Business

3 tips to help you create multiple streams of income at the same time

For the past seven years, I’ve been a full-time solo entrepreneur with a number of businesses, from the company Bridesmaid for Hire to a lucrative personal brand that includes books, coaching, and mentoring. , courses and collaborative deals

When I first started as my own hostess, I relied on seminars, Podcasts, and Internet research to figure out how to continuously grow my ideas and make more money this year. through another year. As time went on, being the sole decision maker for my business made me start to feel lonely.

During the pandemic, when many of my projects were on hold and so many clients had to withdraw their contracts, I felt I needed help and advice to get things back up and running again.

One afternoon I was listening to a Podcast by James Altucher, an entrepreneur and angel investor, and heard about a new series he is starting called “Make you a Millionaire”. In this series, James will pick a few people, mentor each of them, and record conversations to turn them into Podcast episodes.

I’ve been a longtime fan of James’ articles and Podcasts. I appreciate his insight and consider him an informal mentor, even though we have never met. I decided to apply for the series and to my surprise, I was selected.

Since May 2021, I’ve been talking to James once a month for an hour or two and have used his guidance, advice, and challenges to develop new ideas. Since we started working together, I have created 4 new sources of income.

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Here are the biggest lessons I learned from my millionaire mentor.

1. You have to exercise your idea muscles

When I started working with James, I felt stuck and had trouble coming up with new ideas. When I told him I didn’t think I had it left in me to innovate and deliver future strategies for my company, he gave me a simple task.

James suggested that I try a daily routine that he has been doing for years: creating a list of ideas.

Every day, try to sit down and create a list of 10 ideas on any topic. It could be as simple as a list of 10 recipes you want to try for dinner this month, 10 ideas for books you want to write in your life, or 10 people you want to invite out for coffee.

I tried doing this for the first time in May 2021. I have created a list of 10 new products that I would like to introduce to my company, 10 ideas for newsletters (this is a website newsletter, this is a form of business using email, e-newsletters). , electronic catalogs… for marketing content marketing via Email or email (Email Marketing) to communicate about products, promote image promotion and sales) new, 10 habits I want to fix and even Even 10 professional skills I want to learn next year.

Sitting down to make these lists takes me between 5 and 30 minutes, depending on the topic. My goal every day is to make it to number 10. Writing down the first few ideas is easy but by number 7, things seem more difficult. But beyond that, some of my best ideas were born.

Have I done this every day since May? Is not. But I make this list at least three times a week.

Creating these lists helped me find new product launches (a “card set” for newlyweds) and a newsletter about errands. These are ideas that only came to me when I sat down and did this particular type of brainstorming.

If you’ve never made a list of ideas before, start with a topic that solves a problem you’re having in your daily life and write down 10 potential ways you could solve it. See if this test gives you clarity or next steps to try.

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2. You don’t have to focus on just one thing

Over the past 7 years, I have generated more than 7 streams of income. I have two full-fledged businesses, a Podcast, three books, several newsletters, and some digital products. But lately, I’ve been wondering if being the only person in charge of all these different things is hindering my potential for success and growth.

Other mentors I’ve met before have told me to quit 90% of what I’m doing and focus on just one thing, either running a business or writing a book. That advice never worked for me because I’ve always been the type of person with multiple interests and skills.

James advised me to ignore that advice and instead pursue all the different ideas and projects that interest me, so I can gauge which ones are working and which have the potential to grow. the most developed and which one is worth focusing on at the moment. And also to listen to his heart calling.

There are a few projects I’m working on that I know aren’t right for me anymore, but I’ve always hesitated to feel sorry for stopping. James reminded me to listen to that as a sign that it might be time for those things to stop.

If you have a few ideas that interest you, don’t be afraid to try them out right away. Even though you’re breaking down your time and energy into each idea, it can be a quick go to figuring out which ideas need to be pushed aside and which should work.

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3. Do low-cost and low-risk tests to test an idea

One of the hesitations I often have as an entrepreneur is taking risks, especially risks that require me to spend money. That’s why I usually find myself pretty safe and don’t create new businesses or products, instead just optimizing the ones I currently have.

One big piece of advice James gave me was to look for low-cost and low-risk experiments to try out new ideas.

For example, when I had an idea to create a deck of cards for newlyweds, James advised me to do a low-cost test to see if there was a demand for the game first. when investing their own money in production and inventory management. That’s when I decided to do two different tests. First, I sent out a survey to the company’s previous customers to see if this was the product they wanted. Their initial input spurred me to pursue the idea more, launching a Kickstarter campaign.

Launching Kickstarter was a way to get pre-orders for decks of cards and prove that people would spend money on this new form of play. It didn’t cost me a dime to do either of these tests.

As for the newsletter, I started it for free using a platform called Substack and spent a month seeing if I could hit 1,000 subscribers. Then I ran giveaways to get subscribers to a free platform called KingSumo, and spent $5 a day on Google ads for a week to see if I could attract people. Subscribers are looking for topics that I cover in the newsletter or not.

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If you have an idea that you want to test and validate, think of two to three low-cost and low-risk experiments you could run (surveys, low-cost advertising, social media posts, giveaways, competitor analysis) before launching the idea at scale.

The mentor’s advice helped me launch four new projects that all have growth and expansion potential, and helped me create new streams of income.

If there’s someone you admire at work, my best advice is don’t be afraid to reach out to them. Success doesn’t happen alone, and the relationships you build along the way can make all the difference.

The author of the article is Jen Glantz, founder and CEO of the business Bridesmaid for Hire, host of the Podcast “You’re Not Get Any Younger” and author of the best-selling books on Amazon. “All My Friends Are Engaged” and “Always a Bridesmaid for Hire”.

According to Grow

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