This is a guest blog post by my friend — the fabulous Andrea Lee of Wealthy Thought Leader.
Most of us follow systems in a very step-by-step way, which is useful sometimes – but if you want to light a fire within you that is sustainable and will burn brightly for a long time to come, you’ve got to adapt; to align those step-by-step principles to whatever makes you unique.
That’s my specialty: helping business owners like you to reach 6 and even 7 figures, on your terms, by harnessing innovation and your unique connectivity.
That being said, I know that the pain of your current income streams not working is very real – and that’s why I’ve put together this post on digging deeper into the ideas you already have, and into the hope behind them, and innovating.
Without further ado, here are 3 ways to make old income streams new again:
1. Keep the content, change the level of support.
Here’s an example: Best-selling author Michael Port, designer of the “Book Yourself Solid” business-building program, offered several traditional workshops. He didn’t need help with his workshops so much – he’s very successful in his own right, in case you don’t already know him – but he’s very much an innovator and had a few smooth moves up his sleeve.
To make his ‘old income streams’ fresh, and re-purpose the same content, he designed a new type of workshop – one in which 12 people would come to his house and get a dramatically increased level of service. He didn’t have to recreate his content; he simply changed the level of support. And it’s been hugely successful – people are willing to pay top dollar to meet with Michael in this “knee-to-knee, heart-to-heart” format.
What does this make you think of – in regards to your own business and experience? Could you add a level of support to any of your existing products, similar to what Michael role modeled for us?
2. Keep the format, change the content.
Here’s an example: I had the privilege of working with another best-selling author, Jennifer Lee, who launched her book, ‘The Right-Brain Business Plan” with an awesome format called a video-summit (it’s similar to a tele-summit, but it’s all produced incredibly professionally using livestream video).
This uber-successful event showed how creative people can have beautiful business plans without resorting to Excel spreadsheets! Now that she’s mastered the video-summit format, she could easily change up the content if she wanted to. She could do a whole series for left-brained businesspeople if she wanted to, not that she would, but you take the point. This is another way to make an ‘old’ idea new again, especially if you have a format that you adore.
What does this example remind you of? What do you like about it? What do you dislike about it or disagree with? What could be a format you’d love to own as a signature format?
3. Move your income stream up or down the funnel.
What if the product you’re selling for $50 right now could move ‘up’ the funnel and become free, an incredibly strong lead generator? Or what if the product you’re selling for $100 right now could move ‘down’ the funnel and sell for $250?
Here’s an example: At CoachVille, where I used to be the General Manager, Thomas Leonard used to charge $79 for a lifetime membership. By moving this lucrative income stream up the funnel, we were able to grow the membership exponentially, up to its height of 39,000 within 18 months. By moving the membership up and making it free – yes, we creatively destroyed a perfectly great income stream at $79. But doing so created so much lead generation into the CoachVille business that it was responsible for driving it up over the 7-figure mark.
Why would moving the $79 income stream into the free spot in the funnel be such a great thing? Can you see what a contrarian but significant move this can be? Not to be done lightly of course, but, worth considering.
I invite you to ask yourself what income streams you have now that you could move up or down your own funnel and what effect that might have. Would this freshen up your ‘old’ income streams and make them new again? Share your comments below.
Sometimes when things feel stagnant, it can take a bit of “oomph” to get out of your rut. But that’s really when you really need to do it, or momentum will keep you sliding backwards, and we don’t want that! Think about how you can rejuvenate your income streams and become freer, looser, and more productive.
If this post struck a chord, I’d love for you to join me on my brand-new, free livestream class that addresses FRESH, new ways to let money flow into your business. It’s called “The Future of Money-Flow: 5 New Doorways to Collect Money & Make the Cash Register Ring … tools for uncertain times.”
During this call, I’m going to reveal 5 leading-edge ways to accept payments so you can meet the evolving buying needs of your customers. If you’re going to innovate your income streams, it just makes solid sense to get on the leading edge of payment methods, too! More ways to accept money means more money, right?
Go on ahead and sign up for the free course here (there will be an interactive Q&A and recording/notes after we’re done. ; ‘ )
Andrea J. Lee is an Entrepreneurial Futurist with her finger on the pulse of the entrepreneurial spirit and how it can show up to change the world. Throughout her life, Andrea has done one thing – help those she loves make money. Not once, but twice, she has helped reinvent the coaching industry and knows just one thing for sure: the entrepreneurial spirit is everywhere, looking for a place to make a difference. She is the trusted source of coaching pioneer Thomas Leonard’s intellectual property, the architect behind the Pink Spoon Marketing craze, and her company was named by Seth Godin and Fast Company Magazine as one of the extraordinary ‘Bull Market’ companies helping their clients stand out and prosper. Andrea invites you over to http://wealthythoughtleader.com to enjoy a free guide on 5 steps to Income Through Innovation – A Primer on Your Thought Leadership.