Why You Need Scalable Revenue Streams in Your Nutrition Business

Scalable revenue streams are one of my favorite strategies for business growth. But before you keep reading, let’s be clear: scalable does not mean easy, quick, or scheme-y!  You have to put it in the work & due diligence first. 😉 (It shouldn’t be your first step in building your business, but it’s a great growth strategy once you’re under way.)

Now that we’re clear on that, let’s move on:

Have you ever listened to a podcast or read a personal development book written by a successful millionaire? There’s one thing they’re always talking about: having multiple revenue streams. Most millionaires have 7+ income streams at any one time and it’s a large factor in their success.

WHY? >> IT GIVES THEM THE MOST BANG FOR THEIR BUCK.

Or more appropriately, the most bang for their hours. We all have a limited number of hours in the day. We can only use so many to be actively generating revenue. One thing these millionaires’ revenue streams have in common is that at least one of those streams is passive or residual. That means they’re bringing in money without actually doing much continued work. Think collecting rent, earning interest, or making affiliate sales. Another common example is network marketing/direct sales.

Having multiple streams of income, whether passive or not, is an important step when it comes to introducing new products or services to your nutrition business. Having additional income streams to fall back on will:

  • Allow you some leeway and flexibility if something isn’t working as well as you thought (aka you don’t have all your eggs in one basket).
  • Let you target more clients. They all need the same problem solved, but may want them solved in different ways.
  • Allow you maximize your time, leaving you time for yourself, family, and life in general.
  • Let you increase your income without increasing your hours or workload.

Another big factor to consider, besides passive and residual income, is the scalability of your products. By scalability, I mean the ability to make a program larger without increasing your time or workload. (If you think scalability and passive income sound like they overlap, you’re exactly right – they do!)

Why you need Scalable Revenue Streams in your nutrition business

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SCALABILITY: WHAT EXACTLY ARE WE TALKING ABOUT?

Many wellness providers {dietitians, health coaches, personal trainers, etc.} start with the traditional one-on-one coaching or counseling. This is great because it allows you to provide dedicated, tailored time and advice for your clients. However, you will quickly max out on the number of clients you can take on, and therefore the amount of revenue you can generate.

This is where having multiple & scalable revenue streams comes in. Cap the number of clients you want to work with one-on-one and provide another option after {or instead of} that. Option #2 {and #3 and #4 etc.} need to be passive, residual, or scalable.

A great example of a scalable service is an online bootcamp where you prescribe a workout or meal plan but no individual coaching or feedback. Once you’ve designed the bootcamp, it doesn’t matter if you implement it for 5 clients or 500 clients, it’s exactly the same amount of work. Other examples include selling a book, cookbook, e-book, or e-course.

Of course, there are plenty of options that fall somewhere in between: you could offer a bootcamp that includes a one-on-one call or your personal engagement in a small group. You would still be able to reach more clients than an hourly coaching program, but there would be a limit to the number of clients you could enroll at one time.

BOTTOM LINE:

Having more than one way to make money is key for self-employed entrepreneurs, both as a “fallback plan” and a vital part of generating maximum income without spending maximum hours working.

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