Create Multiple Income Streams

So you've decided you just can’t rely on just one job to provide you with your main source of income and have decided you need another source of income. Now, you need an idea.

Steps

  1. Don't quit your full time job, if you currently have one. As soon as you start implementing your multiple streams, you can cut back on your hours or perhaps work from home, but in the beginning, you’ll need to rely on that income to get you through. If you are one of many who currently feel that while your job is safe now, but you may be in jeopardy soon - take advantage of the time and money and start implementing your multiple stream strategies right away.
  2. Take advantage of your passions, hobbies or unique skills. Let’s say you are a wonderful baker. Everyone tells you so. The locals look forward to seeing your brownies (or shortbread, or whatever) at every bake sale and potluck. Use that knowledge to create multiple streams of income. You could sell your baked goods on Etsy.com or at your local farmers’ market.
  3. Start a blog or a newsletter. Take that knowledge, about baking or what you’ve learned being an accountant for the last 15 years or what you’ve learned by investing in real estate and start a blog or newsletter. Share your information with others and seek advertisers in return. Conversely, you could start a blog or newsletter about your town or city and seek out local advertising.
  4. Write a book, an e-book or just a booklet. If you are an expert in something, be it baking or accounting, then perhaps you should try your hand at writing. Start off writing articles on your topic and start fitting the topics together, fleshing out the details a little at a time.
  5. Create a product. Perhaps you have a great idea for a new way to diaper a baby. Or perhaps you have perfected a way to teach young children how to sink basketballs or hit a baseball. You could develop a product that does just that. Have a service instead? Maybe develop a DVD or computer application that you can sell alongside your business to help your customers help themselves.

Tips

  • The key to all of these things is to find what you are good at and take advantage of it. Be creative in your thinking. Even an extra couple of hundred dollars a month can mean a lot in slim times. Maybe you love collecting Star Trek toys - rather than just sell stuff on eBay (one income stream) add another income stream by writing about how such toys are valued and how to find the best deals. You could even start a blog reviewing the different movies and different conventions.

Warnings

  • Don’t try to make everything you love into a business. Doing so may take the fun out of something you really enjoy if you do it all day, everyday.

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Sources and Citations

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