In this new series, I want to help you ‘Unlock your potential’ and discover the power of having multiple income streams.
I met Claire years ago when I was running the ad agency, almost 6 years ago. She was smart, ambitious and had just started her own graphic design business while working for one of the big creative agencies in town.
Claire and I kept in touch, I loved watching her mostly carefree life over social media, while mine became more responsible and busy with kids & career.
Claire contacted me about 2 years ago via Facebook, knowing I was now consulting and had left the agency. Claire told me of her graphic design business had taken off, and it was a good thing as she was made redundant at the agency and initially found it really hard to make ends meet. However now, she was at a point of burnout because it was all her or nothing in her business. Her business was so dependent on her time & energy, and she had very little left each day.
I worked with Claire over a period of a few months to really step back and analyse her personal & work situation before we made a plan. She said to me ‘I want the freedom you have Suzanne’. While replicating my scenario exactly wasn’t possible immediately, there were options for Claire & her business. So we set about creating a new business strategy that included one major change. Creating multiple income streams.
You see, Claire wanted to travel more which she wasn’t able to do working in her business all the time. Her parents were getting older and lived in country Australia, a 3 hour drive from her. Not that far but she just wasn’t getting to see them at all which felt heavy on her heart. Claire was now also a mum, and she described the juggle as manic. Claire wanted her time back, she wanted more flexibility in her life and less stress & overwhelm.
Claire wasn’t keen on managing staff, so we worked on finding ways of creating flexibility and freedom without scaling based on additional resources. What ensued was a plan to develop 3 new offerings for her clients, that were more hands-off and automated. It was going to take a year or 2 to get up and running, but there was a plan and Claire was excited about the prospects of what this meant for her life.
We spoke the other day, and I was thrilled to learn that 2 of the 3 new areas we’d developed for her business were proving to be successful. Claire was starting to enjoy her days more, was feeling so much less stressed and loved the flexibility the more passive income was giving her. Her daughter was now 5 and heading to school, and Claire was so happy that she was able to give her the time by doing drop-offs & pick-ups, taking some time off during school holidays and really spending time with her most important asset. Her family.
So are you asking yourself how you too can do this for yourself? I’m sure you’re saying ‘Ya, but that wouldn’t work for me’. Well, I’m here to say, I’m sure there are ways for you to diversify your income streams and often you just need to get out of your own head & out of your own way, to discover them.
Working with a friend, mentor or coach is also a great way to take a step back and assess your situation. We all know that each of our situations is unique and there is no one-size-fits-all approach for this. However, there are lots of options and with some planning and hard work, you too can realise the benefits of multiple income streams.
I encourage you to take out a notebook, and start the process of writing out what’s not working for you right now, and what is working for you. The process of writing out your thoughts and ideas is cathartic and super helpful in starting this process.
Next week, I’ll bring you another article in this series to take you a step further in moving your dreams forward, and truly creating the life you want.
Suzanne is a business & life coach helping entrepreneurs unlock their potential, start & grow their businesses so they can thrive in life, instead of just survive. She lives in SW France, with her husband and 3 boys where she moved in 2017 after leaving a senior executive career. Find out how you can work with Suzanne to unlock your potential and create the freedom you desire in your life.