Episode Details

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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• 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 (2:00)

• 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 (4:40)

• 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 (9:00)

• That is when she decided she needed multiple streams of income – this could be group coaching, courses, affiliate income, etc (10:00)

• 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 (13:05)

• 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 (14:15)

• 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 (15:35)

• 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 (17:30)

• Make sure what you do is something your audience would connect with (18:20)

• 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 (20:25)

• 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 (24:15)

• Entrepreneur Obsessed Community is Nicole's Facebook group - she loves it because it allows her to communicate with her audience (25:40)

• 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 (28:10)

• Multiple streams of income allow you to not burn out