Ten Great Ideas for New Income Streams for Your Service Business

What I have noticed with many of the service professionals I coach is that when I start working with them, they have only one source of income - and it usually means they are giving up all of their time to bring in the amount of money they want to make. They are stuck in an old business model that no longer works!

The new business model for entrepreneurs is leveraged, profitable, sustainable and freedom-based. You're working only with those clients who you know are a perfect fit for your unique purpose. This is exactly what I love helping women to do - to redesign their business model and programs using this type of structure.
How many sources of income do you currently have in your business? Two, three, five? If you are someone who has only one income stream - such as coaching or any hourly or monthly paid service that you offer - here are ten ideas for you to add new income streams from your expertise and the work you're already doing with your clients:

1. give an in-person workshop
2. create a simple information product
3. design a coaching program
4. offer a teleseminar series
5. start a mastermind group
6. deliver a paid presentation or seminar
7. offer your clients a one-day intensive
8. structure a small group virtual program
9. design in-person retreats
10. record a video training series

If you provide professional services, did you know that it may be hard for you to achieve the kind of financial freedom you might want without having any sources of passive income in your business plan?

Some of the work I do with my clients involves mapping out their strategy to add new income streams and information products to their existing services.

Choose one new income stream you can add to your business this month. Create packages, programs and products based on the outcome you provide. Design a seminar, workshop or teleseminar training program. Record a 3-part video training series that teaches people how to solve their most challenging issue in your area of expertise. Put what you do into an income model, then bring on a team to support you.

Innovation equals income. Get creative in thinking outside the box about how you can package and deliver your expertise and not just your time. Put the right foundation beneath the great work you came here to do. Then watch your revenue go up!