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  • Writer's pictureNicole Cozean

Should I Try To Add Another Revenue Stream?

Updated: Apr 9

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!

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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.

As Jesse said on the full 'sode of the topic...

"An online business is anything but passive, and will likely take years before you bring in any significant revenue." - Jesse Cozean

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Nicole Cozean, PT, DPT, WCS

Founder of Pelvic PT Rising and PelvicSanity Physical Therapy in Southern California.

Dedicated to forever changing pelvic health with online clinical courses to help you be more confident in your practice and business resources to help start and grow pelvic health businesses.

Jesse Cozean, MBA

Co-founder of the Pelvic PT Rising and the Rising Podcast.

Jesse uses his business experience to help pelvic health business owners start and grow their practices so they can build a practice that truly works for them. From website design, SEO, conversions, marketing, finance and money mindset, he wants to make the process of owning your own practice easier and fun.

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