Last week, I shared the 2 income strategies you need to incorporate into your business to free up your time. It sparked quite a bit of discussion on Twitter. Just explaining the income strategies is just one part of the puzzle. I also need to share with you what you can actually sell to help you earn multiple streams of income.

There are 3 things you can sell online and depending on which one you pick will determine whether you stay stuck at your current income or excel by doubling or tripling it over the next few months.

I call these 3 things methods. It’s a way to sell something. You can either sell a service, a product or a subscription. Let’s dig down into each one step-by-step.

Method #1 – Sell Services

A service is a duty you perform for a fee. That means that this method is dependent on your time. For example, a coaching or consulting engagement would mean that you would trade money in exchange for advice. If you do not perform this task or duty, you do not make money.

Other service-based tasks are speaking, training, website development, graphic design, writing, professional organizing, personal training, and any other duties where you have to see someone in a given amount of time in order to make money.

Method #2 – Sell Products

A product can be both a digital or physical item that you would produce. That means that this method is dependent on your expertise. The digital product would be something that you provide for download off a web page, for example, an MP3 file or a PDF document. A physical item would be something that you would package and send in the mail, for example, a binder filled with activity sheets, CDs, DVDs, or a spiral bound book.

Producing a product filled with your expertise is a wonderful way to service a lot more people without consuming tons of your time. This is especially useful if you teach the same process over and over and over. Instead of working with someone 1-to-1 over the phone, you would instead sell the same process in a package that people can then order and study at their own pace.

Method #3 – Sell Subscriptions

Getting money each month over a fixed period is another way you can make money online. Otherwise known as continuity programs, this method is dependent on your infrastructure.

I first heard the concept of infrastructure through Andrea J. Lee, author of Multiple Streams of Coaching Income. In an audio series detailing the advanced multiple streams of income, Andrea pointed out that most coaches and consultants share information when instead, they should be sharing infrastructure. Examples of this are online job boards and Peter Shankman’s HARO.

The concept of building your business to sell infrastructure is new for me, but once I started to apply it to my own business, it started to make sense. Infrastructure is simply the framework of a system that serves a specific need (dictionary.com). Examples of infrastructure based on the subscription method are membership clubs, online applications such as web hosting, shopping cart system, online assessment tool, telephone bridge line, and other tools that that would require people to pay a certain amount of money each month to access your application.

I believe that licensing or certification programs fall into this method, but only if they’re required to pay a monthly or annual fee to continue the use of the program. For example, my mom is a nurse and she needs to pay annual dues so her certification remains valid. Without it, she cannot work as a nurse.

3 Methods vs. 3 Income Streams

How do these 3 methods – services, products, subscriptions – fit into the 3 income streams I spoke about in last week’s article (fixed, leveraged and residual)? Here’s a Venn diagram that covers the 3 income streams and the 3 methods to earning money.

So, now I have to explain this diagram, don’t I? I will, but in another post.

if you want to learn which method and income stream I use in my business, join me on my free preview call series where I’ll share with you how I earn an extra 4, 5 and 6 figure income per month, all while enjoying a 4-hour workday. Reserve your spot for this no-cost call.