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11 Steps To Create More Income Sources

11 Steps To Create More Income Sources

My grandfather once said that people had three chances in their lifetimes to strike out on their own and “make it” – the first time, they were too young to realize it; the second time, they were burdened with family responsibilities and were afraid; and the third time, they were too old. He was a smart man and made a million dollars as an entrepreneur. If he were alive today in the current economic landscape, I can imagine him telling me to generate multiple income streams, in order to prepare for the eventuality of job loss and outdated career skills.

The individual who has planned ahead for job loss and has developed other income sources, may take loss of a job as an opportunity to focus on other streams and develop new ones. Here are 11 clever tips that will help you be that person.

1. Don’t quit your day job (yet)

You may dream of striking out on your own, but you do have to eat and keep a roof over your head. Begin your other income streams gradually, one at a time, until you have enough income to at least replace what you are earning now.

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2. Identify what you have passions for

Find out what specific skills and talents you have and then do some research about what income streams are available for you. Here’s a case in point: A friend of mine was quite a successful mortgage underwriter, but began to have concerns about the industry quite a while before it collapsed in 2008. She was also a skilled pianist, and decided to use that skill to generate another income source. She began to work for a music school evenings and weekends – teaching keyboard classes to young children and taking on private students as well. She saved all of her second income and, over time, was able to rent a small space for her own studio. Ultimately, she lost her underwriting position, and took her show “on the road,” marketing her teaching skills to day care centers who were thrilled to have someone come in during the day and teach music classes. Today, she has a huge day care business, with two other teachers working for her, and maintains her studio as well, not to mention that she has also taken a position as a church music director. One talent – 3 income streams! Now that the housing market has begun to pick up, she also freelances as an underwriter for two small mortgage companies. A busy lady, but one who loves the variety.

3. Acquire new skills

E-business is a wonderful thing, and there are so many ways to make money online. Take some online or evening courses in web and graphic design, or read some SEO tips to get started with your own online business and website. World Web is opened for you – find some peculiar skills you would like to develop. Check online for matches between your skills and talents and income opportunities, to determine viability and demand for your current skills or those you intend to acquire.

4. Determine your market

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    Who wants or needs what you have to sell? This may take a bit of research, but you can visit freelance sites and quickly discover what services are in demand for freelancers. If you have product(s), who will want to buy them? Part of making money quickly is to locate potential customers as quickly and cheaply as possible, insert yourself (and your product) into that market.

    5. Start marketing your service or product

    This may be the most difficult endeavor. If your skill or product will be sold locally, you go to potential consumers and sell yourself or that product. If, however, you are looking for consumers online, your activities will be very different. If you are not an online marketing specialist/expert, getting help from a professional will be money well invested. If you have some expertise and the time, look at the marketing strategies that successful online businesses use and emulate them.

    6. Set up a blog, a website, and social media accounts

    Whether your business is local or more widespread, you need these things. At a local level, you can spend lots of money placing ads in mailers or getting a few radio slots; you can distribute flyers and place an ad on Craigslist. But people are tech savvy and mobile – they tend to throw mailings and flyers away. You have to “meet” them where they are, and that is online. If you are uncertain about how to start a blog, check out the numerous free help guides on the web. You can do so many things with a blog. Of course, you will provide great information and education about services and products related to your business. You can link your blog to all of your social media accounts (you must have these) and to your website (you must have one).

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    Once you have your blog, website, and social media accounts, drive people to your website by offering freebies – a sample, an e-book, etc. You will get their email addresses and this grows your email list, steadily and efficiently. Offer to give webinars or face-to-face seminars related to your services. This may serve two purposes – either obtaining new clients or, as your business grows, bringing in others to work for and with you. On your website or on your blog, run a survey, and find out what your potential/actual customers still want or need. Use the results to expand what you offer.

    7. Embrace the power of networking

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      Join a local business networking organization of your Chamber of Commerce. You can develop contacts with other business owners and set up mutual referral activities. Members in these groups come from all types of businesses, organizations, and enterprises, and when their customers are looking for what you offer, they will refer you. Of course, you will do the same thing for them.

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      8. Set up both active and passive income streams.

      There are only so many hours in a day. If you are still working a “day job,” you may only be able to develop one or two other streams in which you must play an active role. But part of security in income is developing passive income sources as well. If you have some additional cash to invest, look for safe and reliable places to invest for a return. Several years ago, I placed money with a real estate investor who purchased foreclosures for rental property. I do nothing but receive a monthly check based upon rental incomes from the properties he and I partner on. He takes care of leasing, maintenance and repair, takes a percentage of the income for that, and I get the rest.

      9. Get help from others

      Use the experience of those who have successful streams of income. Learn how they began and how they grew their streams over time. To get started I would advise browsing Pat Flying’s Smart Passive Income blog and podcasts and Tim Ferris’ iconic book and blog – the Four Hour Workweek. Need more guidance? There are plenty of mentors and business coaches available online these days. Just make sure you have read reviews about them or talked to someone using their services.

      10. Do not be afraid to ask

      Ask current customers for referrals, testimonials, and to act as references to potential customers/clients. Satisfied customers with whom you have developed a good relationship will usually be happy to do these things. Pay for them to join Angie’s list and write good reviews about your services/products.

      11. Sell Ads

      As you gain popularity on social media and through your blog and website, sell advertising on your blog and/or site for related businesses. There are some hugely popular bloggers who have a lucrative income from their advertising. Contact related businesses and enterprises and offer paid ads on your website, blog and social media accounts. The more popular your online presences become, the more people will want to advertise with you and establish long-term partnership.

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      Elena Prokopets

      Elena is a passionate blogger who shares about lifestyle tips on Lifehack.

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      Last Updated on April 19, 2021

      40 Healthy And Really Delicious Meals You Can Make Under $5

      40 Healthy And Really Delicious Meals You Can Make Under $5

      Ever had those moments where you really wanted to eat something delicious and healthy but didn’t have the financials means to do so? Whether you’re a student or parent, this compilation of 40 great, healthy, and inexpensive recipes will make every night special and help you get fit! No more meals where you have to force the food down! It’s time to make that budget your best friend and turn it into great recipes. Enjoy!

      1. Fish Tacos in Crunchy Shells ($3.56 per serving)

      Is there a better way to end the day than a Fish Taco dinner filled with protein and nutrients and is easy on the wallet? This recipe calls for a boys’ or girls’ night in front of a good movie or game.

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        2. Mini-Meatball Noodle Soup ($3.43 per serving)

        We’ve heard of the delicious spaghetti and meatballs recipes, but imagine having that same meatball goodness in a soup? It’s like Christmas in a bowl. Healthy, warm, and only $3.43 per serving.

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          3. Spaghetti and (Vegan) Meatballs ($2.13 per serving)

          Now it’s time to look at the traditional spaghetti and meatballs recipe, but with a little twist: vegan meatballs. This way, you can enjoy the Italian tradition without adding on the extra calories. I’m sold!

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            4. Kabocha Squash and Lentils ($3.12 per serving)

            Absolutely delicious way to end the day with a Kabocha Squash and lentils dinner. The beauty of this recipe is that you can actually make many other things from the mixture, from dips to full-on meals. All under $5 per serving.

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              5. Baked Coconut Lentils ($0.91 per serving)

              Coconuts are always a good idea, but it doesn’t have to be eaten only for dessert or breakfast. With this great recipe, you can now eat a lunch or dinner filled proteins and a coconut twist. Yum!

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                6. Easy Marinated Roasted Chicken ($3.40 per serving)

                We love chicken and at less than $5 per serving, we are in heaven with this recipe. Add some vegetables and rice on the side and you’ve got yourself a full meal!

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                  7. Organic Greens and Goat Cheese Gratin ($2.36 per serving)

                  This is absolutely divine. You get in your healthy greens and your fat macros with this great recipe. Takes only a few minutes to make and it’s easy on the wallet. Bon Appetite!

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                    8. Beef Pot Roast ($3.22 per serving)

                    One word: perfect. This meal will warm your insides and fill you up with the high protein content.

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                      9. Fajita-Style Quesadillas ($0.43 per serving)

                      If you want to eat Mexican tonight but want to stay in your budget, this Quesadilla recipe is your best friend. It’s tasty and filled with healthy ingredients for less than a dollar per serving.

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                        10. Fish Tostadas with Chili Lime Cream ($2.82 per serving)

                        Another great lunch idea for the busy days ahead. Prep this in the morning or the night before and you’ve got yourself a healthy and cheap lunch meal!

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                          11. Beef and Black Bean Chili ($1.36 per serving)

                          Might not look like much, but this amazing chili is actually extremely healthy for you. The protein from the beef and the carbs from the black beans will fill you up in no time, and keep you full for a long period of time. Delicious and warm, just right for the winter!

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                            12. Crispy Fish and Peppers ($2.18 per serving)

                            Amazing recipe for anyone looking to change up their meals while keeping their macros in check and not going overboard on spending. Satisfies your crunch tooth (see what I did there?) and gives you all the protein you need to stay full and lean.

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                              13. Vegetarian Gumbo ($1.50 per serving)

                              You have the perfect macro mix here with the carbs, fats, and proteins. At less than $5 per serving, you’ve got yourself a meal that will last for the whole week!

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                                14. Mexican White Bean Soup ($0.99 per serving)

                                With the cold weather creeping in, it’s not a surprise that soups are coming back in style. This great Mexican White Bean Soup dish will keep you warm for winter without making a hole in your pocket.

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                                  15. Black Beans with Mango & Cilantro ($0.38 per serving)

                                  Mangoes make every dish a little bit sweeter, which is why we absolutely love this recipe. A normal rice and bean dish might be a little meh, but add the sugary taste of mangoes and you’ve got yourself a party!

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                                    16. Bean Burritos ($0.71 per serving)

                                    If you’re having people over tonight and don’t want to spend too much time or money on food, this dish is a great option! You can even cut up the burritos into pieces and make finger foods while everyone’s watching the game or gossiping.

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                                      17. Five-Spice Beef Kabobs ($2.43 per serving)

                                      The spices in this recipes add a delicious twist to the beef kabobs, which is definitely worth trying!

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                                        18. Cornmeal Crusted Pork ($1.92 per serving)

                                        If you like the fried crunch but want to opt for a healthier alternative, cornmeal is your man. This healthy recipe will satisfy all your fried desires without making you pop open your pant’s button.

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                                          19. Chicken, Tomato & Cucumber Dinner Salad ($2.57 per serving)

                                          Easy to do, extremely healthy, and super delicious. A must-try!

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                                            20. Lentil Soup with Beef and Red Pepper ($1.90 per serving)

                                            I can’t believe how cheap this meal is, especially for all the nutrients it contains. You can make a big pot on Sunday night and divide it into small portions to last you a whole week.

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                                              21. Smoky Mushroom Stroganoff ($1.90 per serving)

                                              Craving pasta but not sure what to top it off with? How about smoky mushrooms with a twist?

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                                                22. White Bean Tuna Salad ($1.36 per serving)

                                                You can add this White Bean Tuna Salad in your sandwich or just eat it as-is for a quick lunch on a busy day.

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                                                  23. Sausage Eggwiches ($0.80 per serving)

                                                  Who says you have to eat fast food to get an eggwich? This delicious recipe will give you an amazingly healthy eggwich for less than a dollar per portion. Can you say Breakfast?

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                                                    24. Baja-Cali Black Bean Salad ($1.17 per serving)

                                                    Great snack to add to a movie-night with friends. You don’t have to use chemically-processed salsas anymore, you can now use this homemade salad for your chip dips.

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                                                      25. Gnocchi, Sweet Corn & Arugula in Cream Sauce ($2.24 per serving)

                                                      Italians always knew how to make carbs look good! This delicious Gnocchi recipe will give your lunch a whole new meaning. Easy to make and only $2.24 per serving.

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                                                        26. Vegetable Lasagna ($1.73 per serving)

                                                        If you were looking for a healthy lasagna, you’ve just found it. At under $5 per serving, you can fill yourself up right away without putting on the extra calories.

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                                                          27. Fajita-Ranch Chicken Wraps ($2.05 per serving)

                                                          Don’t know what to make for lunch this week? How about delicious chicken wraps with a healthy ranch? This recipe will make all your lunches, even the quick ones, healthy and colorful.

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                                                            28. Quinoa with Pan Roasted Brussels Sprouts ($1.24 per serving)

                                                            A dish that has quinoa and brussel sprouts can’t be unhealthy, it just can’t, which is why this dish is one to keep in the books. Easy to make, healthy, and will keep you full for a long period of time.

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                                                              29. Butternut Squash Chili ($1.04 per serving)

                                                              You don’t need meat to make chili now that you have this recipe! It’s 100% healthy, filling, and smells absolutely delicious.

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                                                                30. Fast Shrimp Bisque ($2.03 per serving)

                                                                Seafood doesn’t have to be expensive if you know how to do it right, and this fast shrimp bisque is a great recipe to try if you’re in the mood for some seafood!

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                                                                  31. Chicken-Noodle Casserole ($0.98 per serving)

                                                                  Looks divine doesn’t it? This super easy to make dish will satisfy all your taste buds without burning a hole in your wallet or adding a few extra numbers on the scale.

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                                                                    32. Burrito Cups ($1.18 per serving)

                                                                    Entertaining someone tonight and don’t know what to make as appetizers? These burrito cups are a great alternative to chips or other greasy finger foods. All you need to enjoy it is a spoon and a cup.

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                                                                      33. Lemon-Dill Shrimp & Pasta ($2.45 per serving)

                                                                      Another impressive shrimp recipe under $5 per serving. The lemon-dill twist adds a great taste to the dish.

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                                                                        34. Potato Frittata ($0.87 per serving)

                                                                        If you want to eat potatoes for breakfast but still want it to be healthy, this is the recipe for you. At under a dollar per serving, this potato frittata will make you see potatoes in a whole new light.

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                                                                          35. Grilled Pork and Pineapple ($2.67 per serving)

                                                                          Meat and fruits? Oh, yes. The juiciness of the pork mixed with the liquid sugar in the pineapple will make you wish you knew about it sooner.

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                                                                            36. Greek Honey-Lemon Pork Chops ($2.15 per serving)

                                                                            Another splendid recipe mixing sweet and salty for a healthy meal. Easy to make and absolutely mouthwatering.

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                                                                              37. Jamaican Pork Stir-Fry ($2 per serving)

                                                                              You can add this healthy stir-fry to any dish as a side or amply enjoy it as-is for lunch or dinner. You can even make a wrap sandwich out of it if you’re in a rush to eat.

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                                                                                38. Herbed Salmon ($2.49 per serving)

                                                                                Salmon contains a healthy dose of fats that will boost your metabolism, lower inflammation, and make you happier. At under $5 per serving, need I say more?

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                                                                                  39. Five-Spice Pork Kabobs ($1.96 per serving)

                                                                                  Exquisite recipe under $5 per serving that will most definitely awe everyone at your dinner party.

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                                                                                    40. Stuffed Sweet Potatoes with Mango-Black Bean Salsa ($1.24 per serving)

                                                                                    You don’t have to eat sweet potatoes alone anymore with this flavorful recipe.

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                                                                                      Featured photo credit: Featured Photo Credit: 5 Dollar Dinners via 5dollardinners.com

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