236: Easy new revenue streams for music teachers

Let’s make your business truly work for you ~ this means going from being a solo music teacher and elevating yourself into an online studio owner! You have a very solid foundation of teaching your one on one students and whether you do that online or if you do that in person or you do it in a hybrid approach that is your core offer right now… It’s now time to build out from that core offer so that you can have multiple revenue streams which stem from it. These new revenue streams will logically fit before your core offer, alongside your core offer, in parallel with your core offer or after your core offer ****** Connect with Jaime https://callwithjaime.com | https://www.instagram.com/jaimeslutzky/ ****** Guess what? This podcast is not about building one-to-many programming… surprised? Well, that’s one objective I hope you have on your future plans, but there are revenue streams that can fall in place, increase your top line and bring you joy that take far less time to get going. For many music teachers, the joy of teaching music is in the interaction with students, so the idea of “taking you out of the scene” doesn’t necessarily appeal to them. There are actually two revenue streams that you can start implementing and creating right now based on what you are currently doing within your existing lessons. 1) Digital Downloads The first revenue stream you can add is digital downloads. These come about by creating something out of the proprietary content that you teach in your lessons. Maybe you create worksheets or workbooks or exercises for your students, throw them into canva to make them look pretty. Then you can make them available for purchase through sites like teachers pay teachers or your own website. And you can also sell these of course through social media. These digital downloads are a huge benefit to the person who buys them because it's a lesson in a box. It makes it really easy for other teachers or ambitious students to be able to access quality teacher resources without having to interact with that teacher. And they don’t need to be elaborate or complete; one or two of these is fine. They are the beginning of a new revenue stream. Affiliate Marketing The second revenue stream is referral or recommendation income. You’ll make a percentage or flat rate of the purchase price of products and services that you already recommend to students and other teachers. You are seen as a trusted advisor by your students, right? So when a student says, what book or equipment or supplies should I be using, you let them know what you think would be best for them. So why not monetize that aspect of your business? I’m not suggesting marketing or recommending products that you don’t truly love only for the affiliate income, but look into making some side income from products and services that you do like and use. One way to do this is to become an amazon affiliate or an Amazon associate as they are referred to. This is easy to setup and many of the products on Amazon are included in the program. There is a fairly high referral volume that you need to maintain, so if you aren’t generating enough leads, this might not be as lucrative. The way that I actually prefer to become an affiliate for a product or service is to go directly to the creator and inquire about their direct program. If they don’t have one, they might also have a reseller level. Affiliate programs and digital downloads are some of the fastest ways to get started building a secondary revenue stream online. Of course, I am all about the courses and all about the workshops and all about the live online programs. These are just some of the additional nice-to-have options that you can start to implement to diversify your income as you're working on those bigger, exciting projects! ELEVATE! When we begin to think about online income, it’s time to build an audience who is ready for the material that we are delivering. Welcome ELEVATE! This is the Online Music Teacher Marketing course that I have developed with Brocha Kahan. It is a course designed to help you build trust with an audience online so that you have a larger pool of people who might be interested in one or more of your revenue pillars. Elevate is now available on demand! You are able to join that course at any time. Click here to learn more! I'd love for you to come into Elevate! and for you to start building the framework online so that you can have multiple revenue streams. The best place to start… Take a look at your current interactions and teaching what you are currently doing with your students, how you're bringing your students on, what process you're taking them through, at what point you feel that they have graduated or matriculated to the next level of study. Don't just look at a student as a student; watch and learn from their student journey. The student journey is everything! What digital assets you create → that revolves around what your students are doing. The affiliate products or the products that you recommend or promote to them → that's all about the student journey. The courses and workshops that you are going to create → those all intersect with your student journey. The more we can benefit the student, the person who is paying for whatever it is, the more you're going to be able to build these revenue pillars. Check out Elevate!  Please remember that building a successful online business is not a sprint, You don't have to implement all of these things all at once, all at the same time and try and promote and market every single thing. Do things methodically, do things one after another in a logical way that benefits the student journey. Connect with me on Instagram and Facebook! It's time! Round 3 of the Online Music Course Accelerator is open for application. Click here for details.