Welcome back! Today I am going to continue down the path we have been talking about for the last 2 weeks. Multiple income streams.
If you missed those posts you are going to want to check them out:
They cover ALL the info on why YOU need several income streams AND the ones I actually use!
Today’s post is about taking action and getting something going.
What kind of income stream should you create? Do you want to create passive income streams? Active streams? Maybe both?
Remember, active and passive income look very different! I think it is good to have both. That way you are set if something shifts in your financial life and a particular streams suddenly disappears.
Active income is usually when you work and get paid. Generally speaking, you are trading time for money.
Passive income typically generates money long after the work has been done. In many cases it will continue coming in for weeks, months or even years with little to no effort on your part.
Most of us would prefer the passive kind – BUT you’re going to have to actively make money until you can get a passive stream up and going.
SO – don’t quit your day job just yet! You’re going to need that income until you get other streams generating money for you.
As I mentioned in the previous post, if you have a chunk of money just sitting around then you might want to consider real estate as a passive income stream. Rental properties and apartment complexes are great examples. I plan to cover this in more detail in a future post. If you’d like to stay connected so you don’t miss that post you can subscribe just below.
If real estate is out of your budget (for right now) then keep reading! I have several steps to get you moving towards multiple income streams EVEN IF you don’t have a chunk of money!
First, you need to sit down and write out what you would be willing to do in order to generate side income. This list will look different for everyone. It should be unique to your interest and what you can work on in the nooks and crannies of your life.
I have tons of suggestions for you HERE! Scroll through this list write down at least 5 ideas you are willing to consider as a side income stream.
Second, write down how much time per week you can spend on this side income stream. Be honest here!
If you can only give it 5 hours a week then write that down. However, if you are a stay at home mom (with kids in school) or a retiree who has a little more time then you might be ready to to give 25 hours a week.
Third, take the five income ideas you wrote down earlier and out beside each one write down how you would start that income stream. I also suggest writing down how much time each option would require. If you aren’t sure, just make an educated guess.
Note: I have a few examples below. The hours per week are here for examples only. You can spend more or less time in each of these categories depending on how much you want to work or how fast you want to build your business.
- Blogging – Decide what your blogging topic will be, choose a domain (name your blog), choose hosting, get things set up and start creating a post each week. Hours per week: 15
- Cleaning houses – Spread the word your looking for houses to clean in your area. Set a base price and ask for referrals. Hours per week: 10
- Organizing business: Advertise locally that you have a business where you come in and organize others closets, kitchens, garages, and more! Hours per week: 15
- Affiliate marketing – Decide how your going to promote your links – blogging, Pinterest, Facebook, a Shopify or Etsy store, or a combination of these. Hours per week: 10
Fourth, take the hours per week you have available and the types of income streams you are considering and put them side by side. Which income stream would best fit for the time you can commit right now?!
If you only have 5 hours a week but 2 of your options are going to ideally need 20 hours a week then you probably need to eliminate those from your list.
Fifth, hopefully you have eliminated one or two from your list at this point. Go back to your list of options and begin to write down what each idea would require. Let me give you a few examples…
Cleaning houses: This will require that you be in others homes each week and provide a service for them. You will need to be very good at cleaning. You will need to provide excellent customer service so they want to continue using you. You need to be very trustworthy since you will be around other people belongings.
Blogging: You will be working on your own. Do you work well by yourself? Do you have an interest in a topic that you can write about for a very long time? You must have a creative flair and a desire to help others. You need to be willing to make mistakes and learn from those on a weekly basis.
Knowing what will be involved before you get started will be a huge help in deciding what you want to do.
Sixth, by a process of elimination it’s time to cross out the ones that aren’t as shiny as they were when you first wrote them down.
By now, there should be one or two that have naturally risen to the top. Based on time commitments, how many hours a week you have to commit, and the types of creativity and skills you have you should be able to narrow your list down to just one.
Here are a few of my favorite income streams that will hopefully get your going.
Blogging – I know you hear this all the time from me but it could truly change your life! If you have been riding the fence on this one I want to challenge you to just leap! You’ll never know if it will work until you try it.
- Work when you want to
- Create multiple ways to make money from your site (courses, affiliate marketing, subscription site, eBooks, etc)
- Create content and offers that you are proud of
- Be your own boss
- Meet other people just like you who have ditched their day job too!
- Share something you enjoy with the world
- Create a platform that could potentially turn into a full time gig
This is a super easy way to generate income and super fast! If you are willing to take good pictures, create great listings and be honest with your buyers then you’ve got a winning combination!
Just this week I sold 11 boxes of diabetic test strips for $800! That’s ONE transaction!
Everything will sell on Ebay but some of my favorite things are clothes, shoes, collectables, jeans, gun holsters, kids toys, and SO much more!
Take a look at these posts to give you extra ideas for side income streams:
- Top 4 Jobs for Stay at Home Moms
- A Guide to Affiliate Marketing for Newbies
- 12 Side Businesses You Can Start in 7 Days
- 75 Ways to Make Money Without a Hovering Boss or Traditional Job
- 6 Legit Ways to Make at Least $1,000 a Month From Home
Let’s close this out –
Remember that it takes time to get several income streams up and going. However, you will NEVER regret it once they are bringing in money.
Multiple income streams have a way of giving you options that you wouldn’t otherwise have. Don’t wait! Get started today! You’ll never regret having extra money laying around.
As always, I am forever pulling for you!