Recently on the Profit Meets Passion podcast, we talked all about the missing ingredient in your passive income and sales funnel recipe — revenue streams! If you’re just beginning your wellness business or you’re noticing a decrease in your already existing revenue streams, these 5 NEW revenue streams will definitely add some life to your business.
I want to emphasize that revitalizing your revenue streams shouldn’t come from a purely COVID-19 mindset. By that I mean that while it’s important to reach your audience and provide valuable services to them during this time, it’s even MORE important that your revenue streams remain relevant no matter the circumstances. I’m going to tell you the 5 revenue streams I personally have set up for a booming business!
By the way, don’t feel pressured to set up all of these revenue streams at once (or at all!) In fact, you’ll see more growth, sales, and income from placing your focus on just one or two at once. Focus is freedom!
Okay — let’s get started on your passive income!
If you’d prefer to listen rather than read, you can tune into the podcast episode below.
Revenue Stream #1: The Live Virtual Workshop
I’ll admit that I’m a sucker for a live virtual workshop. It’s by far my favorite revenue stream, and one I’ve seen CRAZY growth using!
$47-$197 depending on the realistic value you’re offering. Consider the money or time you are saving people, the benefits, and the work YOU put in when pricing your workshop. Only you know what your workshop is worth!
1-2 weeks from planning to implementation. This is because you should be able to KNOW what your audience really needs right now. Using the “Dig Deep” process, you can find out what they want and need. Remember: you can’t sell what no one wants or needs!
- How to Cycle Sync your Life. Your audience will come away with a blueprint for cycle syncing their individual menstrual cycle! It’s personalized but generic enough to apply to multiple people.
- Adrenal Healing Protocol. Your audience will create a meal plan and supplementation schedule along with a personalized calendar for adjusting lifestyle practices.
The value of a live workshop vs. a training or webinar
With a paid workshop of about 2-3 hours, your audience will have an actionable, customized plan with the motivation to enact an outcome. And remember: people often receive more value when they pay for something, because it’s an investment on their part.
How to promote your live workshop
I recommend live streams during your pre-launch and your launch periods, with an email sequence during your pre-launch and your launch periods. Honestly, just being visible on social media will do you some crazy good!
What you’ll need to promote your live workshop and see RESULTS:
- Live streams and social media presence
- Pre-launch and launch email sequences
- Sales page and check out page on your website
- Optional, but highly recommended: a free webinar
What is upselling, and should I do it?
Upselling is the process of providing bonuses to your audience. For example: after your workshop, offer a private bonus with a discounted rate exclusive to your paying audience. This creates a secondary revenue stream!
Be sure to send a separate email sequence post-workshop to your workshop attendees to encourage them to purchase the bonus.
You can totally tease your bonus outside of your workshop attendees, too! 😉
BONUS: you can turn your workshop into a passive income product! Post-workshop, you can slightly decrease the price of your workshop to offer it as a replay to keep the revenue flowing.
Revenue Stream #2: The Flash Sale
Time for a flash sale! You can improve revenue for your existing products by offering limited flash sales for anything from $5 ebooks to $500 courses. The best part about this offering? It’s almost completely hands off.🙌🏼
Offer either a percentage off or a specific dollar amount off, whichever sounds better and offers you realistic revenue for YOUR bottom line.
You want to offer a flash sale for no longer than 1 week.
- Bundle 1-2 related products. I.E., a detox ebook and a non-toxic living course.
- Rather than offering a sale, offer a bonus to a current offering. I.E., a free meal plan attached to an AIP course.
How to promote your flash sale
I recommend sending 1-2 teaser emails every other day, finishing your email sequence with the announcement of the flash sale. And don’t forget that social media presence!
Revenue Stream #3: The MLM and Affiliate Program
Joining an MLM or affiliate program is pretty much a must-have in today’s virtual wellness business world! Being part of an already structured business with good commission rates is an amazing source of income.
I recommend looking at programs with recurring commissions and really good commission structures. Programs with at least a 20% commission rate + recurring commissions are gold.
Joining an MLM or affiliate program will require an application of no more than 30 minutes, usually with instant approval. You’ll want to start promoting right away!
- Beautycounter: 25-35% commission + recurring commissions for returning clients at that same structure (this is CRAZY good, y’all.) If you’re curious about aligning with Beautycounter, you can join my free Facebook group to get a sneak peek into what it looks like to work with the company. Through June it’s only $50 to start a Beautycounter business.
- DoTerra or Young Living: I know someone who sells Young Living for 25% commission on the first 3 months of a returning client, then 8% or less post those 3 months.
- Check out my podcast episode Leave Your Full-Time Job Faster for more info on MLMs!
- Affiliate or Ambassador Programs
- Primally Pure: 15% commission, with no recurring commission. However, I find it has a really good conversion rate.
- Perfect Supplements: 15% commission on non-branded products, 25% on branded products, with no recurring commission. However, they have a broad product suite, giving you more opportunities to sell.
- Dry Farm Wines: 8% commission + recurring commissions.
How to join an MLM or affiliate program
- Fill out an application, usually found on their website home page.
- Show yourself using the products on social media authentically.
- Develop a social media and email series to promote your affiliation. Don’t know where to start with social media and email? Check out my free training Keep Calm and Profit On here.
Revenue Stream #4: The MVP
An MVP, or minimum viable product, is low-hanging fruit. This is a product you know so well that it’s your go-to product! Plus, it provides more value to your audience and therefore more income for you.
About 3 weeks to a month from development to launch. I created and sold a new product to a new audience in just under a month for nearly five figures. You can do this even more quickly if you’re selling to a familiar audience!
- 4-week group coaching program
- Weekly bootcamp
How to promote your MVP
- Social media presence — always, always, always!
- Surveys from your audience on what they need and want
- Pre-sale phone calls (yes, on the actual phone!)
- Email launch series
Want to create your MVP from start to finish with coaching all the way through? My online course teaching you how to create and launch a digital product and online course, Wellness Course Academy is a must-have.
Revenue Stream #5: The Sales Funnel
Y’all, I LOVE sales funnels! This is how I make a good amount of my revenue while still being able to take time off.
$5-$2000+. The sky’s the limit with your sales funnel! You can sell a $5 ebook or a $2000 one-on-one coaching program with a sales funnel, all of it hands-off.
1-2 days. The more you’ve offered this product in the past, the faster your sales funnel will be.
- Set up a funnel for selling a product or service
- Set up a funnel for getting people to join your MLM team (see Revenue Stream #3 😉) Here’s my tried and true technique:
- Set up an email series and Facebook group dedicated to answering some common questions.
- Offer a 1×1 call at the end of your email series.
- Set up a funnel for selling your MLM or affiliate products.
How to promote your sales funnel
Invest in a quality email service like ActiveCampaign or Kartra. You’ll also need a deadline timer if you go with a service like ActiveCampaign (you can try Deadline Funnel, but it’s not my favorite.) Because it has everything you need in one program, Kartra is my choice.
Remember, focus on ONE revenue stream at a time.