Welcome to Module Two, all about multiple revenue streams. As I mentioned earlier, this is one of my three main reasons for creating this project plan and system in the first place. So I can have multiple revenue streams in my life. As an early stage entrepreneur, I know there is no such thing as a guaranteed job. Technology is sculpting the future of work, and technological advancement is expected to continue to increase. What we have seen in the last decade is not an indication of what we're going to see over the next 10 years.

It's going to move in more quickly. And because in the last century, if you think about it, we've seen unimaginable advancements in robotics and AI and spaceflight and the internet and medicine and more what unimaginable advancements going to be coming over the next hundred years or the next 10 or 20 years, things that we couldn't even imagine or dream about. So one solution to this, and if you're not terrified you should be I think I said that before. So a solution to this is to be a lifelong learner and to keep up with these technology shifts that have impact on the way people earn money, survive and thrive. Now, one major reason it's important to have a personalized, unique platform for yourself, which paints a very clear picture of who you are and the value that you offer it so that you have more opportunities, because we are in a new simple reality.

And the world has adjusted to fit these new standards of technology already. And now companies are adopting and if you are a thought leader, you of course have to evolve as well. Today's were our parents that you know, they went to school, grad school, work at the same company for their entire career retire at 65 with a nice pension, they're gone. Now, if you gain expertise in a certain area, you're going to be especially sought after. And people are going to want to hear your perspective if you are current, and you're going to gain easier access to other industries and projects, because you can bring that skill set with you and learn a few new things and then launch out in a different direction. I've even seen healthcare companies hire C level executive positions for people who have never had any experience in that kind of company before because that person has a unique platform and a skill set outside the company.

So in that case, they offer the company something very valuable, which is a unique perspective and a fresh approach. Now, if you think about my example, my main focus is within Of course healthcare and biotech, but my skill set in developing relationships sales storytelling. If I want to hop on over into another industry besides biotech and healthcare, my skill set absolutely is going to seamlessly Follow me. Of course, I'm going to need to take some time to learn the fundamentals of the new industry. But those skills they transfer seamlessly. So building your unique platform and a specific vertical is not going to limit your future opportunities, and it's not going to pigeonhole you in your career.

Instead, it's going to allow you to become well known enough so that you can launch in other verticals in the future. Early Stage startup companies follow this same type of trajectory. They know they first need to create their product for a niche, a well defined market and a potential customer base to get that early traction, revenue and awareness. And then once they have traction, they can expand their number of products or services, grow their customer base, and even launch in entirely new verticals. So if you think about an understand Thought Leadership as a business, follow the same best practices successful early stage startups use. And in case I have not been crystal clear on this yet, and I'm going to probably repeat this a few more times, regardless of how you have categorized yourself in the past.

As of right now you are an entrepreneur. If you're building a business, you ink the house expenditures and it has revenue. That's what you're doing. You're an entrepreneur. So to pursue this path, you need to develop multiple skills, and then you equip yourself that way to have multiple revenue streams. Just like no Corporation relies on only one client, you can't rely on one stream of revenue anymore, because all of a sudden, if you have only one stream 100% of your income can suddenly just disappear and Monday.

This way, if you have multiple revenue streams coming into your life, you're creating a surefire fire safety net I have one to 15 revenue streams at any given time in my life and if one suddenly stops for one more, whatever reason, I can just push harder on the levers of the other revenue streams. Now remember when I mentioned the why how what formula in the last module is useful when I'm going through some of these, these revenue streams now, you can categorize them in that formula for yourself to see if they fit in with your particular goals. Because we're designing right now your perfect life. So make a note. If something I'm saying make a note in your workbook before we even get to the action steps, anything and everything is possible for you. Now, I mentioned some of these revenue streams earlier when I outlined what different types of careers can benefit from being a thought leader.

Starting with things like a salary, this is excellent for benefits consistent See, which is very important. And of course, it gives, it just gives you that base. But by being a thought leader, you're going to have greater negotiating power, you're going to have greater leverage inside of the company and in things like salary, bonuses stock options, but you can also negotiate your time and your tasks. I have friends who are professional speakers who work full time for a high six figure salary, but then two or three days a week, they are either on the road giving paid keynotes that go to their pocket, not the companies, or they're working on side projects because they have negotiated in their contract that they can take outside speaking engagements for money, as long as of course it's not a conflict. And B they can work on companies outside of the company their own side projects.

Now, sometimes when I jump off stage, I have a long line of people waiting to talk to me which is amazing because What it does is it fills my funnel for whatever I'm doing. I'm working with a bunch of different companies. So maybe they are a good fit for one of those or they are just offering me future opportunities. So by you being a thought leader and a speaker, you can more easily develop your your funnel, no matter what your funnel is. Now, of course, keynote Revit keynote, speaking is a fantastic revenue stream once you go professional, and you can start to command those five figure speaking fees, which I will tell you how to do later on. Now, your keynote speaking fees.

In addition, of course, you can help drive marketing and sales goals for whatever you're doing. Or you can simply influence more people with your message. Now, a lot of professional speakers or aspiring thought leaders and aspiring speakers want to run events. And this can be a fantastic revenue stream, but it can be powerful. For many, many reasons, so I want to kind of go over that right now because it's not just about the money when you are running event and I am guessing quite a high percentage of people who are watching this right now want to run an event at some point. So definitely apply the why how what formula to this revenue stream because this is not easy money.

There are a lot of reasons to run events, but easy money is not one of them. There are there are other ways to do that. So an event can be used absolutely as your marketing vehicle. The event can give a new way for you to reach a target market for your overall goal and giving them ideas or content or an experience. Another major benefit that you wouldn't even maybe think of is in the world of networking. Almost everybody loves to be asked to speak.

Even if they don't have time, even if they're way too busy and packed for your particular event. They're still going to be flattered by asking about people to speak at your event, especially if that person is early on in their speaking career, you can build some strong relationships that are going to pay off down the road. Another reason is to comp tickets for potential partners, investors or customers essentially use that event as business development for your main revenue streams. I'm going to dive more deeply into this concept in module nine, because I'm going to tell you about what types of events paid for you to speak or just cover your travel or hotel or cover nothing. And there are reasons behind that. Now, events can also be a great way to create community to create a community around a goal.

And then you can leverage that community to either get the word out or to achieve your goals. Now, I co founded a nonprofit years ago called the Oregon preservation Alliance and what we did as we existed to catalyze breakthroughs in tissue engineering and cryopreservation to eradicate the world transplant shortage, organ transplants. And we were nonprofit, we had no funding, we know very little at the time. And we basically aggregated all of the cryo biologists and got a whole bunch of the tissue engineers, scientists in the room multiple times a year to create a roadmap to success to successful cryopreservation. We even ran events at the White House, the Department of Defense and DARPA, so that we could help get funding from those agencies for the scientists. So what we did is we created a community and that community worked together, essentially to get millions of dollars eventually out of the Department of Defense in terms of grants to develop the science, right?

We didn't profit from this directly. I didn't make any money. It was a nonprofit. I donated my time. But we did catalyze something and really helped make a difference in the world of science. Now, what's to remember Hear, especially if you're going after an event for the money, you want to make a profit, you have to remember that an event is an actual business, because I've seen far too many people decide they suddenly want to run an event.

And they have zero event experience. And this is a problem because they look at it like, Oh, they ran their party or they had a wedding or they have a, you know, a big event of some kind for their family. And they don't realize that putting on an event that costs attendees money, so you're expecting to make a profit is a completely different animal. Not talking about having a bunch of free events. I'm talking about if you want to make some real money. Now, of course, this can be great.

But if running really profitable events were that easy to do. Event people would be rich. They're not. So first year, you might actually be in the red unless you have an experienced team who knows how to create costs and do exceptional marketing, marketing and closing sales with a built in market ready to buy a ticket. So this might be something that takes a while to develop the actual profit from. It's not a one and done type of thing.

Now, I've also worked with people who launched events for the first time and they do the math in their head and they say, Oh, I'm going to rent out a 500 person auditorium, and I'm going to fill it to the brim and everyone's going to pay $500 for their ticket, and then they do the math in their head and they come out to $250,000 of revenue. That will never happens. It's the rare event that actually sells out at its top ticket price. And unless you have a huge engaged market already, your marketing and sales is going to be by far your hardest part of running an event. key to any great events is marketing, marketing marketing, if you want to turn a profit now Another place I see people get into trouble is that they spend most of their time thinking about the content and who's on stage.

And then everything else kind of falls off their radar. In reality, about 10% of the work of putting on an event is the actual content and speakers. Think about it, if no business would ever focus on just the thing that the market their audience sees, right? All successful businesses. No, it's a sum total of many departments working together that makes them successful. So think of terms.

What if Apple did that? What if they spent most of their time to sum what the iPhone looks like? In it's packaged and on the inner and, and how it feels in your hand and less than 10% on the software, making sure the hardware works perfectly. Marketing Department, sales department, legal department, finance department, r&d department, they wouldn't do that they wouldn't spend Most of their time, just on one aspect. neither should you. Oh, and by the way, Apple in 2015, which was the last numbers they released, spent $1.8 billion on marketing, and they have a huge built in market.

Now, one type of event that is very can be very, very lucrative is what's called a mastermind. And these are a hybrid, essentially between an online event an in person event and a community. And it's usually a six month or a year long mastermind thing. So it's a greater commitment for your time and energy. But you can charge a lot more minimum buy in I've seen some for about $500 a person, but a lot of them range between 5020 $5,000 a person and some go all the way up to $100,000 a person. Now, if you multiply that by five or 15 people, if you have a small mastermind, that's a pretty good income stream.

The margins are more Much better. And purely because the the price to attend is so high and the expectations are very different than an event where they're expecting a show. A mastermind is more like a think tank almost. Now, keep in mind masterminds are ongoing. So you need to meet them in person one to four times a year. Typically, I'm just saying, you know, typical stuff.

You're going to need to manage the community all year round online, and maybe you have some online events as well. Now, ultimately, the goal of a mastermind is to provide a space for like minded individuals to really communicate with each other and simultaneously advance each other's careers. So curating who is in the room at any given time is incredibly important. So I want to just give you some fast quick tips on running your event, whatever type of event it is. Higher the ticket price, higher attendee expectations. There are a ton of moving parts, you need to have someone who is incredibly organized on your team.

If you yourself are not incredibly organized, that part is going to be torture for you. Because there is a lot of little details that cannot get lost. Events always take more time and money than you originally planned. Sometimes the second or third event does not sell anywhere near as well as the first event that you put on, which is surprising, right? Let me tell you why. And this is true with a lot of different types of sales.

What happens is when you launch an event, you can very easily reach all of your first connections. If you think about, you know, LinkedIn, and you see how you have your first connections, your second connections and your third connections. Well think about your world first connections, regardless of what social media platform they're on, or if you just have them, you know, you see them in the real world. And so what happens with that first event is you exhaust your cheerleaders. These are the people who already believe in you. All right.

Trust you and they already if they have an interest, buy a ticket. Now for that second event, a lot of the time you've exhausted your first connections, you've gone through the mall, that leap from first connection to second connection is huge. It takes a lot more marketing to reach that second connection than it did to reach that first connection. And that's why sometimes your second third or fourth launch might not be as successful as your earlier stuff. There is a 100% chance something will go wrong at your in person event. An experienced event team will understand how to take care of that, but it happens to 100% of people it's going to happen to you.

Alright, so let's switch on over into another revenue stream, business development and sales. This is my area. I love business development and sales. And this is a core reason I created the system. So, what happened is, after I became a professional speaker, all of a sudden, everybody started to take my call. And some actually even come to me.

I was keynoting and moderating a trials, a clinical trials conference, which I do a lot of those. And I mentioned dance BioPharm, which is one of my investments. On stage. It's the first inhaled insulin with a smart connected device. One of the three giants farmers that are in the world of diabetes, their head of diabetes was on the phone to me within a couple of weeks, somebody from that particular pharmaceutical company and that's one of the giant ones that are so big, you don't even know where to begin. They saw me they liked what I had to say they were interested in the company that I invested in and so their head of diabetes was on the phone to me.

That is huge. When I told dance, they their mouths dropped open right like this. You don't normally just get approached that way. Now, if you have one of these revenue streams as well, you know you need to have a strong network to succeed. By being a thought leader in the world of bizdev. And sales people come to you.

Others who have never met you are more likely to take your call. And investors C level executives at large corporations and other potential clients are now open for you. Huge and you can build your network through being on stage. When you're up on stage live on your own content to the world. People trust you. They see how you think.

And now when I pee when I meet people, they know I'm an expert immediately after seeing me on stage. And they know I've already successfully supported other companies which increases my credibility. Basically, I'm just getting my my name and face and ideas in front of people and that alone is helping my business development and sales funnels. Now, another revenue stream, of course, is consulting. And if you're following this system, regardless of what your main revenue streams you think are going to be, you are absolutely going to take on some consulting jobs. Now this can come in so many different forms, you can speak to a whole company, you can coach individuals inside of the company, you can do project strategy, really anything that a company needs, and then you can also consult or do strategy or do projects for individuals.

And the really cool thing about consulting is that you set your price. Of course, you need to offer real value with your expertise. Typically, I'm brought into corporations to Keno I coach executives on becoming a thought leader. I advise companies on the future of healthcare and I also sometimes sit with C level executives for a few hours and brainstorm their strategy. Now how you engage with your clients, is going to depend on your expertise and your personality. dining your life.

So you can work in person or virtually or do coaching sessions or just send reports on a consistent basis. I always personalize the consulting package when I work with anybody. Now I could do something like a subscription package where clients can pay a monthly subscription to be available when they need. So quick texts back and forth every you know, every couple of days. Because at that point, you're essentially acting like an advisor. Another model is that the client can pay you a retainer like $10,000, this is what you do, if you're an attorney, you can do this as any type of consultant.

And then you pay you get paid by the hour and you take it out of that retainer. So 200 to $2,000 is definitely an easily doable number for a consultant. That's those numbers seem high, especially if you're thinking one or $2,000 an hour. But in the world of consulting like this, those high costs are expected. Another revenue stream is fundraising If you are working with a startup Now, while you wouldn't call investors putting money into one of your fundraising rounds necessarily as revenue, it is revenue to your company. and that in turn pays your salary and UPS your value of your stock.

And the last one I want to talk about is affiliate marketing. Now, you can bring on affiliate marketers and, and you can become an affiliate marketer. What that means is that you're you're set up to give other people money for their referral to your business. So say you have an online program, and you're selling it for whatever $3,000 you can give your affiliates who market your online program for you anywhere from five to 50% of the total sale of each one that they closed for you. Now, this can go all over the board and it can be done for everything from online. programs to event tickets to products to services.

You can do it. Whatever kind of service you're offering just your consulting just your brain. Even keynotes, right? So say you get refers for keynotes. And then you give them a percentage back or a flat fee. And this is all over the board as well.

Flat fees can be five or $10 or $500. Or a typically with things like keynotes or online programs, a lot of the time it's a percentage, so 10% 20%, or even 50%. Now, there are a lot of companies who use this method instacart. If you notice, anytime you order from something like instacart or Uber, what they do is at the end immediately give you an easy to tweet or easy to post to Facebook or whatever link with a very specific link that ties it to your profile. If someone clicks on that link, and actually orders that Uber orders instacart for the first time, you get money. You get like $10 Or something like that this has been a trend in marketing for quite a while now, you can absolutely use it.

And then you can flip it around, you can be an affiliate marketer for somebody else. Maybe you want to become one of my affiliate marketer. So you contact me at the core, you know, at the end of the course or during the course and you say, Robin, are you doing any affiliate marketing right now, or I can refer you to other people who are doing so you can make money by referring clients to people. What you're doing here is they are incentivizing you or you are incentivizing them to build your client base. All right, action items. You ready?

It's all about revenue streams. What are your current revenue streams right now? And what percentage of your income is in each stream? And then what other revenue streams Do you want to potentially develop? keynote speaking and consulting are two I guarantee are open to you and something you probably should be writing down just in case right now. But there are some other ones you probably like.

And then how do these fit in with your skill set? What revenue streams Do you want to pursue over the next year? And what skills do you need to learn or what people do you need to hire to help you develop those revenue streams, because you're going to need help for some of these. Nobody does anything alone. I use teams of people to get everything done. You're going to need that too.

So that's it for now. Make sure to write things down writing things down, solidifies them and gives you that roadmap to bring on other experts to help you. I will see you in the next module.