The Best Way To Protect Your Business In The Recession - 10 Streams of Income IdeasAug 12, 2022
The definition of an entrepreneur is someone who organizes or operates a business taking on greater than normal financial risk to do so.
Running a business takes sacrifice and at the beginning you might not even be seeing any return investment. Often times we have to put our last cent towards business expenses and leave behind the finer things in life, like eating out or, if you’re experience is similar to mine, not even having the luxury of a home.
BUT there are ways to protect yourself from ever being put in this position and finally being able to achieve financial freedom! The best way to do this is by having MULTIPLE STREAMS OF INCOME.
It’s pretty self-explanatory, but it’s basically when you have money coming in to your business from multiple different places, products, services, or things you’re doing as opposed to just relying on income coming from one main source. We’ll go through 10 different, realistic streams of income that you could start doing today to make an extra 5k, 10k, or even 20k every month and have that financial cushion.
You might remember a little thing called Covid-19?? Well, this hit all of us pretty hard and especially those in the beauty industry. Most of us make a living off in-person services and if that’s all you were relying on, maybe you saw a decrease in revenue and/or clients. I want to make sure that no other unprecedented event can take you by surprise and make you financially insecure. Let’s get into the 10 different ways that you can protect yourself and your business.
Obviously this would be the stream of revenue that comes from any service you offer in your spa, salon, or other beauty business. This might be the comfort zone for you. Whether you’re a lash artist, acne specialist, licensed esthetician, or massage therapist, this money is earned from your skills and transforming your clients while doing what you do best.
You need to be a salesperson before a service provider. During every single appointment you have with a client you should be telling them what products you recommend for them and how it would benefit their skin journey or hair journey or whatever it may be. By letting people walk out the door without at least letting them know about all of the amazing products you have to offer, is you letting a lot of money out the door as well. Prioritize sales in your business.
#3 PRIVATE LABEL
You can also private label retail for either back bar, supplies, or to sell to your clients. This is a great way to go the extra mile with product sales and increase that revenue.
#4 TEACH COURSES
You can teach at local beauty schools or universities. Use the expertise and knowledge you have to inspire and train other beauty pros. Even if you’ve never thought about teaching, don’t be afraid to step out of your comfort zone. It’s just another opportunity to help people.
#5 COURSE CREATION
Create your own courses! Put together trainings and information into a course. This stream of revenue is really do-able because everything can be online. Some great resources for creating an online course are Udemy, Skillshare, Teachable, Kajabi and so many more.
#6 BRAND PARTNERSHIPS
Even if you don’t have a huge following on social media, you can still get paid brand deals. If you have created a following of really engaged consumers and clients that interact with your content and steadily increases in numbers, brands will still see opportunity. You might have to reach out first to get your foot in the door, but remember to always know your worth going into those brand conversations and advocate for yourself. You can also partner with other businesses and grow your following that way.
#7 BLOGGING OR JOURNALISM
Starting a blog is a very underrated stream of income. It is entirely possible to have a large portion of your income coming from blogging. You could also be featured on other people’s blogs or write for a trade publication and other press opportunities. Whatever site you’re using for your website most likely has a blog feature, so utilize it.
#8 START A PODCAST
Podcasts are blowing up right now and it’s a great way to start making more money. If you have a talkative personality or feel you have some important info to share, you can start a podcast. We use Anchor.Fm to publish our podcast and highly recommend this is something you try!
#9 SOCIAL MEDIA
Start investing time into your social media and work on gaining a following. With constant growth and great engagement, you’ll catch the eye of brands or businesses who want to pay you to promote their product or service. Get on as many social media platforms as you can, Tiktok, IG, Youtube and see what your audience is responding to the most.
#10 MEMBERSHIPS OR PAID COMMUNITIES
You could create a membership. This is where access to specific content is placed behind a login page for paid members only. You could also have a paid subscriber group on Facebook. There’s a lot of benefits to starting a paid Facebook group because not only are you getting an extra stream of income, it’s helping you build trust and communication between you and your clients/followers.
There are so many ways to bring in extra income. Even just by adding two or three of these you are going to be ahead of the game compared to other beauty biz pros. When I had my beauty business, I wasn’t just relying on my services, I was doing almost all of these extra streams of income and had 2 locations, one in Salt Lake and one in LA. When I had my accident in 2017, it could’ve very well meant the end of a consistent income, but luckily I had all of those streams protecting me. All of these different ways to earn more income are extremely possible and all it takes is for you to implement these into your lives and watch your bank account grow. Some of these examples require patience, such as starting a podcast or social media, but if you start putting in the work now, you’ll be thanking yourself in a few months when you start to see the results.
In this crazy, ever-evolving world of ours, nothing is guaranteed. So, PLEASE y’all, protect yourself and protect your business. I want to challenge you to start one of these streams of income today! Just START!
And if you have any questions or want more information, head to www.spa-strong.com/discoverycall for a free discovery call. We would love to be a resource for you.
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