Should I Try To Add Another Revenue Stream?

Adding another revenue stream, 'diversifying', finding passive income, stop trading time for money....these are all becoming buzzwords in the entrepreneur world.  But is the juice worth the squeeze?  We dive in!There's really two different categories of possible additional revenue streams.  One is to leverage your in-person business in another way.  This could include selling products, renting out a room, doing personal training for your clients or running an in-person class or course.  The advantage is this uses your current audience and skill set, while the disadvantage is it's usually not as financially successful as just seeing more patient visits.The other is basically starting an online business.  You're trying to teach an online course or class, offering remote consultations to patients, or putting together some other kind of paid programming.  Don't get it twisted; if you want to start doing this online you are starting a brand new business (not with a new LLC, please!).  You'll have to find and grow a new audience, build trust, convert them to paying customers, deliver, have customer support, run your metrics and more.  It's anything but passive, and will likely take years before you bring in any significant revenue.So ask yourself why you're thinking about adding another revenue stream.  If it's because it sounds like easy money, it's definitely not.  Financially, the best decision is almost always to double-down on what's working (and for us, that's seeing more patients - either ourselves or by hiring).  But you may have a project you're passionate about exploring, something you want to bring to the community or world - that's incredible, but just don't expect 'passive income' out of it.Accelerator Cohort #3If you're looking to take your business to the next level by the end of 2024, make sure to get on the wait list for Cohort #3 of our Accelerator Program (www.pelvicptrising.com/accelerator).  It starts in June and is the six-month coaching intensive to transform your business.About UsNicole and Jesse Cozean founded Pelvic PT Rising to provide clinical and business resources to physical therapists to change the way we treat pelvic health.   PelvicSanity Physical Therapy (www.pelvicsanity.com) together in 2016.  It grew quickly into one of the largest cash-based physical therapy practices in the country.Through Pelvic PT Rising, Nicole has created clinical courses (www.pelvicptrising.com/clinical) to help pelvic health providers gain confidence in their skills and provide frameworks to get better patient outcomes.  Together, Jesse and Nicole have helped 500+ pelvic practices start and grow through the Pelvic PT Rising Business Programs (www.pelvicptrising.com/business) to build a practice that works for them!  Get in Touch!Learn more at www.pelvicptrising.com, follow Nicole @nicolecozeandpt (www.instagram.com/nicolecozeandpt) or reach out via email ([email protected]).Check out our Clinical Courses, Business Resources and learn more about us at Pelvic PT Rising...Let's Continue to Rise!