And we’re back… Welcome to Episode 1!
In today’s episode we’re going to talk about Diversifying your income by monetizing what you already have (i.e, the things you’ve already created).
Don’t worry, we’re not going to be completely redundant and talk about the ‘Acres of Diamonds’ that we mentioned in our first introductory episode (which was pretty awesome by the way if you haven’t listened… which we recommend you head over here and have a listen).
Do you get stuck on one income?
Jon brought up Syed Balkhi of WP Beginner, who has been brilliant at diversifying his income through multiple sites and products (additional products are Soliloquy, List 25, Optin Monster and Monster Insights, formerly Google Analytics by Yoast).
It’s easy to get caught up with one type of income stream (services)… we get it. We’ve both been there! The problem is that when that income stream is slow or non-existent your business can come to a screeching halt.[Tweet “Entrepreneurs are like drug dealers. @SureFireWebServ HF: 001 #podcast”]
Is it time to change directions?
In this episode I gave Jon a scenario of a friend of mine who is changing directions in her business and wants to get out of the service business. I mapped out what her current business is, explained where she wants to go and asked him what he would do (nothing like putting him on the spot, right?)
Here are some of the things that came from our analysis of her business:
- Who is her target audience? (you’ve heard this before and there’s a reason you keep hearing it over and over and over again).
- Pretend she doesn’t have an audience (what we mean by this is that because her current list of subscribers is more local she needs to start targeting a new audience)
- She needs to start leveraging her connections (we also talked about how to start creating those connections if you’re just getting started)
- She should be her own ‘case study’ for content (to promote a program as an affiliate)
We also talked about the difference between the marathon strategy vs. the sprint… and when you should apply both.[Tweet “So many things that work for me are happy accidents. FPP: 001 #podcast @kimdoyal”]
We talked about different ways to communicate with your audience and how you can essentially ‘teach them’ to buy from you.
Take Ben Settle as an example:
I followed Ben Settle for probably a year and a half before I finally subscribed to his Email Players newsletter (brilliant by the way). He emails his subscribers everyday. Each email provides value (tells a story) and is a perfect example of how he uses email to grow his business.
YOU need to be the one driving whatever it is you’re selling.
There’s a WHOLE lot more in this episode… but you need to listen to get the rest of the juicy details!
Links from this episode