Monetize Your Book Tip 18: Income Stream Basics

If you've gained clarity about an income stream you want to build, you’re probably ready to get started building it. It is really fun to feel the rush of excitement when I've vetted a new idea. But wait one. Let's ensure your income stream eventually become just that: recurring revenue to your bottom line.

Tip 18: Income Stream Basics is designed to help you master the basics. Otherwise known as the fundamentals, you've gotta have these down cold. They can be a tiny bit tedious and boring (I know!), yet you will be so proud of yourself for getting clarity for each them in the future. (Promise.)

Every income stream has these six things in common:

• Product: what you're selling
• Price: how much it costs
• Buyer: who wants and needs it (I have an ideal client profile with 25-100 qualities and characteristics)
• Structure: how, when, and where you're delivering your product
• Marketing: how the world is finding out about it!
• Plan: all of the above, with a timeline

Put them together well, and this my friends, is your recipe for success. The opposite is also true. To help, I'll provide a quick example you can replicate, using the Empire Builders Mastermind as my example (this is obvious the overview and highlights, but it'll get you started).

• Product: a small, group mastermind for people who want to write, publish, and monetize their books with a mentor who can assist with all aspects of building a business, being an entrepreneur
• Price: $25,000 per year
• Buyer: solo entrepreneurs who are ready to go to the next level in their income stream creation, massively increase their income, etc.
• Structure: how, when, and where you're delivering your product: Annual commitment, two in-person meetings, 11 virtual meetings, 1-1 support and strategy, etc.
• Marketing: how the world is finding out about it: webpage, word of mouth, special invitation
• Plan: all of the above, with a timeline: Open for enrollment 1 June of every year, close enrollment when spots are full or 1 Nov.

As you can guess, there is much more involved in the process of developing an income stream (success is in the details), but now is a great time to pencil out your product, price, buyer, structure, marketing to begin to form your ultimate plan. GO!

See you tomorrow!

Honorée Corder | I help professionals write, publish, market, and monetize their books.

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