Last year, I was listening to a business podcast.
(I don’t listen to a lot of podcasts because everyone pulls you in different directions.)
I only have about three business teachers who I follow religiously and then I also may consume material they recommend.
I recommend the same for you, or you’ll get your arms and legs pulled off.
Anyway, the host of this business podcast was talking about how she’d made lots of money with a certain business and now she wants to teach it to her listeners.
And then she says, “I know what you’re thinking.”
“If you make so much money with this business, then why would you want to give away your secrets?”
This was her response, which I’ve paraphrased.
“Yes, I may create competition for myself in the business, but I don’t want to be dependent on just this one earning method. That’s why I want a second business that sells the information about the first business.”
Now, here’s a mistake that a lot of people make.
They start doing very well, making $10,000 a month with a particular business, and they think it’ll always be like that.
Then they get caught out. Their income drops, because all investment opportunities come and go.
That’s why it’s important to have multiple income streams.
Now, there are a lot of ways to add extra streams of income, but I think that “selling the picks and shovels” to others who are interested in your first business is a particularly smart way to do it.
Why? Because you’re turning the loss of one income stream into an opportunity.
Because if you do lose that first income stream, all your students will lose that same income stream as well. Guess who they’re going to turn to, credit card in hand, with advice on what to do next?
And if you’re wondering what to do in this situation if you yourself don’t know what to do next…
It doesn’t matter!
Take their money anyway!
The lesson is, you should have two businesses: the original business that brings you income, and a second business that “sells the picks and shovels” to others who are interested in the first business.
Now imagine if there was a business model that not only serves as your first business, bringing you income, but also creates students who want to learn from you, thereby feeding your second business with customers?
A business model that kills two birds with one stone?
Well, it exists, and it’s the one I’m currently doing well with.
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