LinkedIn @melissahoustoncpa