May 21, 2018
This week, Good Girls Get Rich features, guest, Nicole Liloia. Nicole is a strategist & mentor for women entrepreneurs who want to increase their income and work less. Nicole has written for publications like Forbes, Huffington Post and more.
Nicole used to have a 9 to 5 job with a nonprofit organization, but she went to graduate school and had a ton of student loans
She was working as a social worker and loved it, but she wasn’t making the money that she needed (2:00)
To give herself more flexibility, Nicole decided to create her own office – but soon found that she recreated the 9 to 5 that she didn’t like (4:40)
Nicole then found herself recreating 1 - 1 services, which have limits because of time constraints, she wanted something more
Nicole found herself in coaching because it was flexible and she was still helping people solve their problems
She was noticing that, as a service based entrepreneur, she was getting burnt out so easily (9:00)
That is when she decided she needed multiple streams of income – this could be group coaching, courses, affiliate income, etc (10:00)
Nicole focused more on her group coaching, letting her 1 - 1 services naturally ended
The #1 mistake people make when adding extra income is that they try to service a different audience (13:05)
Pros & Cons of 1 - 1 Services: You can give your clients a lot of time because they pay money for it, but you only have so many hours in a week (14:15)
Pros and Cons of Group Services: You can create a community, but you have to have a bigger following to start.
When Nicole created her first group coaching program, she called 50 people and 10 signed up – she spent six weeks not making money to achieve that (15:35)
If you don’t have a big audience, you don’t want to do a course right away – focus on 1 - 1 clients. Then ask your audience questions to find what you should do next (17:30)
Make sure what you do is something your audience would connect with (18:20)
Affiliate Income: One of Nicole’s only really good income sources before she created her own content – it is a great way to test if your audience is interested in a certain topic (20:25)
Affiliate income is the biggest type passive income, but it isn’t consistent income because you’re depending on people who may decide get rid of or change their course
What Nicole’s Income Model Looks Like: 1 - 1 clients, mastermind & group program, course, affiliate income, investments & savings (24:15)
Entrepreneur Obsessed Community is Nicole’s Facebook group - she loves it because it allows her to communicate with her audience (25:40)
If you don’t want a roller coaster, if you want a steady flow of income without 1 - 1 services, you need more streams of income (28:10)
Multiple streams of income allow you to not burn out
Connect with your audience and ask what struggles they are having - ask what they want you to create next (32:30
Nicole’s Website – explore her programs and offers
Nicole’s List of 10 Multiple Income Streams – stop relying on 1 - 1 services
Join Nicole’s Entrepreneur Obsessed Community Facebook Group!
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