Do you want to work less and  make more money?

Are you looking for ways to help more people, but spend less time providing services one-on-one?

Do you have a full practice and wondering how to give yourself a raise?

If your answer is “yes” to any of the questions above, you are ready to develop multiple streams of income. Actually, you want to develop multiple, passive income streams.

A passive income stream is one that makes you money while you are not actively involved in providing a service.  One example of a passive income stream is selling a book.  You write the book once and then sell it over and over again. People can buy it in a book store or online, any time of day or night.  Cool, right?

But books can take a long time to write and then there is that pesky editing process.  It’s not for everyone. But there are lots of products you can develop faster and easier than a book that you can sell.

Here are the 5 steps to develop your multiple income streams:

1. Identify you specialty. (I know, here it is again. SPECIALTY!)  Your specialty niche is the hub from which you can develop all sorts of fantastic passive income streams.

2. List the 5 most frequent questions of problems your clients come to you for help with.

3. Consider what would support your clients at home when they are not with you in the office.  Would they benefit from a workbook, a guided imagery recording on CD, a video demonstrating a relaxation technique, an iphone app with self-care tips, online forum where they can chat with others who have similar concerns?  Really brainstorm here. The opportunities and ideas are truly endless!

4. Ask your friends, colleagues and clients their opinion of your product ideas. I do this with a short annonymous survey people can complete in my office or online. Tally the results.

5. Develop one product. Maybe it is an audio class with a workbook, or a workbook you publish through Create Space. Start small. Test the outcome, build your confidence.

That’s it. It’s not complex or scary. It does take creativity and time. But remember, once you develop a product, you can sell it again and again.  Feel free to brainstorm here in the comments. I’ll give you feedback on your process!

Did you find this post helpful?  For more ideas on developing passive income streams you can get my free audio: The Way of the Biz Savvy Therapist: 8 Ways to Help More People, Make More Money and Enjoy Your Life.