How Educators Can Build Multiple Streams of Income That Align With Their Passions and Expertise and Avoid the ONE Common Mistake that Countless Educators Make.
Introduction
Setting up multiple streams of income can be a wise financial decision if done correctly.
Sadly many aspiring entrepreneurs (not just educators), often make mistakes by choosing several unrelated streams of revenue across multiple industries.
Here's why and how it can lead to disaster.
In this article, we will explore the mistakes educators commonly make and
provide tips and solutions for setting up multiple streams of income more effectively.
Educator One: Multiple Industries Model
Let's take a closer look at the scenario of Educator One, who has chosen four of six unrelated streams of income.
This is the model many educators have been led to pursue. Were you?
Educator One
1. real estate,
2. affiliate marketing for organic online health products
3. drop shipping or an online store
4. travel agency
5. life insurance
6. operating a book publishing company
Each of these industries is unrelated has its own complexities and nuances, requiring significant investment in terms of
time,
energy
and money for EACH industry selected.
Let's say Educator One decides to select only three of the above instead.
Educator One, to be effective, one must still learn three separate industries, develop capacity in EACH industry, AND establish a high degree of knowledge to obtain each customer's confidence, and so on and so on ...
This approach can be exhausting, overwhelming and is often not the most efficient way to generate income or business revenue.
Educator Two: Focus and Diversify
Alternatively, educators can choose to focus on one or two industries (and areas) that align with their interests and skills, and then diversify from there.
This approach allows educators to master their chosen industries and areas to build a solid foundation before branching out.
For example, an educator can identify a skill, gift, or role they have already mastered, such as increasing the engagement needs of gifted and talented (GT) students, which is often identified as a problem in the market OR something like stress management for youth.
Creating Services and Products Within the Similar Industries
Educator Two can generate multiple streams of income while staying within their area of expertise.
Here are some examples of services and products Educator Two can create based upon ONE area of expertise.
1.1 Create a service (workshop) to train educators on 25 Time-Saving Teacher Tips to Engage Gifted Learners.
1.2 Create a digital and print booklet with 25 Tips for Engaging Gifted Learners.
1.3 Create an onDemand (pre-recorded) tutorial on engaging GT students.
Expanding the Target Audience
In addition to targeting educators, Educator Two can also expand their target audience to include parents of GT students as well as businesses that serve or market to parents.
This allows for even more diversification within the education industry.
Here are some examples:
1.4 Create a service/workshop to train parents of GT students and market it to schools, churches, and community centers
1.5 Create a booklet titled "25 Quick and Easy Tips for Working Parents to Help Their GT Child."
1.6 Provide Education Consulting Services in this area to schools, non-profit parent groups, PTA's, etc.
LICENSING OPPORTUNITIES:
To scale or further expand income streams
Educator Two can explore licensing opportunities in the future.
They could license their courses and materials to non-profit agencies that focus on parent engagement, GT students, etc.
This allows Educator Two to reach a wider audience and generate income from licensing fees, royalties. $$$$
Do you see the difference between Educator One and Educator Two?
Which one are you?
ADVANTAGES OF FOCUSING ON FEWER AREAS/INDUSTRIES
As we can see from the examples, focusing on one or two key areas within one or two industries allows educators to scale their income streams more effectively.
This approach also minimizes the time and effort required to learn multiple industries, often leading to a better return on investment.
Additionally, by specializing and building expertise in a specific niche, educator entrepreneurs can attract more clients and customers who value their unique skills and specialized knowledge.
Question: If you needed a hair cut which stylist out of the two, would you select?
Stylist 1: 20 years experience of industry experience, Stylist 2 : 20 years of experience
-specializing in cutting all hair types. -specializing in all hair types, also
-trains aspiring barbers and stylists -sells medical insurance
- owns an online and brick & mortar beauty supply store - is a physical trainer
- holds quarterly webinars on beauty business ownership -runs a daycare
With other factors/variables held constant, which stylist would you most likely trust to cut your hair?
What if you were looking for a new doctor or physician?
Which physician would you most likely trust to provide care, one who worked in numerous unrelated areas or one who largely specialized in one?
Conclusion
Setting up multiple streams of income or revenue can be a beneficial strategy for educators when implementation effectively.
By selecting one or two related industries and exploring diverse opportunities within them, educators can create a sustainable and scalable income model that aligns with their passions and expertise.
Remember, true success often comes from depth, not breadth.
It is crucial to avoid the common mistake of selecting several unrelated streams that require learning and operating within multiple industries.
FOCUS and DIVERSIFY
By doing so, educator entrepreneurs can build a solid foundation and often achieve a better return on investment (ROI).
It’s also about joy, fulfillment and work-life balance. Right?
Stay Safe. Stay Inspired. Stay Awesome,
Broils Consulting Group, LLC
The Educators Career Transition Experts
Ranked as one of the Top 25 Global Education Consulting Firms by Wall Street Industry Experts
Disclaimer: The information provided above is intended solely for informational purposes. It is advisable to conduct thorough research on any enterprise of interest and acquire the necessary skills for operating a successful business. The mentioned business idea should be regarded purely as an illustrative example.