Feature Article: How Long Does it Take? | The Timeline to Cash Flow
By Mentor Coach and Multiple Streams Partner Tina Forsyth
What is the realistic expectation for starting an online Multiple Streams business from scratch, to getting cash flow from online products? 3 months? 6 months? A year? What are the steps at each stage? And how much money could we realistically expect to make at each stage?
It is important for Multiple Streams Coaches to be prepared for the time it actually takes to build their business, and set reasonable goals and expectations when it come to generating revenue from online products.
And so we created the “Timeline to Cashflow Online”…
This is a step by step outline of how to start a Multiple Streams business from scratch – the steps to setting up a pink spoon page, working through the funnel, what kind of investment to make along the way and what kind of return can be expected.
First, please note that this Timeline is based on the Multiple Streams Product Funnel model of doing business online.
And of course, this is just a template. There is always room to go faster or slower through the timeline, or to mix things up a bit. Some hop to Phase 3 in a month, others may take up to a year to really get going. You can go at your own pace – that’s the beauty of the Product Funnel model.
So lets take a look a the three phases of the timeline – for simplicity sake, I’ve indicated a month by month timeline, as if you were to start January 1st.
Phase 1: Problem/Solution
0 – 3 months (Jan – Mar)
Revenue: 0
This is the stage where you define who your market is. Who do you want to help? What are their biggest problems? Do the research and get in touch the biggest issues your market is facing. One of the best ways to do this is to simply ask them – do an online survey with the question “What is your biggest challenge?”
From this information you can build your first “one banana” website, offering a free gift (pink spoon) in exchange for their email address.
Phase 2: Driving Traffic (Honk Honk!)
4 – 6 months (Apr – June)
Revenue: 0
List: 500 – 1000 people
You have a website, you have a free gift. Now you need to start driving traffic to your site so you can build your list of names/email addresses.
It is important to build your relationship as you build your list. Keep in regular touch with people through a newsletter or series of autoresponders. Be engaging and helpful, and keep asking questions. Provide them value while also providing them an opportunity to get to know you. People buy from people that they know, like and trust.
Phase 3: Show me the Money
7 – 12 months (July – Dec)
Revenue: $500 – $1500+/month
List: 1000 – 2000+ people
Once you have gotten to know your market, identified their problems, built trust, etc, it is time to start selling them products that will help solve their problems. E-books and/or TeleSeminars are a great place to start.
After 6 months of research, driving traffic and building a relationship with your list, it would not be unreasonable to start making $500 – $1000/month. For example, if you sell a TeleSeminar at $97 with 20 spots you’ve made $2000 right there (and more for selling the audio later). Or if you offer an e-book for $27 and you sell 50 copies, that’s another $1350.
Phase 3 doesn’t have an end date, unless you pull the plug. Continue to talk to the people on your list, keep in touch with what they want and create products that they want to buy as you move through the Funnel.
