Your Timeline to Multiple Streams Success
Copyright 2006 Alicia M Forest and ClientAbundance.com
I'm often asked the following questions:
What is the realistic expectation for starting an online
Multiple Streams business from scratch, to getting cash flow
from online products?
What are the steps at each stage?
And how much money can I realistically expect to make at each
stage?
If you're implementing a multiple streams approach, it's
important to be prepared for the time it takes to build your
business (this is not a get-rich-quick model, but a potentially
highly profitable one with sustainability) and to set realistic
expectations of when you'll start to see a profit from your
offerings.
What follows is a step-by-step basic outline of how to start a
Multiple Streams business from scratch - the steps to setting up
a Pink Spoon page, working through the Marketing & Product
Funnel, what kind of investment to make along the way and what
kind of return can be expected.
Know that this is just a outline. You can always move through
the timeline faster or slower, depending on your time and
efforts.
So let's take a look at the three phases of the timeline - for
simplicity sake, I've indicated a month by month timeline, as if
you were to start January 1st.
Phase 1: Problem/Solution 0 - 3 months (Jan - Mar) Revenue: 0
This is the stage where you define who your market is. Who do
you want to help? What are their biggest problems? Do the
research and get in touch the biggest issues your market is
facing. One of the best ways to do this is to simply ask them -
do an online survey with the question 'What is your biggest
challenge?'
>From this information you can build your first 'one banana'
website, offering a free gift (Pink Spoon) in exchange for their
email address.
Phase 2: Driving Traffic 4 - 6 months (Apr - June) Revenue: 0
List: 500 - 1000 people
You have a website, you have a Pink Spoon. Now you need to start
driving traffic to your site so you can build your list of
names/email addresses.
It is important to build your relationship as you build your
list. Keep in regular touch with people through a newsletter or
series of autoresponders. Be engaging and helpful, and keep
asking questions. Provide them value while also providing them
an opportunity to get to know you. Remember, people buy from
people that they know, like and trust.
Phase 3: Show Me the Money 7 - 12 months (July - Dec) Revenue:
$500 - $1500+/month List: 1000 - 2000+ people
Once you have gotten to know your market, identified their
problems, built trust, etc., it's time to start selling them
products that will help solve their problems. Ebooks and/or
teleseminars are a great place to start.
After 6 months of research, driving traffic and building a
relationship with your list, it would not be unreasonable to
start making $500 - $1000/month. For example, if you sell a
teleseminar at $97 with 20 spots you've made $2000 right there
(and more for selling the audio later). Or if you offer an
e-book for $27 and you sell 50 copies, that's another $1350.
Phase 3 doesn't have an end date, unless you pull the plug.
Continue to talk to the people on your list, keep in touch with
what they want, and create products that they want to buy to
keep moving them through the Funnel.
This article is based on a copyright 2005 Multiple Streams of
Coaching Income resource and is used with permission.