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The Encore Entrepreneur

FEMALE ONLINE BUSINESS OWNERS OVER 40

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Multiple income streams are the number one way to build security and sustainability into your business. Why? Because, the world is constantly changing and that affects our target market. Some years they're flush with cash, others—not so much. When you know how to create multiple income streams, you will be more diversified and likely to prosper through economic ups and downs.

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Episode Transcript:

[01:04] Carmen Reed-Gilkison: Today, we want to shatter entrepreneurial shame!

When we decide to start a business, we're filled with excitement and fear, probably in equal measure. We watch what others are doing and we spend a lot of time learning. Something that isn't spoken about, though, is that there is a pervasive undercurrent of shame if your business doesn't meet expectations. It takes a strong will to realize that outside expectations don't have to be your expectations. 

Success comes in all shapes and sizes, and we want to remind you of that. You need to determine what success is for you, and that may change throughout your lifetime. And that's okay. 

If your version of success is based on what you see others doing, that's okay, too. But what we want you to consider is that it might serve you and your audience better if you lean into what's true for you. And you can only do that when you are willing to stop and listen. We have to learn how to go inside and actually determine and feel and understand and hear what our intuition, our curiosity and all of that is saying to us. 

When we're overly focused on achieving a goal, we can lose touch with what matters most. Ambition can take us down a path fast and furious, only to end up at the end wondering if it was all worth it. Now I'm a big proponent of going for it. I believe pushing ourselves out of our comfort zones is essential for growth and to reach new heights. But I also believe that there are different seasons of life, and if your focus changes, you shouldn't feel trapped in the ambition that you no longer feel. Being able to turn your focus inward is part of what makes you resilient.


[02:57] Deirdre Harter: At Encore Empire, we talk a lot about having your “one big thing” that you're known for. And this is part of the strategy that we teach our clients because from a marketing and branding perspective, this is really important. And this is still true in what we're about to talk about. However, it doesn't mean you have to limit yourself in the services you offer and the income streams that you set up. So I just want you to keep that in mind that we're not talking about a totally different thing than what we've been talking about, but we want to kind of expand and open your mind to some other possibilities. 

Now, if what you're offering, whatever service you're offering, if it's working and you're making sales, then we encourage you to put in systems and processes around it because the idea is that we want to master and maximize the one main offer that we have. You may be able to expand upon it and you may not. Or you may be able to expand for a time and then all of a sudden it isn't working anymore. And we talked about this in some of our latest podcast episodes. We were talking about sometimes you have to pivot in your business, and if you're not able to expand it and to build on this one main offer, that's perfectly okay. 

What do you do? You just add in another income stream. Now, we often redefine success and failure in our businesses a little too narrowly. And this resiliency series that we're doing on the podcast is about knowing that it isn't a straight path to achieve our goals. And if you end up pivoting or going in a different direction, or even taking on a temporary gig or a job, it does not mean you aren't a successful entrepreneur. What it means is that you are resilient and flexible, which are the very core characteristics an entrepreneur needs to have. And there is no shame in monetizing a lifetime of experience in multiple ways.


[05:26] Carmen Reed-Gilkison: And here are a few of the ways you can do that. Before we get into the multiple income streams, let's first discuss how to optimize your business to make more sales. Essentially, you can have multiple streams inside your existing business by implementing a few strategies. 

In our previous episode 68, we discussed different ways to pivot, including pulling pieces out of your process or large ticket offers to sell standalone low ticket offers. This is a great strategy because it allows you to offer multiple ways for people to work with you. And we shared in that episode that this was something we heard from our audience, that there were people who wanted to work with us but they couldn't afford our higher ticket program. So we created offers that allow more people to work with us at different price points. 

Another strategy is to determine if you can add complimentary products or services to your existing offers. Now, this can be in the form of bundles or packages that give the feeling of more value. As an example, if you're a yoga instructor, you can add yoga mats, towels, or water bottles to your class offerings to boost the value and the amount you can charge. So that turns into a bundle or a package. They can get the standalone classes. They can go to the classes whether it's virtual or in person. Or you can sell a package that includes all the things they might need. Maybe they'll need a yoga block. Maybe they'll need straps. Maybe they'll need, you know, whatever the thing is—add it and create more value. Because if the way you teach includes all these different props, they might as well get them from one place. 

You're going to be doing them a service. They don't have to go search out, well, what's the best one? Which one do you recommend? Where did you get that? It's like, have it right there for them. That's how we provide more value. 

You can also partner with other businesses that serve the same audience you do in a complementary way. For example, a web designer can partner with a graphic designer and a copywriter to create a package that provides a one-stop shop for a website build-out. Most of the time, unless someone has all their website copy done when they're going for a rebrand, they may or may not realize that they've got to have the new copy too. That's part of it. And then some web developers are not designers. And in that case, they would need a graphic designer. 

Who serves the same audience you do in a complimentary way that you could partner with to create some kind of great packages and bundles that give your clients an excellent experience on a one-stop shop?


[08:22] Deirdre Harter: Now, when we say monetizing a lifetime of experience in multiple ways, what does that mean exactly? Well, what it means is we're leaning into our respective expertise, and I'm going to explain how Carmen and I do that in just a minute. But what this does is it allows us to bring in income through sources outside of Encore Empire. And what that does for us is it allows us to ride the ups and downs of business ownership with ease. And we have talked about that we've all experienced that, right? We've felt the market fluctuations, the economic fluctuations, like it's always an up-and-down kind of game, and things are not a straight line. 

My experience as a CPA allows me to serve clients outside of Encore Empire in that capacity. Likewise, Carmen's business operations and management experience allows her to do the same thing. So let's talk about the stigma of a job or a side gig because I think that as entrepreneurs, we feel like we're failing, right? If we are to go get a job or we're getting a side gig, or we're doing some consulting on the side, or we're doing something outside of that one main program that our business is offering, I think that there's a mindset issue that goes on for us because we feel like we're failing in the business because we had to go get a job. We had to go do a side gig. But that is not what it's about at all. 

What it is—it's another income stream. And there is absolutely nothing wrong with using that income stream to increase your bottom line and to supplement your income. In fact, how many of you here have started out with the job or the side gig that actually funded your business? I know I did, and Carmen did as well. We did it for many years. And so there's nothing wrong. We think, oh, you know, I got out of corporate, and now I have my own business. And then if we go back into corporate, even if it's for consulting, I think sometimes we feel like we're selling out. 

But we're really not. It's a mindset issue. It's, you know, it's income, money's money. And that is the point of our business. It is to serve our clients. It is because we're passionate about something. But at the end of the day, we're also doing it because we need to earn that income or we want to earn that income. 

A few years ago, before Carmen and I got together and founded Encore Empire, I had my own business, and I was hitting some slow summer months. And I know that this happens for a lot of businesses. And so for a couple of years each summer, I took on a gig driving a shuttle van for a nonprofit organization that brought in members from all over the world for their annual training. Now, this may not sound like something in my wheelhouse, right? It's like, you're a CPA, what are you doing driving a van? But actually, the organization's members were in the finance world, so my CPA experience along with the fact that I could drive a van and, well, because I was a soccer mom at one point made it very relevant. And it was very fun for me. I really enjoyed it. It was like going to summer camp because I could get away from the business. I didn't have to think about all of that and try to push and pull and to get the sales in, I could actually take a break and drive around and chat with people. And so it was really fun. 

My very first thought was, oh, my gosh, things are so bad. I have to go drive a van, you know, to bring in money. But the more I thought about it and when I changed my mindset around it, it became something that I actually look forward to doing. And of course, the extra income boost that summer really helped.


[12:36] Carmen Reed-Gilkison: What we want you to realize is that the sky is the limit. So what interests do you have? What experience can you bring to something new in your life? If you love your business the way we love Encore Empire, you can keep it going. And you can also add a separate income stream into the mix without shame. Remember, we're shattering shame in this episode because life's too short to try to fit in a box. And I find it really interesting that in this entrepreneurial space, there's so much shame thrown around for so many different things. 

Let's take ourselves out of this online space for a minute and think about what's important to you in your life. You know, what, what makes you happy? Like, Deidre just mentioned that driving that shuttle was fun for her. Well, what can you do that's fun for you? 

I'm a fan of curiosity, and I believe it's a human superpower, and we should follow our curiosity whenever it arises. So when you do that, you learn to trust your intuition. It's so powerful. It's so important to really listen internally to what's going on. Follow your intuition, follow that curiosity, and forget about anyone who's trying to make you feel bad or shame you—any messages of shame, we can just forget about those. 

When you trust your intuition, when you follow your curiosity, you learn new things—things that can make your life and business better than you can imagine—but only if you follow your curiosity and listen to your intuition. So I think that's the biggest message here, is there is no shame in being you. You're the only you in the whole entire world. So what do you want to do? 

  • Do you want to be a multimillion-dollar business? 

  • Do you want to be a six-figure business? 

  • Do you want to be a part-time business and do other things on the side? 

There is no wrong answer here. It's whatever you want to do. So don't let any shame or messages of shame or anything like that dissuade you or make you feel bad. And this is where this mindset piece comes in. It's really important to be mindful and aware of the lens through which we're viewing things. Like Deidre mentioned when she first got the shuttle driving gig she thought, oh my gosh, things are bad, I have to drive a shuttle. But it's very normal for a lot of different industries to have slow summers. And so that was just something that happened in the industry she was in. So it's like, well, why beat yourself up over it? Let's lean into it. And how can we turn it into a positive? 

Throughout this resiliency series, we've covered multiple topics and we have resources that you can use to expand your resiliency inside our great hall of free resources, head over to vip.encoreempire.com/resources to get yours.



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