Importance of Multiple Income Streams Ideas For the Food & Event Industry Professionals

It’s all over the internet — people are talking about multiple streams of income ideas. No one in 2022 has only one way to get money, they said. Yes, that’s true, but today I want to talk about the importance for food and event professionals to have at least 3 income streams within your business to build a solid foundation.

Before the pandemic, I thought that my business was solid. I had clients in different cities and states. That is why I thought to myself if anything was ever to happen in one city it wouldn’t matter because I had clients in other cities. I had only one way to service my client. Yes, we were doing events and supporting people in different cities and states, but what happens when that one way of making money goes away. I’ve learned a very valuable lesson. So this is why we’re going to jump into the three reasons why you need to know how to create multiple income streams.

Multiple income streams ideas help to increase customer retention

The first reason for you to have to start building multiple income streams is the importance of having at least three ways to service a client. This is extremely important for food and event professionals because if someone only thinks that they can hire you for a wedding, it means that you’re always going to have to continue to have brand new people come into your funnel. This happens because they’re thinking that the only way they can work with you is because of weddings or special occasions. People book you, they do the event but because they’re only thinking there’s only one way to work with you they just fall through that funnel.

Three entry points into your business will help you with being able to keep your clients engaged, excited, plus give them something to help with getting you referrals. So this is why I think it’s super important for you to have multiple income streams ideas (at least three) within your business so that you’re improving your customer retention. 

Multiple income streams give you peace of mind 

The second reason why you have to start building multiple income streams for your business is that it helps in case a fluke situation occurs just like what happened in march 2020. You want to have different ways that people can work with you just in case anything happens. Multiple streams of income reduce the stress of always showing up when you don’t want to show up. So what I recommend is to actually sit down and think about different ways to monetize your brand. You don’t have to be a content influencer. There are other ways to actually build a solid brand. If you’re not quite sure how to do that, I have a material that offers 5 different ways to create income streams that reveals unusual ways to strengthen businesses. 

Generate multiple income streams to ease business scaling

The third and final reason why it’s super important to be able to have multiple income streams for your business is that it helps you with scaling. I often talk about the importance of creating structures and systems. This helps when you have a team all you have to do is do the creation part and then the team makes all the magic happen. Thinking about three different types of income helps with thinking about the beginning stages or the beginning steps to building the empire or the legacy that you want to build.

Start now with small increments, with multiple income streams ideas so that down the road may be at the end of this year or maybe in the next two to three years that you can then roll it out. There are always other ways to retain your clients, keep people excited working with you because when people know that you’re not just one event or one type of service person it really will help you with your customer retention. You can enrich your thinking with ideas from my post on Patreon about 5 ways to create income streams that impact your business.

Life will happen and you want to make sure that you have a wide foundation that isn’t too diversified that it stresses you out or overwhelms you. But it engages your audience that they know they can work with you not as only one type of service but because you have services that serve, that help them for their day-to-day or their quarterly needs.