• Lyman A. Montgomery, MBA

Do You Have A Multiple Income Mindset Strategy?


There are three basic reasons to consider having a multiple income mindset. First you need to know how to attract and retain customers. Second, your business is in need of additional revenue to stay afloat. Third, your customer base has changed and your products and services no longer are relevant or attractive. Remember, Blackberry and Blockbuster?

When it comes to producing informational-type products or services, keep in mind the learning styles of your customers. To do this, make sure you offer products in the following formats: Audios such as podcasts for those that are auditory learners. Training or video blogs for those who are visual learners, and printable materials, like action guides or e-books for kinesthetic learners.

Furthermore, it is very important that you consider adding multiple income streams to your business. You might be asking yourself, How in the world can I do this:

1. Single Income Focus.. Understand that questions steer focus and when you decide to look at ways to increase your income, consider looking at your major reason for doing so. Is it to pay off debt, purchase a vehicle, or finance your dream vacation, whatever the reason, you need to focus on a multiple income streams , not a single stream of income, such as your job.

2. Each product produces new income opportunities. When you create a new product or service offer, it opens the door to create additional products for your customers.

3. Repurpose Content. For example, I will take a talk or presentation that I have done to a live audience and repurpose it into several different products, here is how its done. 1) Live Event, 2) Video for Sale, 3) Audio used in podcast; 4) create a blueprint or action guide; 5) used the content on my blog, 6) split the content into mini-training of 3-5 minutes with call to action, 7) use video or stills (photos) on website for content to sell..