Have you ever heard the saying, “Don’t put all of your eggs in one basket?” Well, that’s what life is like when you only rely on your job or one client for all of your income. When the job or client goes away, you’re left with nothing and scramble to find a way to keep your bills paid, food on the table, and a roof over your head.
Twenty years ago, the idea of multiple streams of income was the domain of the rich and wealthy. It was a secret only they knew. The rest of us had to build our wealth by getting a high-paying job, saving like crazy, and hoping real estate continues to increase in value.
Now, thanks to the wide available of the Internet and all things related to starting a business, not only can you start a business online with little to no overhead or investment, but you could do it this weekend! For some ideas, you could do start in the next hour or even tomorrow.
Gone are the days when you had to look for a small business loan and seek out a prime brick and mortar location to sell your goods and services.
Today your customers and clients can be from anywhere in the world there is an Internet connection.
Whether you are a consultant, butcher, baker, or candlestick maker, there is an aspect of your business which can be taken online. Often, the part which can be taken online will provide a mostly passive way of earning income (meaning you aren’t trading your time for money). You can keep your in-person business while taking advantage of another stream on income for your business.
And if your goal is super big, like replacing your income or replacing the income of you and your spouse, then multiple streams of income can insure you against the loss of one big client or customer. You’re hedging against potential loss by increasing the number of ways you can get paid.
Wealthy people tend to have 5-7 streams of income going at one time. That’s not a lot when you think about it. If you are a podcast editor, for example, your income streams might look like this:
- Podcast Editing
- Teaching others in person how to edit podcasts
- Earning money from an online course teaching editing
- Affiliate income from relevant businesses
- Coaching podcasters and other editors
- Consulting with businesses and individuals on their podcasts
- Sponsored content (such as a sponsored podcast episode)
That’s just 7 ways and I didn’t even include being paid as a speaker at industry events and things like that.
Remember, not all of your streams of income should involve you trading your time for money. Eventually you will want to get away from this model. And when you do charge, you’ll be able to charge more due to your expertise in the field.
Multiple streams of income, especially when done online, can help you put yourself and your family in a better financial position by diversifying your income – and you don’t need to be rich to do it.
Make sure you have an email list to update when you have new products and services and you are treating your business like a business. Mindset and consistent will add up to big profits over time.
Is it time for you to add more streams of income? How many do you have now?
Rev. Wendy Coop
P.S. If you are having trouble starting an online business, I have taken the pain and stress out of that and created the “Online Business Bootcamp” to get you off and running with your very own online business. The course is led by me and you will come out in the end with a business of your very own with multiple streams of income. Ready? Sign up HERE! Course starts March 1st!