This week, Good Girls Get Rich features, guest, Nicole Liloia. Nicole is a strategist & mentor for women entrepreneurs who want to increase their income and work less. Nicole has written for publications like Forbes, Huffington Post and more.

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Episode Spotlights:

  • Nicole used to have a 9 to 5 job with a nonprofit organization, but she went to graduate school and had a ton of student loans
  • She was working as a social worker and loved it, but she wasn’t making the money that she needed (2:25)
  • To give herself more flexibility, Nicole decided to create her own office – but soon found that she recreated the 9 to 5 that she didn’t like (5:05)
  • Nicole then found herself recreating 1 – 1 services, which have limits because of time constraints, she wanted something more
  • Nicole found herself in coaching because it was flexible and she was still helping people solve their problems
  • She was noticing that, as a service based entrepreneur, she was getting burnt out so easily (9:25)
  • That is when she decided she needed multiple streams of income – this could be group coaching, courses, affiliate income, etc (10:25)
  • Nicole focused more on her group coaching, letting her 1 – 1 services naturally ended
  • The #1 mistake people make when adding extra income is that they try to service a different audience (13:30)
  • Pros & Cons of 1 – 1 Services: You can give your clients a lot of time because they pay money for it, but you only have so many hours in a week (14:40)
  • Pros and Cons of Group Services: You can create a community, but you have to have a bigger following to start.
  • When Nicole created her first group coaching program, she called 50 people and 10 signed up – she spent six weeks not making money to achieve that (15:50)
  • If you don’t have a big audience, you don’t want to do a course right away – focus on 1 – 1 clients. Then ask your audience questions to find what you should do next (17:55)
  • Make sure what you do is something your audience would connect with (18:45)
  • Affiliate Income: One of Nicole’s only really good income sources before she created her own content – it is a great way to test if your audience is interested in a certain topic (20:50)
  • Affiliate income is the biggest type passive income, but it isn’t consistent income because you’re depending on people who may decide get rid of or change their course
  • What Nicole’s Income Model Looks Like: 1 – 1 clients, mastermind & group program, course, affiliate income, investments & savings (24:40)
  • Entrepreneur Obsessed Community is Nicole’s Facebook group – she loves it because it allows her to communicate with her audience (26:05)
  • If you don’t want a roller coaster, if you want a steady flow of income without 1 – 1 services, you need more streams of income (28:35)
  • Multiple streams of income allow you to not burn out
  • Connect with your audience and ask what struggles they are having – ask what they want you to create next (32:55)

Resources Mentioned In This Episode:

Nicole’s Website – explore her programs and offers

Nicole’s List of 10 Multiple Income Streams – stop relying on 1 – 1 services

Join Nicole’s Entrepreneur Obsessed Community Facebook Group!

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