Diversifying Your Income Streams pt 4 – The Positive Side Effects
In this article series we’ve discussed what diversifying your income streams is and why it’s important, ways to grow your business without leaving the industry and changing your title, and how to earn passive income. What often goes unspoken is that when you diversify your income streams you naturally not only earn more from the other sources, you also become more in demand which means you get to raise your rates confidently.
There is no denying that people love what is in demand. The restaurant that has a waitlist doesn’t deter the person wishing to spend several hundred dollars on dinner. It makes the person more anxious to be served pay! The new phone coming out in limited quantities doesn’t charge less. People are lined up around the corner to pay more! However, the big shift here is mindset.
How confident are you in raising your rates when you don’t have another source of income? How confident are you in getting more clients when you haven’t made a name for you or your business? How confident would you be if you had already proven to yourself that you can earn money in a variety of ways?
Raising your rates doesn’t always price out your long-term faithful clients either. You can either grandfather their pricing in or you can create tiered pricing around them. The point is, now you have more options when choosing what type of rates, tiered pricing, packages, or bundles you want to offer. You’ll need to rethink this too as it is a certainty that your lifestyle will have changed.
You may have started your business with one goal in mind – make enough money to replace your old income. However, when your income goals are fulfilled there are new goals and challenges you’ll naturally set for yourself. These are exciting times!
Becoming a member of the Association of Virtual Assistants mean we are not only here to celebrate with you, but to also offer guidance and support. Not only for growing your business but growing as a leader. Walking into the next stage of life and business with confidence that you are not alone. You have an entire association supporting you.
Diversifying your income streams is never just about the money. It’s about how the money allows you to grow as a business owner, as a leader, as a person. When you join the Association of Virtual Assistants you have joined an association dedicated and founded to grow with you.
When you join the Association of Virtual Assistants we’ll help you find those other income streams, set price points, support your launch, and tell others about your services. Take advantage of all the privileges and benefits that come with being a member of the AVA!