As a business owner, it's incredibly important to have multiple sources of income rather just relying on a single source of income. You're going to feel so much more comfortable if you have multiple income streams that are going to pick up the slack when other streams slow down. And in this video, I'm going to share with you all eight of my sources of income so that you maybe get a little bit of inspiration or see what's possible when it comes to making other sources of income.
My first source of income, and probably one of my primary sources of income up until about a year ago, was one-on-one coaching. That's going to change a lot in 2020 because I actually stopped taking one-on-one clients, but this is basically me exchanging my consulting services, my advice with health coaches who are looking to grow their business. Now, something I've learned is my zone of genius isn't really one-on-one coaching. I do think I'm good at it. But me personally, I prefer to put my energy into other things, like courses and group programs. So in 2020, this is probably going to become significantly less of my income streams. But currently, beginning of 2020, it still is one of my primary sources of income.
Number two is my HTMA Expert course. This is my course for health professionals, health coaches, fitness pros, health practitioners who want to learn hair tissue mineral analysis. This is one of my biggest moneymakers and in 2020 I expect it to be one of my primary streams of income as well. I teach this course live so I'm showing up weekly for live Q&As for the six weeks that we actually run the course. If you are interested in being a part of the HTMA Expert course, which launches January 28th, click here.
My third source of income is my monthly membership program. After health coaches or practitioners have completed the HTMA Expert course, they usually want to access my support. They still want to have help with their case studies and implementing what they learned in the course. So, I have HTMA Masters membership, which is for graduates of my course only. But basically, within that group we do review calls. We help them with their case studies. We make sure all their questions are answered in regards to hair tissue mineral analysis. We also dig into some of the other functional tests, like the organic acids, GI-MAP, and DUTCH test.
My next source of income is my 360 Mastermind. In November 2019, me and my business bestie, Christine Hansen, launched our yearlong mastermind program for health coaches. This was a really big source of my income at the end of 2019, and it's going to be a sort of a minor part of my income going into 2020. Most people paid up front, but some people are on subscription plans, therefore we will still continue to receive those payments on a monthly basis.
My fifth source of income is HTMA test kit orders. We have a program in my company where health coaches can actually order HTMA kits through us instead of the lab. Because depending on what people's health certifications are, they may or may not be able to actually set up a direct account with the lab. So for those people who maybe don't have the credentials that the lab is looking for, we allow them to order HTMA kits through us. We do mark them up slightly because I am basically paying an assistant to manage that program, plus I pay a mail lady to actually ship out those kits for me.
My sixth source of income is supplement commission. Now, I don't do health coaching anymore, but I do have an online dispensary with Fullscript. That means that my past clients have accounts. And any time they order under my account, I get a commission. Now, supplement commission used to be a lot more for me but since I don't really health coach anymore, it's not as much as it used to be.
My seventh source of income is High on Energy commission. Some of you may know I used to run a group membership program called High on Energy. That was where I helped women resolve their chronic fatigue and basically get more energy. When I decided to end that, I didn't really want to just let it go because I'd created such an amazing community of women. So I offered the membership to another practitioner and she runs that program now and rebranded it to a different name, Healing Journey Services. I had her take over the program in exchange for commissions of the sales for the next year.
And then my final stream of income comes from affiliate sales. Affiliates are certain products that I love that I recommend. This is definitely my smallest income source, but I do make some commissions. For example, I recommend the Pure Effect water filter because I think it's so important to be drinking clean water, so that is a product I recommend. I also promote the Joovv LED Red Light, therapy light, because it's amazing for antiaging and skin, and I've found it to be really, really effective for sports injuries. I also recommend the HeartMath device, which is a sort of meditation-like device that I love and has helped me so much in terms of how I deal with stress and how I feel overall about myself. I make a few hundred dollars a month on commissions from those products.
So those are my eight streams of income. And going into 2020, I'm probably going to add a few more courses. My plan in 2020 is to create a whole library of business courses specifically for health coaches and other wellness professionals, spiritual advisors, or anyone who does online coaching.
Remember as a business owner, multiple incomes take away so much of your stress and overwhelming feelings when it comes to money if you set up multiple income streams. And if you don't even know where to start and have yet to determine a niche, I have a workbook just for you, my Money-Making Niche workbook!
Let's talk about money. If you aren't willing to look at your finances you are going to struggle financially. But don't worry in my new video I'm going to give you six money management tips that are going to help you manage your finances like a boss.
There was a time where I actually believed that I was bad with money because I'd been told that my entire life so ultimately that is what played out. I felt really uncomfortable looking at my bank statement, looking at my credit card, and the result was that I always went into overdraft or I overstepped my credit card and I ended up accumulating a small amount of debt. And honestly this whole money thing actually almost prevented me from starting a business because I knew that having a business meant that I needed to learn to manage my money. Luckily I started my business anyways and today I manage a multiple six figure company with multiple team members so I now have a very good relationship with money and I'm very good at managing it.
So just remember that making money is pointless if you don't know how to manage it. So it's really important that you at least adopt some basic money management tips like the ones we are going to get into today.
1) Separate your bank accounts
You don't want to be combining personal and business expenses because that gets confusing. You want to have a bank account for personal, a bank account for business, and you also want to have a credit card for personal and a credit card for business. It's really important to separate out your expenses so that you can track what you were actually spending in your business.
2) Hire a bookkeeper
A bookkeeper can do bookkeeping a million times faster than you can and it will relieve the anxiety and stress. This is probably one of the most important investments that you can make as a new business owner so do it now, hire a bookkeeper.
3) Analyze your cashflow
I look at the report that my bookkeeper gives me every single month and I really, really analyze where is my money coming from. I like to analyze my income streams, see which one is performing the best, and I also look at each and every one of my business expenses and I ask myself, "Am I using this platform? Is this helping me move my business forward? Is this necessary?" Because if it doesn't fit into that category I'd get rid of that expense.
4) Pay yourself first
I actually got this advice from the book Profit First. So you want to figure out what you need for personal expenses like your rent or mortgage, your insurance, cost of food, cost of gas, cost of your extras, maybe your gym pass or your yoga pass. You also want to put aside money for taxes and you also want to put aside money for investments. Because of course as entrepreneurs we don't have fucking pensions so we have to invest in our own future.
5) Invest in the basics
You don't need a ton of platforms or services to run a business. My first course was run off a PDF doc that literally linked to a YouTube video so 100% free. So always start with the basic don't get caught up or distracted by all these flashy, fancy platforms because really in the end you don't need much to run your business.
6) Money mindset
Your beliefs around money ultimately are going to confirm your reality. So if you don't believe you're worthy of money or you don't believe that people will afford the cost of your services then you are going to have a problem with cashflow. So guys, if you hear yourself saying any of the following you definitely have a money mindset issue. "I'm bad with money." "People can't afford the cost of my services." If any of these come up for you, you need to repair your relationship with money and my video, Scarcity Mentality will help you out.
Money does not equal happiness but it sure makes being happier a lot more easy. It gives you freedom, it gives you control, and it gives you ability for the fun stuff like travel and adventure. Money is not the root of all evils. And wanting money has nothing to do with the type of person you are. It does not make you a bad person. It means that you want freedom, comfort, and happiness.
Now go out there and make some fucking money and then tell me all about it!
In health and wellness, the average email industry standard open rate is about 20%. What that means is you need to be really on it with your email marketing and you need to be absolutely sure that you are going to hit to as close to 20% as possible. Otherwise your efforts are kind of wasted. So if you've noticed that your email open rates are below 20% then you definitely want to tune in to this video, because I'm going to teach you four types of subject lines that will make your subscribers want to open your emails.
1) Curiosity: You want to intrigue subscribers to make them want to see what's in the rest of the email.
2) Personalized subject line: People really love when things feel personal or feel like they are written just for them.
3) Story tease: People really love stories and a story subject line is an enticing way to start things off.
4) Authority subject line: If you have accomplished something, don't be afraid to share this with your subscribers.
Watch the video to learn more about the do's & don'ts of email subject lines, including examples of each type of subject line. If you found the video helpful, let me know by liking it, you can subscribe to my channel, or make sure to share it with all your business besties.
"Your beliefs form your reality and your reality confirms your beliefs." - Louise Hay
When I read "You Can Heal Your Life" book by Louise Hay it really made me aware of my beliefs and mindset and in my new video, I'm going to give you four ways that you can shift from a scarcity mentality to one of abundance.
So let's start with what is a scarcity mentality. In the simplest terms, it is the belief that there is never enough. Whether it's money, food, emotions, or something else, it is this belief from our core that there will never be enough to go around. As a result of that mentality, your actions stem from a place of lacking rather than abundance. So you might complain about never having enough money or never having enough clients. Maybe you never have enough energy, or you feel like there are never enough resources to accomplish your goals.
Likely there is something that has happened in your life that has led you to develop this mentality or this belief system. So maybe your parents always struggled with money growing up, or maybe there was never enough food on the table. And you have likely picked up this mentality from someone else. There's a good chance that you downloaded this into your system before you were even old enough to be aware that it was happening. Regardless of where it came from, if it's there, it's a problem. This action is going to dictate your actions in business, and it's always going to confirm what you believe to be true, which is that there is never enough.
So here are four ways to get to abundance mindset:
1) Change your internal dialogue
If you find yourself saying, "I just can't make money from health coaching" or "There aren't enough people who will be able to afford the cost of my services" - those are scarcity mentalities. This type of language is actually a pretty big deal, and it's going to have a massive effect on your business success and your ability to attract clients and money. So you need to switch your language by being conscious and aware. Tapping into emotional freedom is actually a great place to start if you want to shift your mindset. A must read for health coaches who are struggling with their abundance mindset is Tapping Into Wealth by Margaret Lynch. It's very powerful and it'll help you work through your scarcity mentality and shift into that abundance mindset.
Even if we're struggling in business, we still have so much to be grateful for. And the studies have been pretty clear on this. People who have a regular gratitude practice will exhibit better emotional and mental wellbeing. So be very intentional in giving gratitude in your business and make a conscious effort to write down the things about your business that make you grateful each and every day. I like to journal in the morning by writing down what I'm grateful for in my business and personal life in what I call a professional gratitude list. Even though we all get down in business sometimes, with this gratitude list you can cycle back to it and remember that you have a lot to be grateful for.
3) Stop hanging out with people who have a scarcity mentality
If you are hanging out with people who are negative and who have that scarcity mindset, then that is going to suck you in with them. So you need to remove yourself from that energy and start surrounding yourself with people who have that abundance mentality, and who think more positively. This is why it's so, so important for solopreneurs or health coaches who work by themselves in their offices to have a boss community. Because a lot of our friends and family don't really understand what we're going through.
4) Set realistic mini goals
When you set your goals too high or too big, it's really easy to fail, which then will confirm your scarcity mentality. So it's important to set attainable, small goals on a weekly or even a daily basis. So every time you accomplish even these small mini goals, you should celebrate, and subconsciously this is actually going to tell your mind that you have choice, possibility, and abundance. So the journal that I love to use is called the Best Self Journal because it allows you to set 13 week goals and allows you to write down all the tasks and mini goals that you need to accomplish in order to achieve that bigger goals.
I hope this was helpful, and I cannot wait for you to attract so much abundance into your life.
If you feel like you've been burning out or feeling overwhelmed with private clients, this actually might be the perfect time to consider launching a group program. In my new video, I'm going to teach you how to start your awesome group coaching program.
So personally, I worked with clients for about three years before I really started to burn out. I had so many clients at the time, I was having a hard time keeping track of them. I was working really hard to get them, and I knew I wanted to make more money and have more financial freedom, but I didn't have any more time in my schedule. I started to charge higher ticket prices for my coaching services, but as a result, I started helping less people and that really went against my mission, which was to really help as many people with their health as possible. So I wanted to figure out a way to help more people without actually burning out and compromising my self care, while simultaneously making more money.
Once I launched my first group coaching program, everything changed. I was able to make more money, I was able to help more people and I was able to have more time for myself. And in this video, I'm going to give you the step by step of how you can actually make that happen.
Step 1: Outcome
You need to determine what is the specific outcome or the specific result that your group members are going to get. Don't make a group program that claims to solve multiple problems.
Step 2: Content
You need to come up with the content of your program. And the best way to do this is to determine what does everyone actually need to do? What are the steps that everyone needs to take to get from A to B, from sick to that outcome that you are promising with your program?
Step 3: Delivery
When it comes to delivery, it's very important to take your group members on a journey. You want to take them through a logical sequence of steps that helps lead them on the path from where they have their problem that leads them eventually to that ultimate outcome or result.
Step 4: Support
What type of supporting materials are you going to include in your group program?
Step 5: Experience
You want to still make sure that, even though they're on this very serious journey to improving their health, that they still have a positive experience.
Step 6: Journey
After their group program, what happens next? You want to make sure you have something available to them because there's a good chance that some of your members are not going to actually be done with working with you.
Step 7: Update
After you've run of your group program, you want to update your program so that it's even better for the next members. This means future members are going to have an enhanced experience and you can raise the price of your program.
A great way to teach your first group program is through a Facebook group. The reason I love this is because Facebook groups are really great for engagement. So you can go live into your group and teach the training. You can engage in real time with each of your members, see what their questions are, see what their challenges are, get to know them a little bit better. And then the replay is available immediately after you've gone live. So if you teach another way, let's say you use a zoom meeting, or some type of other online meeting platform, you are going to have to download, upload and render the recording.
Watch the video where I go into further detail of each step!
So you have delivered your awesome lead magnet and now you have this person on your email list. But is that the right time to actually pitch them and offer your program or service? People take time to actually warm up to get to know and trust you. They need time to actually decide if they like you. That is exactly what an email nurture sequence is for.
In my new video, I'm going to teach you step by step how to create a high quality email nurture sequence that turns those email subscribers into paying clients.
Before I had a lead magnet, I had a really hard time turning my email subscribers into clients. It made me think that maybe email marketing didn't really work. I quickly learned that when it comes to health, people don't trust you right away. They need to warm up to you and you need to help them get there. Once they have warmed up, once they feel like they know you, they trust you, they like you, they're going to be way more likely to want to invest in whatever it is that you have to offer.
Once I started implementing my email nurture sequence, I started getting 10 to 15 discovery calls from potential clients, which was pretty overwhelming. It was a lot, so I actually had to switch to an application only practice in order to not lose my mind. So it was awesome.
An email nurture sequence is a series of emails that people receive after they opt in for your free offer. It helps them get to know you and your story, and it helps you know their method so that eventually you can pitch your program or your service. In my experience, I find six emails to work the best, but of course everyone's going to be a little bit different so you want to test that and see which length or amount of emails is going to work best for your business.
Let's break down what each of those six emails should actually include.
Email number one: your lead magnet
Email two and three: tell your story
Email number four: the purpose is to aggravate the problem and surprise them
Email number five: testimonial
Email number six: your pitch
I love pitching in email six because I've shared so much of myself with them already. I've shared my personal story, my struggles, I've related it back to them. I've shared my testimonial of how I can help someone just like them. This is a great time where they might actually be really interested in learning more and maybe even working with you.
If you don't sell them at email six in the email nurture sequence, that's totally okay. Some people do need a little bit more time to actually warm up and that's no problem because you're going to be sending an email to them every single week with valuable information, warming them up even more so that eventually they are ready to invest in what you have to offer.
If you want more details and examples for each of the emails in the nurture sequence, be sure to watch my video!