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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can imagine him telling me to generate multiple income streams, in order to prepare for the eventuality of job loss and outdated career skills.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 June 26, 2020

      25 Easy Tips on How to Save Money Fast

      25 Easy Tips on How to Save Money Fast

      “How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

      If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

      You don’t really need to order in food. You don’t really need to buy expensive perfume.

      Building from that, you can work out how your regular expenses can be reduced.

      As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

      And remember: a budgeted lifestyle does not mean a bad or boring one!

      But first, understand what budget you can cut down on daily:

      • Regular expenses for the average adult (can be trimmed but not eliminated):
        • food
        • rent/mortgage
        • cell phone
        • insurance
        • socializing/entertainment
        • transportation
        • hygiene products
        • household bills
      • Irregular expenses for the average adult (can be eliminated or cut down a lot):
        • travel
        • clothing
        • medication (*depends)
        • grooming (hair, nails etc.)
        • gifts

      Now, let’s dive right into the 25 ways to save money fast:

      Save Money on Food

      1. Bring a stock of food to the office/work

      Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

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      Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

      2. Buy the store-brand version

      Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

      3. Eat cheaper cuts of meat

      Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

      4. Have group dinners

      If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

      Save Money in Transport

      5. Get a bicycle

      Save on gas money and bus/metro fares with this underrated mode of transport.

      6. Use public transport and/or don’t get taxis

      Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

      7. Find the cheapest gas

      Regularly check out where the cheapest gas can be bought.

      Save Money in General Shopping

      8. Shop online

      Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

      9. Sell your old stuff

      Get your unwanted belongings up on eBay ASAP and earn a few dollars.

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      Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

      10. Bulk buying stores

      For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

      Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

      11. Become a flea market/car boot sale/street market guru

      You can find original gifts and develop good negotiation skills at these places.

      12. Generic brand medication

      More often than not, the generic version of paracetamol and other basics work the same as the branded version.

      13. Choose deodorant, not perfume

      It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

      Cut Down on Household Expenses

      14. Printing

      Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

      e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

      Expand the margins of what you are printing as often as you can to save on paper.

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      15. Minimize SMS and phone calls

      A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

      16. Shop around for insurance

      Most people don’t spend enough time searching for the best insurance deal.

      Keep a watchful eye out for deals and new competitors in the market.

      17. Try re-negotiating your rent/mortgage

      If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

      18. Don’t get a TV

      Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

      19. Pool your internet bill with a neighbour

      My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

      Save Money in Socializing, Entertainment And Travel

      20. Have house parties

      Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

      For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

      21. Open festivals, meetups and events

      It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

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      22. Volunteer

      If you can’t pay for a ticket, volunteer and get to be there anyway.

      23. Housesit

      There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

      Save Money on Hygiene and Beauty

      24. DIY beauty

      French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

      25. Fewer haircuts/volunteer at a trainee hairdresser

      If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

      Bonus: Effective Money-Saving Tips for Everything

      Here’s a summary of what you can generally do to save more money:

      • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
      • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
      • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
      • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
      • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
      • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
      • Stop and think. Do I really need it?

      Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

      What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

      Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

      More Tips for Personal Finance Management

      Featured photo credit: Unsplash via unsplash.com

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