By diversifying – opening up multiple channels of income within – your lactation consulting business, you are building yourself a sturdy foundation to prepare for lean market times while connecting with more families. This could include accepting both insurance and self-pay clients, writing a course or book, creating a resource or piece of merchandise for others to purchase, or developing continuing education. The sky’s the limit!“We can use our passions for more things.” In this episode, we will cover:Diversification in business essentially means opening up multiple channels of incomeHaving multiple income streams can help sustain your business during lean times because you will not be relying on any one thing and you will be competitive in the marketIn the lactation consulting industry, one of the main forms of diversification is accepting insurance and self-pay clientsAnnie and Leah also advise people to set up opportunities for passive income such as creating a continuing education course, handouts, YouTube content, and writing books that are all accessible through a paywall that you write once but continue to earn from as people access the contentConsider what other topics you are interested or talented in and start integrating those things into your lactation business. Ideas include QuickBooks, courses, engineering, research, writing, graphic design, merchandise, etc.When venturing into the world of renting and selling pumps, try to remain as impartial towards all of the companies as possible by not accepting any “free gifts” they want to give youThere is often a fine ethical line when combining two of your business elements, so it is always best to disclose your status to the client ahead of timeRemember to stay up-to-date on the applicable laws and insurance regulations, particularly if you are doing business with people in countries outside the U.S.Keep in mind the strategies about time management previously shared on this podcast and be smart about the ideas you decide to pursue This episode is sponsored by Acuity Scheduling for forms and payments – They are providing LBC podcast listeners with a 45-day free trial at this link. Like this episode? Want more?The LBC podcast is ALWAYS free, thanks to contributions from supporters. Every contributed dollar counts and so do our contributors — as a thank-you gift to our top-tier members, we offer monthly LIVE Deeper Dive sessions with experts and access to all previous Deeper Dive sessions — check out our upcoming Deeper Dives and become a member! All contributions count; join at one of our starter levels here! Links and Resources“Big Magic” by Elizabeth GilbertPerinatal Health Equity FoundationLactation Business CoachingLactation Business Coaching Facebook If you like what you heard today, please follow us on Facebook and Instagram and leave us a review on iTunes. You can email us questions and comments at hello@lactationbusinesscoaching.com. About UsLeah Jolly is a private practice IBCLC with Bay Area Breastfeeding in Houston, Texas.Annie Frisbie is a private practice IBCLC serving Queens and Brooklyn in New York City and the creator of the Lactation Consultant Private Practice Toolkit.Many thanks to Stephanie Granade for her production assistance, and to Silas Wade for creating our theme music.
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