How To Create Multiple Income Streams And Boost Your Daily Income
Creating Multiple Income Streams Will Help You Live A Better Life
It’s been a busy few days working from my home office creating multiply income steams whilst at the same time decorating the inside of my house and tidying up the garden all at the same time. Where did my energy come from ?
The good news is that having checked my emails I can see that more revenue has hit our bank accounts. This is one of the reasons I really enjoy running my businesses especially my online home based businesses because it enables me to create multiply income streams (some on auto pilot) and then the opportunity to chat with people from all over the world who want to work with me towards creating their own online business.
Creating multiple income streams literally means that I never have to reply on one particular client, customer or business for an income. This is so important to bear in mind as the story below will illustrate.
Not so long ago one of my customers ran out of money, literally owing me ‘thousands’! Some times being so trust worthy, treating people as you hope people will treat you in business can come and bite you hard, as I truly found out. Thank fully she was not the only customer I had, so cash flow continued to flourish which is why being in business means you must learn how to create multiple income streams from the outset so that your business can continue to generate cash and pay the bills. Unfortunately for me that particular customer could not afford to pay me. Looking back don’t I think she ever had the money to do son in the first place, so I lost out on a permanent basis. That’s life… you live and learn.
This is why it’s crucial for anyone who relies on a self employed wage to have multiple streams of income. I know it’s easier said than done especially during such difficult trading times, but you must try to find as many ways to create multiple streams of income to make your business and lifestyle flourish.
Even if you don’t run your own small business or a home based business, you may well be faced with a situation whereby your current job is not paying a large enough salary to cover your day to day household bills so creating other multiple income streams can certainly help in the short term, if nothing else. Below are just a few ways to create multiple income streams that spring to mind, but remember, if you need help don’t be afraid to ask for it.
12 Unique Ways to Create Multiply Income Streams
1. Increase your client / customer base. There are many types of customers, all with different needs, demands and ways of communicating. Rather than just accepting any type of customer / client to create multiply income streams try to establish who your ideal customer is and who you would like to deal with. It’s no good offering a service or selling a product to someone who cannot afford to pay you or one that has no intention of doing so. You may well be desperate to create extra income streams but tread carefully with whom you do business with, otherwise you could end up being worse off.
2. Have a full-time job. If you have recently started a small business or a home based business then it is still extremely important to create multiple streams of income. If your business is suffering then additional streams of income are going to help. Whats more they will also give you something to promote to increase revenue. Whenever someone calls me to help them start a small business or a home based business I always advise them to try and keep their full-time job rather than quit straight away. As time progress and various streams of income start to materialise you can then start to think about cutting down the hours you work in your job.
This is exactly what I did many years ago. It was tough to begin with but then I quit my job and have never looked back since.
3. Have a part-time job. There is of course the option to get a part time job and to work suitable hours around your business to give you more flexibility than having to have a full time job. You could even try job sharing a full time job if need be.
4. Find contract work. This can be a good way of creating multiple income streams. Getting a contract in particular a monthly one can enable you to perform various duties, provide a service or goods on a monthly basis for a fixed price. This gives you the confidence of knowing that a regular stream of income will be paid to you on a monthly basis. Many businesses, authorities and organisations like paying monthly contracts because it gives them maximum flexibility knowing that they can end a contract far sooner than a yearly contract.
5. Start a Blog. Blogs can be great way to have some fun writing and sharing knowledge. You can also allow people and businesses to advertise on your blog hence creating multiple streams of income. Like most things it can take time for your blog to get noticed but it is a great way to earn some extra cash.One guy who has mastered blogging is Darren Rowse the Problogger and worth looking up.
6. Create an educational product. If your ‘small business’ or home business offers a service, a skill or even a product way not make a simple DVD illustrating how or what to do. People love watching DVD’s to learn how to do something. For example: let’s say you know how to tile a bathroom. Make a DVD movie of how it’s done. This means that you have now turned your service in to a sellable product that will create an extra stream of income for you. Simple but very effective. Once you have set the online store up it will automatically generate income for you. you have a popular blog (like Freelance Switch), you may be able to sell merchandise. Set it up once, and collect an income stream thereafter.
7. Personal Coaching / mentoring services. This is similar to that mentioned above… if you have valuable knowledge or skills, why not put them to good use by teaching other people a new skill. You may know how to play a piano, be good at mathematics or English or know how to speak another language. You could even hire a room for a few hours or a day and teach a number of people at the same time both of which could create a regular income for you. You could even film each lesson and sell it as a DVD series!
8. Part Time Teaching. Instead of teaching an entire class, you could coach / mentor people on a one-on-one / personal basis. People love one to one tuition so you should easily find students who would be willing to pay for your services. You could even set up a monthly contract with a company or organisation to teach their staff how to do something more efficiently or even help a group of students to start a small or home based business. Once again you could film each lesson and sell it as another DVD series!
9. Start a Small Business. Many people get scared of the idea of starting a small business. But the reality is this is what many of us actually do when we offer the above types of services. In other words you are already running a small business. I myself operate quite a few small ‘bricks and mortar businesses. I obviously can’t be in the same place at the same time so I have set them up in such a way that they almost run themselves. A few excellent, reliable and trust worthy staff keep things ticking over for me. I even had chain of food stores that managers ran on my behalf with 66 other members of staff. It did require a large outlay to get things up and running but the principle is the same. I also know of a young lady who bought a franchise sell cards to retail outlets. She now has a few members of staff who do the work for her whilst she cashes in on the profits and manages her online home based business. So you see, there are many ways to create multiple income streams
10. Write a book or an eBook. We all hear about the millions successful authors can earn but ‘to make it big’ writing a book is difficult. However, if you do write a book and manage to get it published then as long as it sells you will have created a passive income for yourself. This is an ambition my wife has and no doubt will one day achieve her goal.
11. Affiliate marketing. If you have a blog or a small website, you can set up what is referred to as affiliate links that take people to a different website / shop that sell various services and products. Affiliate marketing can create a substantial income stream if you know what to do. Let’s say you decided to write about a new book that you have just read. Well, you can name and promote the book that you have read and create a link to it on say Amazon whereby every time someone clicks on that link and buys the book from Amazon you earn a commission. Imagine having lots of links and making lot’s of sales! It all adds up. Some people literally earn hundreds of thousands through affiliate marketing, so can you.
12. Write and Sell an e-book. If you feel trying to publish a book seems too difficult and expense then an easier way is to write an e-book. Many people offer them for free online whereas others sell them as a means of creating an income stream. Using the Internet you can easily advertise your ebook or spread the word through social media sites. Yet again it’s a great way to create multiple income streams.
Need Help choosing a business to start or to create multiple streams of income, then I can help. Simply Get In Touch