Bridging the Gap and Utilising Every Possible Income Stream

Identifying the income streams in your business is the essence of financial freedom.
Published, 2 months ago

This is the fourth part of our four-part series. Here are the first 3 parts again, in case you want a reminder:

  1. Diversifying Your Income as a Fashion Professional
  2. The 1000 True Followers Concept
  3. Diversifying Your Services & Standing Out From the Crowd

Many resources tell you to focus on just one thing rather than having too many monetisation strategies. While I agree with that if you can utilise other monetisation strategies and income streams that don’t take up too much of your time and can be added into your business organically then why not?!

Income Stream

Some of you might want to work specifically with clients who are willing to pay high amounts for your products/services and that’s fine, or you might be looking for a way to appeal to those who can’t afford you but wish they could. You don’t have to drop your rates, but instead, create something that will appeal to them and their budget.

Me, as a blogger, I offer brand campaigns and sponsored posts which are my high-end advertorial packages, but not everybody can afford these. This is why I also offer brands the opportunity to sponsor my newsletter or post on my social media where they can promote their company to my audience as a one-off for a discounted rate.

newsletter

Alternatively, there is my brand directory where brands can advertise on a month-to-month basis for a lower price. Every business is different but how can you bridge the gap and offer a new kind of service in your industry? I offer basic online styling services at affordable prices. This didn’t go down well with everybody in the fashion styling industry but I don’t believe in overcharging people to show them how to wear clothes and feel their personal best.

A person who spends £10 on an outfit might still want/need styling advice, just like somebody who spends thousands on an outfit, but the first person isn’t going to pay high-end styling advice rates when they shop in budget stores. Plus, this fits nicely with my ethos of trying to prevent textile waste by showing people how to understand what suits them and how to style what they already own.

Have a think about how you can do this in your business and if you’re stuck, ask your followers!

Typically, there are 4 types of buying behaviours:

  1. Impulse buys = products that are often so cheap people don’t need to think too much about investing in them, so they buy them. But beware: selling your products/services too cheaply can also make you look unprofessional, as though you don’t know what you’re doing.
  2. Fear of missing out = Limited edition offers/products/services. People buy because they don’t want to miss out.
  3. Emotional = people are drawn to the brand/product because of how they make them feel. Think of brands such as Apple for example!
  4. Aspirational = People want to be like the person they buy from or the person that is advertising the product – that’s why trending celebrities endorse certain products and brands because the companies know that it will encourage people to buy. Although just remember, this has to be authentic!

And lastly, get some exposure to your business. Pitch to newspapers, blogs, websites, the local radio and other forms of media to share opinions, your business story or your expert knowledge.

Thanks for reading, Luisa Kearney.


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