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6 Additional Revenue Streams For Your Knowledge Commerce Business
When people want to turn their knowledge, unique skills, or passions into an online business teaching people all over the world...there’s normally two things which happen first…
They find some sort of a Knowledge Commerce Platform like Kajabi...
Then they decide on what they’re going to package up and the specific product they’re going to sell. 99% of people launching their online “infopreneur” business will start with some kind of an online course.
And we agree with this strategy.
Some start with a full-blown flagship product type of course which they can sell for anywhere from $500 to $3000 or more. While some begin with a more simpler, easier to create mini-course, which they offer at a lower price but which gets the ball rolling and brings new customers coming into their world.
Either way, for those entering the online information business, we’re obviously advocates of online courses. They just flat out work. With low start-up costs, and the ability to create over the top quality content, many business can easily reach the six-figure mark with a single online course product.
Pretty great and simple business model, right?
But for additional financial security as well as solidifying their business amongst the rest of their competition, Knowledge Commerce entrepreneurs should always be thinking of additional ways in which they can create multiple revenue streams within their existing business model.
If you’re just starting, then start with a single product. Most likely some version of an online course.
But if you’ve already got that in place and you’re wanting to leverage the opportunities as a digital business owner, here are 6 simple ideas you could implement today to start generating additional revenue streams...
Offering coaching is one of the most effective and efficient ways to create an additional revenue stream without any additional production cost whatsoever.
You can offer more expensive private 1-on-1 coaching, small group, or really as many people as you feel comfortable with.
In every single market there will always be a certain percentage of your customers who want a more hands on experience and are willing to pay for it. They want the extra help, insights, and accountability which coaching provides.
You can also create a hybrid offer where not only do they get your coaching for whatever period of time you choose, but they also receive access to your course or other materials as well.
Coaching should typically be a higher price than your online courses since your customers are getting closer access to you. You can have a program which you follow week by week, or customize it entirely based upon they want to achieve.
For those who want another way to supplement their online course income and serve their customers at an even deeper level, coaching is a perfect solution and something we recommend often.
Kajabi makes this easy with pre-built membership areas which you can quickly customize if you wanted to create a specific curriculum for your higher level coaching clients.
Using this feature alongside of a private Facebook Group and weekly calls helps create a personal experience and accelerate progress even faster.
Another popular offering to add to your Knowledge Commerce business is that of a mastermind. You can choose to offer this digitally or in-person.
Creating a mastermind is different from coaching because instead of the advice coming from one person, it’s now coming from members of the entire group. Essentially it’s a way to leverage the experience and knowledge of many instead of just one.
Similar to coaching, how you structure your mastermind is up to you. Whether you choose to meet monthly, quarterly, or even less than that is entirely up to you and what best works for those involved.
Maybe you’re a coach who works with business owners who would gain value of being around other higher performers, brainstorming, and seeing what’s working in industries other than their own?
And maybe meeting once a month online and then a physical meet up once a quarter is the perfect structure for everyone involved. It’s completely up to you and what produces the best results.
Another factor to a successful mastermind is getting the right people inside.
By only allowing “elite” business owners into your mastermind you create an environment which others want to be a part of. When those outside hear who’s inside and what they’re accomplishing by being a part of it, they’re naturally inclined to want to see what it’s all about.
Masterminds are used in every industry you can imagine. From the medical field to marketing and everything in between. When done right they create a great opportunity to leverage the expertise of others.
As you become recognized as an expert and positioned yourself as someone “worth listening to,” speaking opportunities are a natural byproduct.
These opportunities will come to you just by being active in your marketplace and interacting with prospects and customers. But finding paid speaking engagements is also fairly simple when you follow these three steps:
- Google “your niche + conference”.
For example, if you teach yoga you’d search “Yoga Conferences”. You’ll find all sorts of conferences, meetups, and other opportunities for you to speak.
- Contact the coordinators of the event.
You can normally find their information right on the website. Remember, these people are anxious to fill their speaking spots. They’re constantly looking for the right person. Be that person for them.
- Lead with value.
When you first reach out to them keep it short, maybe 3-4 sentences sharing who you are, how you can help, and ask a specific question inquiring into the application process. Be brief, professional, and show you can help them.
Simply by doing this you’ll quickly create opportunities for you to speak. Both paid and unpaid. Plus if you already have an online course or digital product, you can provide that as credibility to show how you’re different than anyone else.
Many speakers will also negotiate some sort of a deal to have the rights to the recording of their speech, which they can use as some sort of a free opt-in bribe, bonus, or even a standalone digital product.
Speaking and the products created from your speaking are excellent opportunities to continue to both spread your message and bring in additional income.
Having an email list or group of customers who trust you and your opinion provides you with the opportunity to offer additional products which may help them.
Affiliate partners with products or services which solve problems related to your list is an excellent way not only to create additional revenue for your business, but to also help your customers even more.
Every digital entrepreneur can take advantage of affiliate products. It’s just a matter of being creative. Maybe there’s a product or service you’re currently using right now which you know would also help your followers. Simply reach out to that business and see what sort of commission structure or affiliate agreement they have in place.
Offering these sorts of opportunities is a win-win-win.
It’s a win for the affiliate partner as they get access to new prospects and the opportunity to be promoted to them from a highly trusted source...you!
It’s a win for your customers because they already have proven they’re interested in what you have to offer, and are likely to get some sort of special discount or deal if they buy this product from you.
And it’s a win for you because it creates additional revenue for your business allowing you to continue to grow and serve those who find you.
It pays to always be on the lookout for products or services which would make sense to offer to your list.
Obviously, you want to be careful as to not burn your list with affiliate opportunities every single day. You want to share products and services which offer something of value or solve a problem in your customers' life.
But for most Knowledge Commerce business owners they could be offering far more than they currently are...many aren’t offering any.
Oh, and if you’re a fan of Kajabi...did you know we have an affiliate program?
Many digital entrepreneurs use some form of a monthly newsletter to create continuity income inside their business. This can be included with some form of a membership site created inside Kajabi, or be a stand-alone product.
Some even choose to give the customer the option to choose whether they’d like it delivered digitally or as a printed version.
Each issue can contain a big idea of the month with a handful of other tips, techniques, or other helpful information. You can also include special bonuses or access to recordings or pdfs you’ve done such as speaking engagements or podcasts interviews.
Including upsell offers for affiliate products or higher ticket opportunities like coaching or masterminds is another great way to leverage a monthly newsletter.
It’s a way to provide value each month to your customers and to add yet another revenue stream to your business.
Still one of the best ways to establish yourself as an expert and create a long-term revenue stream is by publishing a book. Luckily, publishing a book is now easier than ever due to the opportunity to self-publish.
Instead of having to wait and be picked by a well-known publisher, you can do it all completely on your own.
You’re the one who decides on the content, the marketing strategy, and everything in between. And as a Knowledge Commerce entrepreneur and someone who is teaching others every single day, there's a good chance that more than half your book is already written!
Think of all the content you’re producing each day. Emails, podcast interviews, content for courses, blog posts, etc. All of this can be repackaged into a book.
One of the most popular marketing minds and authors today, Seth Godin, creates entire books out of his blog posts. He simply takes his posts, organizes them into a logical structure which correlates with the big idea of his book, and voila! It’s like having book content on demand.
Having your own book whether physically printed or available as a pdf download is a terrific opportunity for you to get people into your world. A book is a low-ticket item with high perceived value. It’s the perfect add-on to any knowledge-driven business.
From Idea To Your Online Course In Just 3 Days
If you’re already selling your online course and are wanting to scale your revenue, begin by implementing any one of the six opportunities above. These are quick ways to create a new product or service which will bring in additional income.
And If you’re still in the “idea stage” and are unsure what you’d even teach online, we’ve recently put together a brand new, completely free, 3-part video training series which takes you from idea to your first mini-course.
Click the link below to get immediate access to the first video:
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