If you’ve been curious about how to diversify your income and make money in different ways online, then BUCKLE UPPPP. Today we get to chat with the INCREDIBLE Jennifer Allwood.

Today we talked with Jennifer all about the importance of multiple revenue streams, including the 8 different ways to make money online. Jennifer breaks down at what stage of your business to tackle multiple income streams, how to balance multiple revenue streams happening within your business, and what recurring revenue streams are. She then breaks down how to keep people from unsubscribing or quitting an ongoing membership group. It’s a jam-packed episode with really tangible tools and strategies that you can take away TODAY and begin to implement (Including a free quiz that will help you figure out what revenue streams are best suited for you and your business!)Jennifer is a breath of fresh air and a powerhouse entrepreneur and we promise you’ll walk away with your mind blown in the BEST way. 

 

Jennifer’s Story 

If you aren’t familiar with her already, Jennifer is a business coach teaching women how to use social media to make money in 8 different ways online (Eccl 11:2). What started as a desire to make more money than what she was making in her local painting company eventually led to a multi 7 figure a year coaching business where she teaches women how to build a business online also.

Jennifer stands steadfast in the idea of using her business as a way to serve God and her family. Her goal is to use the tools so readily available—social media, email, the Internet—as the way to make this happen.

Today Jennifer is able to use her social media following of over half a million people, her podcast, The Jennifer Allwood Show, with 4 million downloads, her coaching groups with thousands of members, and her #1 best-selling book, Fear is Not the Boss of You, to help other women do for their businesses what she has done in hers. Jennifer lives in Kansas City, Missouri with her husband Jason of 24 years, their 4 kids, and 2 obnoxious golden doodles.

 

The importance of setting up multiple revenues in your business

It’s important that we have a backup plan to a backup plan to a backup plan. Not necessarily that we have a plan B, but even the Bible says in Ecclesiastes we are to have 7 ways of making money. It’s wise to make sure you are making money in more than one way. 

A lot of people in your audience have probably worked in a job where they have been let go. They were either fired, let go, laid off, etc. Sometimes you need to be pushed out of the nest. When you work for somebody else you never know what they are thinking, a 9-5 is not technically more secure. No one should be left in a position where they are hung out to dry, with no options. 

Would you rather bet on yourself? 

 

8 Different Revenue Streams:

• Course
• Membership group
• Consulting or 1on1 coaching
• Ad revenue 
• Affiliate income/sponsored content
• Info-products: e-book, boot camp, etc. 
• Physical product 
• Monetize your social media 

If it’s something that is so easy and low-hanging fruit to set up, that’s one way. Another is when people start asking you. If you’re really bored, that’s always a good way God uses to get people to shift and pivot. 

 

How to balance all the revenue streams

People can always make it appear one way, but not actually be that way. Always make sure you have plenty of people helping you. Know that you are only good at a handful of things, and make sure you have the proper people in the proper seats on your team so that you can focus on the things you are good at. 

 

How to keep people in your subscription group

Sometimes people are turned off by the word subscription or membership. The insinuation is you can’t get out. So maybe think of other words you could use instead, but not necessary. 

Membership is not great for everyone because it requires consistency. You will have churn, which is people leaving every month. You will have that no matter how good you are, how many people you have– you will still have churn. 

If your churn rate is less than 10% of your overall number then you probably shouldn’t be concerned. If more than that are leaving then you should start digging into why people are leaving. 

How to lower your churn rate: 

• A lot of it depends on your price point every month. The churn rate on lower-priced groups will be less. Sometimes having more people at a lower price point is better. 
• Exit survey for everyone that leaves. A lot of the time the reasons are finances and time. 
• The number one actual reason people leave is overwhelmed. If you can reduce the overwhelm that will also help with retention. 

 

3 tangible steps to start moving toward creating recurring revenue in your business

• Figure out how you are wired, go take Jennifer’s quiz, and see what revenue is best for you. 
• Look at where you are hoping to be down the road. Imagine what life would look like and that will be more helpful. 
• You have to be growing your social media and email list. Don’t put all your eggs in one basket with social media, make sure to grow your email list. 

What is the biggest lesson you have learned in business?

There will always be people who have determined they misunderstand you, don’t like you, or have big opinions about you. Don’t let outside opinions dictate what you pursue. 

 

What’s a favorite book you’ve read recently?

Atomic Habits by James Clear

 

 

Show notes

Heart Shop Website Templates: www.theheartuniversity.com/website-templates

The Posing Minor: www.theheartuniversity.com/posing-minor

 

Follow along with Jennifer: 

www.instagram.com/jenniferallwood

Jennifer Allwood Show Podcast

www.jenniferallwood.com

www.jenniferallwood.com/quiz

Atomic Habits by James Clear

 

If you want to connect with us and other listeners in the Heart and Hustle community join our Facebook group here.

 

Follow along:

www.instagram.com/mrslindseyroman

www.instagram.com/evierupp

www.instagram.com/theheartuniversity