Many people dream of leaving corporate life to become entrepreneurs. The call for independence, both human and financial, is strong. But how does that really work?
I recently shared the 11 income streams I created by earning income in my after-life so that financial independence could be created. Building a multi-threaded revenue model requires building the seven habits that follow.
Ask who you can serve first, not what you can sell
Many people who want to monetize their expertise focus first on the product they can sell. But first, you have to determine who to serve and what you know to help your future clients. Having a clear idea of your target audience means that you know who you will not sell to. Now you need to find out what the needs and problems need to be addressed. In this way, you fill in a particular economy and create demand for your experience.
Outline your short and long term financial goals
Having a stable portfolio of income streams requires the usual balancing of things that bring short-term benefits (quick earnings) with longer-term goals (that build your brand and provide financial return further). You need to be aware of these two things before you take action and make money. For example, many people want to write a book that takes time (an average of two years). If your book is doing quite well, that’s great, but in the meantime, you have bills to pay. So it might be a good idea to focus your efforts on online publications, writing short online courses, or consulting.
Focus on activities that support your business interests
Even when creating different revenue streams, I had to make difficult choices. For example, I chose to develop long email lists, podcasts, and some consulting events to focus on activities that better support my business model and interests. The articles I wrote generated revenue but also gave me ideas for more books and courses that gave me more opportunities.
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Get on social networks
Believe it or not, when I left the corporate environment to become a speaker, writer, etc., I was not on Facebook and much less on LinkedIn. I was about to lose all the contacts and relationships I had built in three decades in my career. As it turns out, 80% of my business in the first few years after corporate came from past contacts. Therefore, be committed to staying on the social network, providing value to your new business.
Overcome your inconvenience to sell yourself
I hated to sell books, courses, etc. to my list of emails and social projects at the beginning – until I realized that I had an excellent use for them. There is nothing wrong with being compensated for this value to earn a living, and people understand that. If you don’t promote yourself, your experience will remain buried with you.
This should be the first habit to learn. The content I created for my books has been redesigned and designed for online courses, classes, and articles. Be organized and archive your work in a way that makes it easy to remember and reuse. And remember your ABCs: Always create content.
Believe yourself, so do your customers
Many people do not make money from their expertise because they underestimate it. What is evident to you is not evident to others. Have faith in what you create and develop the habit of repeatedly saying that if you build it well, based on an understanding of your target audience, customers will come. When they don’t, learn the reason and act. Be wise and make money.