April 19, 2022
We talk a LOT on this show about marketing and business, particularly coming from our experience with personal branding and running businesses with your face attached to the front. A lot of you can relate to the fact that when your business requires YOU to get out of your bed, show up, and physically make your business profitable, it can be SO exhausting. HOWEVER, there is a WORLD of business types out there, and not every company has to operate that way. It’s WISE to have multiple types of income which is what we’re chatting all about today with our dear friend Zim Flores.
Today we talked about the 8 different types of income streams that most millionaires have, what each looks like, and where you should start in your own journey if you want to begin expanding your revenue streams. Zim breaks down what passive income can look like, business model ideas for you to chew on, as well as a good chat about the pros and cons of having a personal brand with your face attached to it, and how to begin thinking about building income streams without a personal brand at all.
This episode is PACKED and we seriously can’t believe this is only a fraction of what Zim is gonna be sharing at The Heart Conference in Nashville in a couple of weeks.
Zim Flores is a believer, traveler, speaker & entrepreneur. She is the founder of Travel Noire, CEO of Italicist, and host of The Bloom Podcast. With a vision almost as grand as the world we live in, Zim is committed to inspiring today’s generation to live out their Kingdom purpose.
Passive income is income that comes from multiple streams, it ends up reducing your working hour and frees up your schedule. There are lots of different types of passive income streams:
Everyone should be thinking about it at least. At every stage when we think about our streams of income once we understand the mechanics of what we are doing, we process ourselves out of it. That’s how you turn something into a passive stream. You process yourself out of it, you set up systems where maybe technology can do what you were doing before, or you hire somebody or a team.
A misconception is that passive income always starts truly passive, but you have to be intentional about what you want to be passive and what you want to be more active.
If you’re going from one income stream to two income streams, Zim recommends starting some kind of arbitrage business. Something that you buy low and sell high. For example, some people will buy ego sets off of eBay and the next year they become more valuable. People will buy it, hold it for a year and sell it for a ton.
There are a ton of these really interesting niche types of businesses that work well for arbitrage, so buying low and selling high. This is something you can do on the side and doesn’t require a full-time schedule.
For someone who is going from two income streams to three. Start an eCommerce business. You can start an eCommerce business or if you have extra cash you buy an existing successful profitable eCommerce business.
When you are thinking about multiple streams of income you have two different ways to build multiple streams. You either have a lot of time or a lot of money. If you have a lot more time you have to do things a different way, if you have a lot more money you have more options at your disposal.
Income streams mean income streams to you, not talking about the multiple streams of revenue you have in your one business. The income streams that point to you.
On the days that you don’t feel like posting or showing up and you just want to be away from social media for a year or six months. You don’t want to have the success of your income or revenue dependent upon how you choose to show up every day. It’s exhausting.
You want to build something that won’t require your face to be successful. To build something that could stand on its own merit, own two feet. Cancel culture is real. You say one thing and people know what you do and they will try to hit your pockets. They can’t hit what they don’t know. If you have ten streams of income and you only know one, you can only hit that one thing.
We all know that we buy things for different reasons. Some things we buy because we love the mission, or we need it or we buy it at a certain price because the price is cheaper. There are price shoppers everywhere. You have a couple of different tenants.
People will buy on price, reviews, and convenience.
It’s not about the brand mission if you are selling jars on Amazon prime, it’s about the price and convenience.
Think about the last thing you bought online. Did you look at the mission? Did you look at the founder? Think about the last thing you bought online and did you care about who the founder was, why they started the company or did you go through their feed to understand them as a person?
We get really stuck on having to do everything. We know the business best so we physically have to do everything. When you hire really good people and get out of the way you will be surprised with what happens.
The Heart Conference: www.theheartuniversity.com/conference
Connect with others before the conference to plan lodging, transportation and create relationships before in our Facebook group: https://www.facebook.com/groups/170106201881803/
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Follow along with Zim;
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WASSUP FRIENDS. We’re Evie + Lindsey, co-founders of this wild partayyy called The Heart University. Our goal is to empower entrepreneurs to kick freaking BUTT in their businesses, dive down into the heart of their why and how, and serve you with all possible tools you’ll need to up-level your business game and CRUSH those goals of yours.
Whether you’re coming to an in-person workshop, joining our online course, or soaking up all the strategies via this blog or our podcast, we’re STOKED you’re here + can’t wait to see you out there kicking butt.
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