Last Updated on February 6, 2021
Financial tips for how to Successfully Generate Multiple Streams of Income with ease and never have to worry about finances again!
Are you sitting at home and wondering how you can bring a little bit more money into your home?
Well, you can keep a steady stream of reliable income flowing in with multiple streams of income.
It’s not hard to do, and just one idea can spark other income potential and generate multiple steams of income.
Diversifying your income is a great way to be able to set a little bit aside for a rainy day.
Use your Skills to Create Multiple Streams of Income!
The first thing to do is figure out what you are good at and more importantly, what you enjoy doing.
You may be able to type extremely fast. Maybe you have excellent negotiation skills. You may be great walking dogs and enjoy the needed exercise. Maybe you have a knack for growing gardens that homeowners in your neighbourhood covet.
Tons of people are out there who do not possess the skills you have. You may have a needed skill that can generate a lucrative income in your spare time.
Think about Your Passive and Active Income Sources
Now, you need to consider your passive and active income sources. First, let’s discuss the difference between the two.
Passive income is the income you earn while putting in little effort and time. You may be required to put in much work in the beginning, however, there is little to do after you have your system set up.
Examples of passive income include:
- Collecting rental income
- Receiving advertising revenue
- Investing in stocks
Active income is income you actively pursue. You are constantly dedicated to ensuring this income comes through. Examples of active income include:
- Your full time job
- Renovating homes
So which should you choose? Well, they are both needed.
Active income is needed because you know you can always push away to bring in steady income.
Passive income is needed to bring in a little extra on the side. You must ensure to never put all your eggs in one basket.
When generating multiple streams of income, you must have different sources to rely on – because in the end, nothing is 100% reliable.
Work on One Income Stream at a Time
When starting out each “egg” or income stream, focus on one at a time. You want to make sure it’s up and running smoothly.
If you try to focus on more than one at a time, you could slow your income potential down.
Get a Part-Time Job
The obvious way to earn a second income is to get a part-time job. If you are not currently working, this is an excellent way to start as it gives you the freedom and flexibility to start other passive income opportunities.
The other option is to simply work from home full time which frees up commute time so you can focus on building more income streams.
Increase your Client Base
There are many success stories you’ll run into of what it takes to generate multiple streams of income.
However, one of the most important tips is to take on multiple clients.
One client being your income source is bad news. They could voluntarily or involuntarily leave you high and dry.
For instance, their business may begin to suffer and they no longer have the funds to pay you. Well, that is your income stream; gone without warning.
That said, you do not want to just take on clients for the money. Ensure that you are a good fit too .
Having clients who ask for more than what they are paying you is a headache waiting to happen. Make sure you come to an understanding prior to starting work.
Finally, make sure you can service multiple types of clients.
This is the best egg to have. Even for something as simple as a dog walking business, you can service multiple types of clients.
For example, you can offer a puppy walking service and an adult walking service. You can have weekends at the park services. You can offer to take the dog to the groomers.
Try to meet client’s individual needs.
Start a Consulting Business
A consulting business is easy to break into because you are giving expert advice you already know.
It’s also inexpensive to do as well with minimal supplies needed. You can do computer-consulting, work on taxes, or consult on how to open a business.
If consulting isn’t for you, you can get into other similar fields. For instance, you can coach or teach a class.
Coaching is similar to consulting. It’s literally walking one person or a small group through a process.
Teaching could be on a specific skill set or even help someone obtain a degree.
You can do any of them from the comforts of your own home if you want via Skype, Google Hangouts, or other virtual software.
Start a Blog
Blogging is a great way to stream in income.
Some consider blogging as a passive income source and they are pretty much dead wrong. It takes a lot of hard work and time to build your blog into a viable business.
It is not a good get rich quick scheme, but with time and patience you can easily earn a full time income and even exceed what you make at your full time job if you are really good.
Blogging brings about many income streams because not only can you derive income from advertisements from ad networks or private advertisers, you can also take on advertorials, twitter parties and other such sources of income.
It’s not expensive to start blogging and there are some free platforms. However, for the most professional appearance, you should get your own web hosting service and buy a unique domain name.
Create a Product and Sell it Yourself
Every day we run into situations and wish there were a better way to do things.
Well, if you think about it long enough and come up with a solution, you’ve found an incredible new source of income.
You can create a product and sell it yourself.
It doesn’t even have to be something to solve a problem. You can create your own jewellery, potholders, or blankets.
You can sell them retail or through online stores.
Great stores to set yourself up include etsy, Amazon, and eBay.
Get into Affiliate Marketing
You can still sell products without creating them from scratch. You could go into affiliate marketing.
Affiliate marketing is affiliating yourself with another company. You then work on ways to sell their product.
Say you are an accountant and have a website for your business, you can become an affiliate of an accounting software provider by placing their banner on your webpage.
The more marketing you perform to get visitors to your site, the better.
Depending upon the company and product, you can generate from as little as $1 to hundreds of dollars per referral.
Other places to find great brands include Commission Junction or Clickbank.
Open a Savings Account
You may think of a savings account as just that, savings. But it’s actually another form of income as the money in the account will draw interest.
While this interest may be small, it’s still better than $0. Eventually, you can invest this money whenever an opportunity presents itself in order to gain other income streams.
Look into Tax Free Savings Accounts if you are going this route.
Once the opportunity does occur, you can invest your money.
Investing is a great way to earn passive income. Yes, it can be risky, but most things worth doing in life tend to be, right?
A financial adviser is a good person to start dealing with if you have no experience.
This helps you jump right in while allowing you a bit of time to start learning about the stocks, bonds, and annuity options out there. You can take many free courses online as well.
These investments could pay off well into your retirement years.
Jump into Real Estate
If you’d like more immediate results with your investment money, invest in real estate.
You don’t necessarily need to purchase a home or building to get started.
You can start with a room in your home or rent out your garage.
You can partner up with a responsible friend and purchase a home together to flip.
Get Paid to Take Surveys
If you want a fun stream of income, try taking surveys.
You can sit at home and complete surveys during television commercials. You answer questions honestly, and are paid for doing so.
You can also participate in focus groups.
Focus groups are hired to test products and give opinions before they reach the market.
You would be a critical component of verifying they will have success and reach a high return on their investment.
Surveys and focus groups are not ‘get rich quick’ schemes at all, but you can generate a few hundred a month.
Write a Book
Another hybrid method of generating income is to write a book. It can be an eBook or a physical book.
It doesn’t matter the niche; someone else is bound to be searching for it. eBooks are a great way to get involved in writing.
You can create a short story or write a long novel. You can write fiction or nonfiction.
They are inexpensive to complete, and you can post it for sale on your own website or sites such as Amazon.
Writing a physical book takes a bit more time and effort, however, the payoffs are well worth it.
For starters, you will be seen as an industry expert if your book takes off.
This is phenomenal because it can open other doors that can generate other streams of income such as speaking at workshops or consulting opportunities.
So as you can see here, you can start generating multiple streams of income at no cost and mostly with little time involved.
Get started today to ensure your financial success.
Elizabeth Lampman is a coffee-fuelled Mom of 2 girls and lives in Hamilton, Ontario. She enjoys travelling, developing easy recipes, crafting, taking on diy projects, travelling and saving money!