Everybody loves to talk about multiple streams of income, but how do you systematically create them? On today’s Black Entrepreneur Blueprint podcast episode # 381, Jay discusses how to systematically create multiple streams of income with an ecosystem. Visit www.BEBConnect.com
BLACK ENTREPRENEUR BLUEPRINT SHOW NOTES – EPISODE # 381
Ecosystem definition – (in general use) a complex network or interconnected system. A smart ecosystem has connected products and or services, but each one can also stand on its own.
Multiple streams of income are great, but you have to create one stream first. Today I’m going to give you a real-life example and give you steps to create your multiple streams of income using an ecosystem.
Let’s look at the 7 TIPS and then I’m going to give you an example:
- Create that one solid stream of income first (whatever that may be): Before you can create multiple streams of income you have to have the first one (that could be your job). NOTE: The big mistake is trying to create all your income streams at once.
- Continue to build assets: like IP (intellectual property like books, podcast, video channel), products, services, real estate, etc. – Remember that those assets may not be profitable immediately, but they will have value in time.
- Build A Platform: This is the easiest way to create multiple streams of income, but it’s time-consuming. Your platform will allow you to easily offer products and services to your audience to help them solve problems. (Platform examples include – blog, newsletter, video channel, podcast, etc.). Can be video, audio, or written, or a combination of the three.
- Determine the products and/or services you will sell. Remember, there are only 6 things you can sell (your physical products, your digital products, your services, someone else’s physical products, someone else’s digital products, and someone else’s services)
- Create an ecosystem around your core product or service or mission. This ecosystem should consist of synergistic products or services that are aligned with your core product or service or mission that help your customers attain their specific goals. Ask yourself several questions to help determine what your ecosystem looks like such as:
- What is the logical next step in your customer’s journey?
- What else do my customers need?
- What problems can I help them solve?
- What transformation am I selling?
- Try to diversify your streams of income: where some of your products or services are not in the same sector and have products that can stand alone outside of your ecosystem.
- Get feedback from your customers: Find out what your customers want and then provide the solution
EXAMPLE # 1: Black Entrepreneur Blueprint
Simple ABC statement formula – I help A, do B, by C
BEB mission – I help Black Entrepreneurs Launch, Build, and Grow successful, sustainable businesses by giving them actionable steps and resources to move from point A to point B.
- Create a solid stream of income first – my eCommerce business
- Continue to build assets – my online course, books, workshops, podcast episodes, resources,
- Build A Platform – BEB podcast
- Determine What Products or Services You will Sell – books, online courses, mastermind groups, etc.
- Create an Ecosystem Around Your Core Product/Service/Mission – Everything is geared towards my mission
- Diversify Your Streams of Income – mine were already diversified because I have multiple business entities and I’m in multiple verticals
- Get Feedback – The BEB Family connects with me all the time about what they want and need
EXAMPLE # 2: FixMyLooks.com (Secrets, Hacks, and Products To Improve Your Appearance)
We help (A) people (B) Improve their appearance and their confidence by (C) providing solutions through product recommendations and other resources
- Create a solid stream of income first – my other current business
- Continue to build assets – I’m building out some resources and content to upload on the site as we speak
- Build A Platform – Blog titled FixMyLooks.com
- Determine What Products or Services You will Sell – products associated with the following categories: weight, teeth, hair, skin, breath, eyes, ears, nails, nose, mental health. Weight loss diets, or supplements/ teeth whitening or straightening/ hair restoration, hair repair/ skin: remove blemishes, heal psoriasis/ fix bad breath/ corrected vision for eyes/ wax removal products for ears/ anti-fungal solution for nails/ nose hair removal/ mental health solutions with a yoga or meditation product
- Create an Ecosystem Around Your Core Product/Service/Mission – Everything is geared towards the mission of improving your appearance and your confidence
- Diversify Your Streams of Income – You are able to sell multiple products in multiple verticals which can be sold as standalone products
- Get Feedback – On the website there will be a questionnaire for them to complete