Analyze which option makes the most sense for your business

In this step, we’ll talk about possible revenue streams that you can build and own yourself. Most of the examples we’ll cover will make you money in the future, rather than immediately (mostly passively). 

Use scenario mapping to brainstorm options

Take out a blank sheet of paper. Using the following options as a starting point, pick 3-6 revenue streams and write at least three sentences next to each that show what it would look like for you to implement these as an option. 

• Writing an e-book

• Online courses

• Online resources (template, workbooks, etc)

• Podcasting

• Coaching

• Blogging

If you’ve been considering a revenue stream that’s not listed here, feel free to include it.

If you’re struggling to think about what a revenue stream might look like when you implement it, it can help to answer the following questions:

• How does this option fit into your current business and workflow?

• What appeals to you about this option?

• What doesn’t appeal to you about this option?

Meet Janette. She’s an experienced freelancer with a decade of graphic design work under her belt. Janette has been working with healthcare clients for most of her career, and she has a solid, predictable income of $6,500/month coming in from five clients. She works about 30 hours per week. Lately, Janette has been thinking about diversifying her revenue streams. She wants to build something of her own. Here are the options she’s considering:

1. Coaching: Janette could offer coaching services to other freelancers in the graphic design industry. She’s been thinking about developing a curriculum with five sessions, each of which focuses on a key piece of running a graphic design business. She’d ask people to sign up for 5-session packages. Because she rarely meets with people, she thinks it might be nice to have some 1-1 connections throughout the day, and she’s intrigued by being able to impact other freelancers.

2. E-book: Janette is really interested in financial stability, so she often thinks about writing a book related to freelance financial management. She often teaches her friends how to set up financial infrastructures in their businesses. She'd want to write and self-publish this book because it would be pretty short, just five chapters. She thinks she might sell it on her website for $10.

Online resources (templates, worksheets): As she’s become a more established business owner, Janette has built very streamlined and organized ways of bringing on new clients, managing invoices, creating proposals, and more. She could turn some of those systems into worksheets and templates, which she could sell on her website.