Advertising
Advertising

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can imagine him telling me to generate multiple income streams, in order to prepare for the eventuality of job loss and outdated career skills.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.

Advertising

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

Advertising

PHE63L27S6

    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).

    Advertising

    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

    EC50CC8658

      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.

      Advertising

      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.

      More by this author

      Elena Prokopets

      Freelance Writer

      22 Amazing Pineapple Health Benefits (With Simple Pineapple Recipes) 15 Cool And Practical Apps For Couples 14 Things No One Tells You About Being in a Long-Distance Relationship 9 Tips to Prepare For Your First Multi Day Hike 10 Tips For Traveling in Europe With Class on a Budget

      Trending in Money

      130 Fun Things You Can Do This Summer Without Spending Much 235 Real Ways to Actually Make Money Online 3How to Make Money with a Blog (According to 23 Successful Bloggers) 4This List of 50 Low-cost Hobbies Will Excite You 530 Fun Things To Do With Your Friends Without Spending Much

      Read Next

      Advertising
      Advertising

      Last Updated on August 15, 2018

      30 Fun Things You Can Do This Summer Without Spending Much

      30 Fun Things You Can Do This Summer Without Spending Much

      Summertime can be a real strain on your wallet. The sun is out, there are people to see, places to be; it’s no wonder you might be short of funds during these sunny months. Not everything has to cost you an arm and a leg.

      Take some time to go through this list of 20 cheap summer activities and make some realistic goals to complete as many as you can.

      Video Summary

      1. Visit a strawberry festival

      Summer is prime time for tasting strawberries. More often than not, an area that grows strawberries will have a strawberry festival. Indulge yourself in strawberry pies, jams, cakes and more!

      2. Have a picnic

      Take your partner or your family to the local park and enjoy a relaxing picnic. Designate each person to bring one food item of their choice to add to the fun.

      3. Camp in your back yard

        The summer heat can sometimes make it hard to sleep. Why not enjoy the heat outside in the yard? Pitch a tent or gaze into the night sky.

        4. Take long walks

        Discover something new where you live. Take the afternoon off from your chores and go for a long walk. You may be surprised by what you discover.

        5. Break a world record

        Breaking a world record doesn’t have to be time-consuming. You could even break one on your lunch hour. Give it a go!

        Advertising

        6. Go on a bike ride

        The number of bike paths on roads in big cities has increased dramatically over the years. Take advantage, and enjoy the summer breeze.

        7. Join a gym class

          The gym is not everyone’s idea of a good time, but why not go with a friend a join a class? Spinning, yoga and step classes are always more fun with friends, and a lot of gyms allow you to pay-as-you-go.

          8. Find a new hobby

          The summer is the perfect time to find a new hobby. Serotonin (our body’s natural “happy” hormone) is produced by the sunshine and will be at a yearly high, which is great for when we want to tackle something new.

          9. Join a sports team

          Not all sports teams are competitive and require huge amounts of your time. Join in the fun with like-minded people, get fit, stay healthy and make some friends along the way.

          10. Make a slip ‘n slide

            Gather your friends, some plastic sheeting, a hose, washing up liquid if desired, and make a huge slip ‘n slide just like these guys. Granted, yours won’t be as big, but you get the idea… it’s fun!

            11. Make a treasure hunt for your kids

            Today’s digital world sees our children more often than not playing inside than outside. Why not create a sense of adventure by making a treasure hunt? Only rule? It has to be outside.

            Advertising

            12. Visit a free festival

            Towns and cities are awash with free festivals, with themes from film to science. Scout your local area and discover something new.

            13. Visit the zoo

              Let’s face it: we love animals. While browsing news websites and social media networks you’re bound to come across a few pictures of cats. Take a trip to your local zoo for a better experience.

              14. Take a road trip

              Enjoy the open road with a few friends and take a road trip somewhere–anywhere. Just go out and enjoy the sunshine!

              15. Play ultimate frisbee in the park

                Frisbee is always great fun down the park, but why not turn it into more of a competitive sport by playing ultimate frisbee?

                16. Make your own ice cream

                Ice cream is a very versatile dessert. Make a sandwich, enjoy a cone, or simply just enjoy a bowl full. Better yet, making your own ice cream allows you to create any flavor you want.

                17. Invite your neighbors over for a BBQ

                Advertising

                  When was the last time you invited your neighbors over? Do you even know them? Now’s your chance. Just ask each person to bring a food item so costs don’t mount up for you.

                  18. Get a summer job

                  For many students, summer is the time for relaxation and fun. But who said earning money and being productive isn’t fun? You only get out what you put into a situation.

                  19. Attend a charity event

                  Attending a charity event is a great way to raise funds and awareness for a cause, meet new people, and generally have a good time. Search for your local charity event today.

                  20. Visit a national park

                  National parks are a great way to explore nature and learn something new. You could even volunteer and make a difference in helping restore natural habitats.

                  21. Visit your local comedy club

                    Local comedy clubs are extremely underrated. They are cheap to attend and no doubt you’ll have a barrel of laughs.

                    22. Make your own hammock

                      Hammocks are very relaxing, are perfect for summer afternoons and are surprisingly easy to make.

                      Advertising

                      23. Read in your new hammock

                      Now you have your very own hammock, the only thing left to do is enjoy it. Grab your favorite book and read to your heart’s content.

                      24. Watch a movie outside

                      Movies are great. Relaxing outside in the evening is great. Put them together and you’ve got a perfect combination. In D.C, Maryland and Virginia this summer, for example, you can enjoy a huge number of movies outside.

                      25. Take a hike

                        Hikes are a great way to keep fit and see more of Mother Nature. There are countless trails available for you to explore. Why not try some this summer?

                        26. Learn how to fly a kite

                        As a child, you probably had a kite and haven’t touched it since. Why not dust it off and attempt to fly it? It’s tricky, but well worth the challenge.

                        27. Work out at the park

                        American cities are full of parks with ample space for a work out session. No doubt you’ll be happier to work out in the sun rather than a crowded gym.

                        28. Take your dog to the beach

                          One of the many joys of owning a dog is taking him or her for long walks during the summertime. This joy is enhanced when visiting the beach, for both you and your dog.

                          29. Make a summer smoothie

                          Healthy, delicious and perfect for the summer. Not only that, there are countless recipes ready for you to try.

                          30. Attend a free yoga session at the beach

                          No experience needed and all skill levels are welcome. Take yourself and a buddy down to the beach and try some yoga. You’ve got nothing to lose!

                          Read Next