HOW TO CREATE CONSISTENT STREAMS OF INCOME WITH YOUR PODCAST

Your podcast gives you great opportunities to create multiple streams of income. The show is like the gateway for your clients to enter your world. After they enter, help them solve their problems with a specific stream of income.

Dan Miller of 48 Days to the Work You Love joins us on this episode today to discuss how his podcast sits at the center of his revenue universe.

STREAMS OF INCOME START WITH ONE

Before you can create multiple streams of income, you need to get your first stream producing income. Focus on one before you launch others.

There is power in focus.

There is a saying that is contributed to Confucius. Then again, many sayings are.

The saying is, “The man who chases two rabbits catches neither.” When your focus is divided, you accomplish very little.

Get your first stream of income working before you launch the next. You will find much more success.

I suggest you start with the easiest stream of income. The easiest is the one that is easiest for you. We each have our own super power. Leverage your strengths.

Before we talk with Dan Miller, let’s look at a few options for your first stream of income.

Some of these links are affiliate links, one of my streams of income.

When you purchase through an affiliate link, it doesn’t cost you any more than it would to buy directly from the site. However, I may receive a small commission by promoting it.

I only promote products I use and believe in. The last thing I want to do is promote something that isn’t something I trust will help you.

COACHING STREAMS OF INCOME

One-on-one coaching is typically the easiest place to start if you teach people how to do something.

When you share your expertise to help people overcome their challenge, this stream of income is easy to set up.

First, determine the outcome you help your client achieve. Next, offer that coaching to your audience with a clear benefit.

You can do your coaching calls on Zoom or the phone. Have clients pay you through PayPal or something similar. My first client sent me a money order.

Craft a simple agreement, so each person knows what to deliver and what they can expect. Now you’re rolling.

GROUP COACHING

Group coaching is another option as one of your streams of income.

This stream takes a little longer to get traction. With one-on-one coaching, you only need one person. For group, you need multiple people.

You will probably start your group with one person and let it grow. Just let the one person know they will get personal attention until others enroll.

As you enroll multiple people, it is much easier when you set up recurring payments through a shopping cart. It is a challenge manually keeping track of who paid and when payments are due.

I use ThriveCart. They currently offer a lifetime deal, but that is going away soon. You can see if the deal is still available through my affiliate link at www.podcasttalentcoach.com/ThriveCart.

STREAMS OF INCOME FROM COURSES

Courses are a great way to do the work once and sell it multiple times. However, it takes consistent marketing.

Don’t believe if you build it they will come. You need to consistently get your course in front of your clients.

When you create your course, solve one specific problem. I made the mistake of putting everything I know into my first course. Nobody bought it.

Nobody wanted everything. They simply wanted to solve their most pressing problem.

To create a course, you need a course platform. ThriveCart actually has a course platform built in called Learn+. You can see it on that same page at www.podcasttalentcoach.com/ThriveCart.

I have also used Groove. It’s an all-in-one platform that is pretty powerful. You can see that at www.PodcastTalentCoach.com/Groove.

I have also used Teachable for my courses. Teachable is easy to learn. However, they standard plan has recently limited users to five courses. I’ve outgrown that, so I’ve moved onto other platforms.

There are many other course platforms. Do your homework to find one that is perfect for you.

MEMBERSHIPS

The next powerful stream of income is a membership site. This could be a combination of coaching, courses, and content.

There are a ton of ways to set up your membership site. It really depends what you want to include and accomplish.

There are plugins available for your WordPress site, like WishList Member.

You can use membership platforms, like Might Networks.

The all-in-one platforms like Groove and Kajabi also have membership options in their systems. You can take a look at GrooveMember inside of Groove at www.PodcastTalentCoach.com/Groove.

Your membership platform will control your content, which members have access, and how they pay for that access.

AFFILIATE COMMISSIONS

Affiliate commissions can create great streams of income on their own. It’s a great way to get started generating income.

The benefit of affiliate commissions is the ease. You don’t have to build anything. You simply promote others and get paid when something sells.

The down side of affiliate marketing is the work. You won’t typically create repeat customers, because you are selling for somebody else. The provider will have the relationship.

Just remember to vet the products and services you promote. Never be an affiliate for something you haven’t used yourself or done complete due diligence to ensure the quality of the product and provider.

By law, you cannot say you’ve used something or that it delivers a result unless you have used the product or service and receive that result. Be careful what you say.

PRODUCT STREAMS OF INCOME

You can also create streams of income with products.

You might write books, create software, or build apps. This is a great way to do the work once and sell it again and again.

The benefit of products is the relationship. You can create repeat customers and lead them to the next step with you.

The down side is the revenue and time. You won’t make much off the sale of a book or app. You’ll need to sell a lot to make any meaningful revenue.

Products also take a long time to create. You don’t typically write a book in a weekend.

Therefore, let your product lead to something bigger.

DAN MILLER

Dan Miller has multiple streams of income. And his podcast sits at the middle of that network of goods and services.

Dan is author of the New York Times best-selling 48 Days To The Work You Love and Wisdom Meets Passion, No More Dreaded Monday and An Understanding Heart.

His 48 Days Podcast consistently ranks in the top 1% of all podcasts worldwide and his 48DaysEagles.com community is viewed as an example around the world for those seeking to find – or create – the work and the life they love.

Dan has an amazing community call the 48 Days Eagles. I am the Dean of Podcasting in the membership. It is an amazing way to find or create the work you love.

Dan is holding a free 48-Day Dream Live Blueprint event online on November 14^th, 48 days before the end of the year. If you would like to create big dreams for next year, visit www.PodcastTalentCoach.com/dream.

You can see the full 48 Days Eagles membership opportunity at www.PodcastTalentCoach.com/eagles.

Dan’s podcast sits at the center of his multiple streams of income and he joins us to share some tips with us today.

 

If you don’t have a mentor who can take your hand and walk you every step of the way, go to www.PodcastTalentCoach.com/apply, click the button and apply to have a chat with me. We will develop your plan and see how I can help and support you to achieve your podcast goals.