If you are reading this post, it means you are looking for ways to diversify your income streams and I promise you – that’s the wisest choice you’d make all your entire life.
Having multiple streams of income is a great way to build lasting wealth. There is no business or job that is 100% safe nowadays – as a result of the COVID-19 global pandemic, so make people lose their jobs or were laid off, some were underpaid and some others lost their most important income stream.
As a result of the pandemic, many businesses had to initiate and adapt quickly to stay alive and hence the distribution of products/services changed. Although these changes had a great positive impact on the businesses it was done out of necessity – and most of these businesses have been able to serve their customers even better. All THANKS to E-commerce and Social Media.
No one really wished or prayed for all of this, but it happened anyway!
No matter how you try to cut your income expenses, it can never make up for deficient income – especially when a source of income is lost. In this post, I’ll be talking about some ways to diversify your income stream.
In 2021, the wisest decision any business owner (online or offline) would make is to find multiple streams of income. When you struggle with one, you can rely on another/others to pay your bills and make a living. When you find ways to diversify your income streams, you can avoid being stuck in a situation of a salary earner begging for pay raise.
- 1 Why You Need Multiple Streams of Income
- 2 Ways To Diversify Your Income Streams
- 3 4. Collaborate With Businesses That Complement What You Do
Why You Need Multiple Streams of Income
1. Passive Income
Alias Make Money While You Sleep.
In simple words, Passive income is income that doesn’t involve constant efforts or time to earn it.
In other words, it is the money earned without working actively for it.
Making passive income requires only a one-time or periodical effort and you can make money forever. This could be a digital product – for example, creating an ebook about blogging or SEO can literally sell forever, all you have to do is update them as algorithm changes, etc
If you are an expert in a particular field you could write and publish an eBook for some newbie who wants to dive into that area. Aside from writing an eBook, HERE are some other ways to make passive income.
2. Create Long Term Wealth
Having multiple streams of income gives you options.
Don’t count social security as a source – so many barely live on it. You shouldn’t rely on it once you are in your retirement age.
By diversifying your income streams, not only are you able to rely on other sources of income but if and when a global pandemic happens and one of your revenue streams dries up, you can rely on others.
Ways To Diversify Your Income Streams
1. Digital Products
As a result of the COVID-19 pandemic, the growth of digital products has exploded. They are easy to create and there are a ton of places to sell these products. Business owners now offer workbooks, eBooks, and courses for online learning. The best part of digital products is that they can sell forever with little or no further work on them.
Creating and selling digital products is one VERY GOOD way to diversify your income streams – Digital products are not only limited to things they will take you forever to write or come up with.
You may have bought some templates and planner that didn’t work for your kind of person BUT you devised a way to make it work really REALLY well. There are some other people like you that same wouldn’t work for – make it happen and create something out of that.
Courses are currently in vogue and are a great way to educate an audience and yield a lot of income BUT they take a lot of time to create.
There is some software out there that can help you create planners, templates, or even courses/eBooks.
2. Become An Affiliate
Affiliate marketing in simple words is a form of marketing where an affiliate sells/promotes a product or service from companies/brands to earn a commission from sales made. This is yet another ways to diversify your income stream.
Can I do affiliate marketing without a website? The answer is usually NO but it’s actually YES!
Ok, I’ll explain!
The most important part of affiliate marketing is to get your link(s) in front of people who are interested in that thing. Present the product/service in the best way that can encourage visitors to purchase.
Doing affiliate marketing without a website is more challenging BUT there are ways to make money from affiliate marketing without a website. Here’s how:
1. Social Media: Pinterest, Facebook, and Twitter are great places to start promoting affiliate links when you don’t have a website. Terms and conditions of one differs from the other, be sure to read and understand before promoting your ads to avoid being blocked.
Social media works great for product review.
2. YouTube Videos: This is also great for product review. If you don’t already have a YouTube channel, you can start one for the purpose of product reviews. Be sure there are people who are looking for a product like that but need conviction.
If you can win their heart, you will for sure go a long way.
3. HubPages: Hubpages is a platform that lets you create a one mini-page blog/website as a landing page. It’s a network where people can write about their passion and share with others.
Consultancy means giving expert advice to people on a particular matter in a field you are specialized in. While this is best for full-time business, it can also do it with your full-time job – making it another income stream.
Consulting businesses offer an amazing experience and work flexibility. You don’t even need a college degree nor does it require special training – experience could be all you need. Giving people expert advice for where you have been or a particular business you made a major breakthrough.
With experience, skills, and good knowledge in the field, chances are high that there’s someone seeking that skill you possess. You don’t have to do it all the time, consulting in your free time (weekends especially) can be a great way to put some extra cash in the bank.
These consultations don’t have to be physical, could be a scheduled online call.
4. Collaborate With Businesses That Complement What You Do
In the 24hours of the day, you are limited to selling a certain amount of the product or service you offer – being limited in sales means being limited to making more money.
Another ways to diversify your income streams is to collaborate with like-minded businesses i.e ones that complement what you offer. One of the fastest ways to grow any business is by borrowing someone else’s audience.
This option is slightly related to affiliate but it’s not. Working with other businesses can help you get in front of customer that you wouldn’t have met any sooner.
If you have a product that can complement some other person\s, agree on a collab and you both promote the product – as simple as that. Here’s an example:
My Product X is a pack of social media templates and my partner product Y is a 365 days social media planner. These 2 products complement each other – we then collaborate and make the two products a bundle, promote and make money. That simple!
5. Get A Part-Time Job
Check with local retail/grocery stores for part-time works.
6. Start A Blog
If you are conversant with my blog, you’d know I always include this option whenever I am talking about ways to make money or related topics. WHY?
Blogging is also a great ways to diversify your income stream. You can make so much money from it.
Although, it comes with some learning and mastering, but there’s a lot of money made in blogging. Read this post to get started.
Having multiple source of income streams can help avoid a lot of financial problems. Find one that fit the kind of job or business you do right now and incorporate it.
Even though there’s no limit to the number of businesses you can do, managing time matters and it’s a good risk management skill.