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The voiceover business is full of highs and lows. One day you are fighting off the work, and the next, it's really quiet. This boom or bust workflow can really stress an entrepreneur out. In this video, Anne talks about ways to create a passive income stream so that you always have money coming in.
Hey everyone, you know sometimes in the voice-over business it rains and pours, and sometimes there's a drought. So today I'm gonna talk to you about passive income streams and how they could help supplement your business income.
As an entrepreneur, probably one of the hardest things to get used to are the highs and the lows of the industry. A lot of times we have more work than we know what to do with which we love, and sometimes we don't have any and then we get scared. This is truly probably one of the scariest parts of being an entrepreneur. When you have those lows and you don't know when that next job is coming. Let's talk about how we can streamline your business to support multiple income streams so that you won't have to worry so much about the lows when you still have money coming in.
I'll tell you in my business it was something that allowed me to go from just having a voiceover business where I was constantly stressed out to having a business that I felt confident enough to reinvest in and grow. How can you bring more passive income into your business? First of all, I want you to think about your experience. Think about your life experience, your work experience, and really try to figure out how you might be able to incorporate that into your current business to help supplement your income. So, for example, I had 20 years of experience in education and that was something that I was very familiar with and something that I knew very well. When I moved from the East Coast to the West Coast and went into full-time voiceover, the first thing I did was create a group called the VO Peeps. The VO Peeps was my networking group. It was something that I could do to lead a group and also educate a group. The cool thing was is that I got to actually meet people on the West Coast that were in the industry and then offer them a guest director spot to host educational opportunities for my group. This became a separate passive income stream for my business.
The second was my voice-over coaching. Of course, I love teaching and it was something I always had a mindset to do once I went full-time into voiceover. Because I really miss teaching. I've made that also a separate income path for me to be able to coach and mentor people in the VoiceOver industry.
The third thing was my VO Boss podcast. I actually was thinking about combining my VO Peeps and my boss brands into one brand in order to bring education to the community. So my VO Boss podcast was another form of education. It was something that I hadn't done and really wanted to learn. That also became another part of my parallel income stream where I develop products around the podcast.
Think about what you've done in the past. What is your work experience? What is your life experience? What can you bring to the table to monetize and bring you an additional income stream? For example, if you worked in the music industry you might be really great at editing. You could be a podcast editor or just an editor in general for voice-over people. If you were a writer you could write blogs for people. If you were in finance and you were an accountant you could do accounting. I'm gonna say this, I say this everywhere, one of my best business investments was hiring an accountant to do my numbers. If you are good technically and you're good at making websites you can make websites for people. The list just goes on and on and on. So really dig deep, sit back and think about what is it that you can bring to the table that you might be able to offer.
Don't undervalue yourself or your experience. There's a lot of things that you can do, a lot of things that you can bring to the table to offer different solutions for people in this industry or even outside of this industry. These things can bring you a parallel income stream and a passive income stream, which is the best so you don't have to split yourself up into little mini pieces.
Much love and Keep on rockin' your biz!
About the Author: Anne Ganguzza is a full-time voice talent and award-winning director and producer who works with students to develop their voice over and business skills - including VO demo training and production. She specializes in Conversational Commercial and Narration styles, including Corporate, E-Learning, Technology, Healthcare - Medical, Telephony, and On-Hold. Located in Orange County, CA, Anne offers private coaching and mentoring services to students in person and via Skype, ipDTL or Zoom.