2022 Is the Year of the Multi-Income Stream Business
You’ve set big goals for 2022. You have milestones you’d like to hit and offers you’d like to create — and it’s time to make them happen! I’ll be right there with you, creating something new and exciting I can’t wait to share with you soon. (Make sure you’re following me on Instagram if you want a front-row seat to these changes.)
Before we all settle in for the year and get back into our routines, though, I want to talk about why I think 2022 is poised to be “the year of the multi-income stream business.” Rather than focusing on just one source of income, i.e. your services, I want you to embrace what it feels like to have multiple streams of revenue coming to you — even when you’re sleeping. Best of all, I want you to know what it feels like to build a business that doesn’t require you to trade all your time for each dollar.
Go ahead, my friend. Allow yourself to envision the possibilities. I dare you ;)
Why do multiple income streams matter?
In a study comparing 233 wealthy individuals and 128 lower-earning individuals, researchers found that most self-made millionaires generated their income from multiple sources. The science agrees: Multiple income streams is the path to wealth! You don’t have to become a millionaire (or even want to be a millionaire). All this means is that multi-income stream businesses are more successful and offer more wealth, freedom, and meaningful work than single-stream businesses.
So… How do you create multiple income streams? I think the key is to create (the right kind of) passive products.
What is a passive product, really?
Before I go any further, I want to define passive products and passive income as I teach them. Passive income is income that requires minimal labor to earn and maintain, but can take time on the front end to set up. (I won’t say it’ll be an overnight success — run from anyone who does!)
Passive products are the products you can sell passively to earn passive income and create multiple revenue streams. Passive income is meant to give you more freedom in your business while serving your audience 24/7, and passive products are how you serve your audience well!
Isn’t passive income a myth?
Now, when I talk about passive income and multi-income streams, I know that many people won’t see it as a true option for them. We’ve all been “sold” the dream of passive income with courses, real estate investing, and other tools, only to realize that it is the exact opposite of passive. That’s why I mentioned that my version of passive income includes work on the front end to create an offer that (eventually) drives income with minimal labor to earn and maintain it.
The truth is: Passive income is absolutely real — I have built a business around it! My passive products and business give me so much freedom. But how is it different from what you might think about when you hear about passive income?
I believe there’s one huge piece missing in our conversation around passive income: It’s not just about making money without lifting a finger.
We all want to have wealth, have freedom, and have a purpose. If we want to create a truly multi-income stream business, we need to have all of these elements together — and create offers that really support each of these three things.
I believe that passive income is possible when we create passive products that offer:
- Purposeful, meaningful work (We are serving people in a way that matters, and that lets us share our expertise with the world)
- Freedom (We can work the way we want to, rather than being beholden to others’ schedules or a specific location)
- Wealth (We can sell products or offers that are profitable and well-priced)
If you’ve worried that passive income isn’t right for you, it’s likely because you’re not considering how you can do meaningful work while also building wealth and giving yourself freedom. Passive income isn’t just about creating a product to sell it! I want to change this common misconception around passive income, and I want to help you get started with your passive products. That’s why I’m sharing a few offers you can consider if you’re interested in creating a multi-income stream business.
Ways to create passive income
As you may or may not know, I’ve built passive income streams through one simple tool: Canva. I’ve taught entrepreneurs who design in Canva, like social media managers, graphic designers, and VAs, how to scale their business and create passive income with the products and templates they create with Canva.
With Canva, you can create offers like:
- Social media templates
- How-to guides
- Email templates
- Blog and Pinterest templates
- Sales pages or website templates (whaatttt! This is a new feature inside Canva, how awesome is that?!)
- … and more
But Canva isn’t the only way to create passive income offers. You can also use course platforms, like Kajabi, or community tools, like Mighty Networks, to create:
I’ve even seen people create preset filters for photographers inside Adobe Illustrator, SOP templates and organizational maps in Google Docs, and physical products they drop-ship from the manufacturer. The options are endless for you if you want to serve business owners with your expertise (without working 1:1 with them).
If your ideal audience isn’t a business owner, you might think that passive income really isn’t an option for you — but that’s not true! Passive products aren't just for business owners or B2B (Business-to-Business) businesses; there are so many opportunities for the B2C (Business-to-Consumer) world. Think about how you can create offers for:
- The busy, working mom
- Single parents
- Corporate ladder climbers
- Homemakers and caretakers
- Divorced parents
- Pet or plant lovers
- Travelers and digital nomads
- Aging individuals
- People who want to travel + homeschool in an RV
- Specific industries that struggle with e.g social like real estate agents or aestheticians
- … and more
While this list is by no means exhaustive, I hope it gives you an idea of just how many ways you can create a multi-income stream business.
Why am I talking about passive income and multi-income streams now? Because I know that people want to buy solutions that make it easy for them to do something — and they want to find the solution fast. You could stand out from the crowd by offering multiple solutions to someone’s needs, all at different price points, timelines, and methods of delivery. Plus, there are a few other awesome benefits to building a multi-income stream business.
If you’re a service provider who exchanges money for your expertise or services, odds are you’re constantly looking for new clients (or worried you’ll overbook yourself). That's led to burnout, working in ways that don’t light you up, and not enjoying the work you actually do. You don't want a repeat of last year, do you?
Growing revenue without increasing prices
Plus, not everyone can work with you due to budget constraints, or they don’t need everything you offer. But they still need help! This is where having a passive income offer can help; you can downsell leads into an offer that gives them what they want or need, with less waiting time and with less expense. It’s a win-win!
Supporting your lifestyle (instead of just your work)
Another reason I believe passive income products can help you this year? You may have decided on non-business goals for 2022, like growing a family or moving to another country, and you need a steady income stream to support those goals. 1:1 services or constantly working at your computer may not be feasible with your other goals or priorities — but you can absolutely build passive income with the right offer. Imagine not being at your desk or in your office when a sale comes through! Magic.
Giving the people what they want
Last but not least: Passive products are POPULAR — more than ever. People are looking for templates, for guides, for courses, etc. to help them reach their own goals. All of that is why I think 2022 is the perfect year to create a multi-income stream with products, courses, and other “hands-free” offers.
Taking care of yourself & your loved ones
Since 2020, we’ve all had a front-row seat to risks to our health and the health of our loved ones. When we build our businesses or decide to create a new offer, we do it so we can take time when we need to. Instead of feeling tied to your desk, your email, or even dollars-for-time work, multi-income streams allow you to take time off to care for yourself and your family if needed. This is huge because we all know that our health and our time with loved ones is precious.
Are you ready to see what passive products can do for you in 2022?
I’m so excited for what this year will bring, my friends. I won’t say that creating a passive income product is always easy, or that you’ll instantly make $100,000. But what I can promise you is that I’ll show you how to create a multi-income stream business that helps you build wealth, offers you freedom, and feels meaningful. That’s because I feel these 3 pillars (meaningful work, freedom, and wealth) make multi-income streams successful in the long term. By approaching your revenue streams with your values and purpose first, you’ll be better able to connect what lights you up to the wealth and freedom you want to create.
Now’s the perfect time to get started. I can't wait to take you along for the ride and show you more of what's possible with passive products, Canva templates, and more. If you’re not sure how passive products can help your business, or it’s even possible to sell passive products in your niche, I’d love to help.
Schedule a passive product possibility call with yours truly by clicking this link! In this 60-minute intensive, we'll create a passive income quickstart roadmap for your business, identify 3 possible passive income streams for your business, and get you crystal-clear on the steps needed to bring them to the world.
If you’re ready to start creating passive income products with Canva, I also recommend starting with my Canva Product Creator Kit.
The Canva Product Creator Kit is the only step-by-step system you need to grow your impact and diversify your income streams with Canva products.
With The Canva Product Creator Kit, you will:
- Learn what types of Canva products you can create
- Identify the most viable Canva product for your business
- Find a place for a Canva product in your existing offer suite
- Learn what it takes to create a truly profitable Canva product
- Discover how to conduct easy but effective market research
- Validate your idea before you even create your product
- Make a product creation plan that fits your schedule + goals
- Create a well-designed product that matches your brand
- Steal my top tips for creating amazing Canva products
- Come up with an irresistible, clear name for your product
- Price your product as a no-brainer investment, while still feeling compensated for your hard work
- Create scroll-stopping graphics that draw buyers’ attention
All for just $37! Interested?