Income Strategy: How To Generate An Income For Your Business In 3 to 6 Months

DISCLAIMER: I want to clarify that I am not a financial advisor, and any information, advice, or guidance presented in this blog post is intended solely for general informational purposes only and should not be interpreted as professional financial advice in any capacity. While the insights provided here may contain useful financial tips, we cannot be held liable for any loss or damage, including, without limitation, indirect or consequential loss or damage. This includes any loss or damage of any kind whatsoever that might arise from the loss of data or profits, which occurs out of, or in connection with, the use of this information provided in this blog. Always seek the counsel of a qualified financial advisor for tailored advice.

Creating An Income Strategy For Your Business

Coming up with a financial plan that works for you and your business doesn’t come easy to everyone. That’s why in this post I want to share an income strategy to generate an income for you and your business in 3-6 months. This strategy can be something you implement into your existing business model or customise to fit you and your business.

The goal with any income strategy is SUSTAINABILITY.

If you find it hard coming up with a strategy that will, one, work for you and two, fit the type of business God has called you to build. Maybe this guide will help you. To get started, here are some steps to consider:

What Are Your Income Goals?

This is going to be the amount of money you need every month. What you need is going to look different from what someone else needs for them and their business. Be as specific as possible to your needs and what you want to generate an income for. Here are some examples of things you will need or want to do with the income you make:

• Business expenses—the Bible says to count the cost, especially when it comes to doing business. Make a list of your current and future expenses so you know where your money is going. This is a great time to see if there are any costs you may want to eliminate or add. If you are running your business on the side, consider the expense if you were to do it full-time. The same applies to those who are doing it full-time; what are your current costs, and what additional costs do you need to plan in advance for?

• Personal goals and expenses— If you’re anything like me, there are so many things you would love to pursue, and one of those is earning an income that can not only support you but also fund the work of the business God has called you to. For me, I would like to have a sinking fund for future projects, build out my home office and buy my own home.

• Expand Into A Team—This has been something I’ve envisioned and wanted to pursue but currently don’t have the funds to support it. For many of us in business, especially in the beginning, it is done solo. If this is you, there are actually several other things you should consider before deciding to hire additional help. For example, you can start by finding specific tools and effective systems that you can invest in, which can help automate the tedious tasks you don’t necessarily want to do or that may not require your personal attention.

What Is Your Focus?

When you have a focus on how you want to generate an income, you're able to target the areas that will bring in money on a consistent basis. For instance, your focus could be generating one passive income stream. You can always go back and expand on it, but focusing on one thing right now will allow you to use it to support and fund your goals. Here is an example of what that could look like:

FOCUS: Generate passive income stream

GOAL: Create a collection of digital products I can sell via online ministry shop or Etsy (minimum: 10 listings)

What Type Of Financial System Do I Need?

Financial systems are a great way to manage the business side of your business. They provide you with the infrastructure you need to generate an income for you and your business consistently. This can be part-time or full-time. All you have to do is set it up and adjust on the go.

Questions To Ask Yourself

• What has God anointed you to build or establish an income around?

• What has God commissioned or called you to create?

• Do I have the talent or ability to make this happen? If not, can I learn it? If yes, what should I create?

What Is Your Marketplace Mission?

Every minister at some point should think about becoming self-employed by God. This can be full-time or something you do alongside your ministry part-time, but it all depends on your business mission and what business God wants you to launch. If you’re not sure what your mission is in the marketplace, here are some things to pray about:

• Is God calling you to prosper through your business?

• Can you generate an income for your business online?

• Is building a financial infrastructure for your ministry going to help you sustain the vision?

• Are you called to run your ministry full-time (going from unemployable to self-employed)?

• Will monetising your business help support your ministry God’s way?

Your Strategy—How Will You Start Your Business?

Will it be through a product or service? This all depends on the type of business you have. Think about which of the two will be easier and quicker to set up. Then find a practical way to apply it.

• What is your income structure going to look like? Service-based or product-based.

• What is your business model—B2B (business to business) or B2C (business to customer)? Are you selling to individuals or groups? Or to other business?

• What will be your signature product or service? Will it be digital or physical? In-person or online?

Income Strategy Plan (Example One—Unemployed)

Income Goal: £500 p/m

Focus: Go self-employed by generating a passive income stream

Financial System: Digital products

Mission: To generate an income through my ministry that replaces my unemployment benefits over a 3-6 month period.

How: Selling to other women in ministry (B2C) through Etsy or my own shop. Design 1-3 products (planner, workbook, etc.). Etsy goal: 20 listings—get inspiration from the people your ministry is serving and look on Pinterest for ideas you can use.

Income Strategy Plan (Example Two—Coaching)

Income Goal: £1,000 p/m

Focus: Creating a discipleship program

Financial System: Set up as a monthly membership

Mission: To onboard 3-5 people in the next 3 months

How: Start a coaching program through a monthly membership site on Squarespace or Mighty Networks—do my research and see which one fits your budget right now.

Income Strategy Plan (Example Three—Consulting)

Income Goal: £5,000 p/m

Focus: Generate multiple income streams

Financial System: Offer my services to other creatives or ministry leaders (service-based)

Mission: Book a clients that needs one-off services or one client that needs recurring services

How: Reach out to people on my mailing list (if you have one; if not, this would be a great funnel to implement on your ministry site for future plans). Find 3-5 people I would like to work with and reach out to them.