Ask anyone who appears lucky in the money department: the strategy to wealth is diversifying your income streams. And, well, a lot of this can seem hard to set up. After all, if you’re a copywriter by trade, how do you diversify your income streams beyond that?

 

Imran Md Ali has mastered a new type of business model that not only allows you to diversify your income streams, but to make sure each of those streams is passive (for the most part). He was kind enough to sit down with us and fill us in. 

 

Satellite Businesses

 

“The definition of satellite businesses are many small scale businesses that can make you an extra $5,000-$15,000 per business per month,” Ali shared. So, what are small scale businesses? 

 

“This is where my marketing brokerage model comes in,” Ali noted. The premise is interesting, and it’s as follows: 

 

Find people who have a very specific talent or service that they offer the world - may it be dog grooming, personal shopping, or knitting winter hats - but they appear to be floundering on the sales and marketing side. This may be obvious through their websites, their business social media, or just their complaints - listen for people who struggle with attracting a client base. One distinction here, though: make sure that they actually are good at what they do - that will make your job significantly easier.

 

Then, given that you’ve invested the time to build sales and marketing knowledge and experience, here’s where you come in. You’ll lend your sales and marketing know-how and implement the funnels they need, and in exchange, you’ll receive approximately a 40-70% share of their business (it depends on what you can negotiate.) This is a clear value add for the partner; they’re struggling with bringing in clients anyway, so having between 30-60% of the profit of clients they wouldn’t have otherwise had is worth it to them. Finally, you’ll help them on the sales side by equipping them with the scripts they need to close sales calls - rounding out the final step of the process.


 

“Once this brokerage relationship has been built with a few partners, you’ll realize how simple it is,” Ali added. “So, then it’s just about copying and pasting that same model to other individuals and freelancers that need help.”  It’s certainly worked for Ali - he’s packed on about eight streams of income every month from this satellite business model. 

 

One distinction: Ali adds that you should hire a project manager once you surpass $25,000 in monthly revenue, “Just to make sure everything is under control and that they can collect the money every month.” 

 

And yes - if you’re gawking at that $25,000 monthly revenue number from satellite businesses alone, so are we. It’s certainly time to follow in Ali’s footsteps and pursue this business model

Published by john paret