I recently had a revelation about the importance of generating multiple streams of income — repairs to the house needed to be made, the mortgage was looming, the credit card bill mounting, and I could’ve really used the extra (unexpected) dough.
Since I’m not really a lottery player , I realized the next best solution to building wealth is to start thinking of ways in which I could start earning more cash by diversifying what I do professionally, how I do it and whom I do it for.
NOTE: This post isn’t necessarily about “how” you can start generating various streams of income, it’s more intended to get you thinking about the possibilities afforded you if you open your mind and broaden your professional profile.
- Have you considered starting a consultancy to offer support to clients or companies who need ad hoc support in your field or expertise?
- Have you wondered what it’d be like if you launched that side hustle to start a pick-up service for parents who are unable to meet their children immediately after work?
Consider how you can use your skills and talents across various industries — are you a phenomenal saver and think other people could use your advice? Then why not write an e-book and self-publish it to generate some immediate income?
With the nation slowing climbing out of an economic slump, it’s apparent that the only real way to stay afloat financially is to start creating ways in which you could generate income through various resources.
I began brainstorming ways in which I could do this successfully through my writing, and determined that the best way that I could personally generate more money is through what I’m currently doing — independent copywriting and ghostwriting– but also through book publishing and by using my experience as a journalist to begin writing more news articles.
What about you? Could you use some extra cash?
A lot of folks generate multiple streams of income by creating side hustles, small businesses and consultancies. They capitalize on their diverse repertoire of talents and start meeting people’s needs by offering unique services — painting, making household repairs, cooking meals for on-the-go families, designing simple newsletters for churches, etc.
Others are simply blessed with a boat-load of money that enables them to make strategic investments in such things as real estate and hedge funds. They decide that those types of long-term investments, in return, can provide a nest egg or financial cushion for years down the road.
Whatever your avenue to generate more wealth, it’s important to first decide whether you’re capable of handling the time commitment and the upkeep involved in generating extra dough through multiple sources.
What can you ideally tack on to your already busy schedule?
It’s inevitable. If you’re going to start making money from different sources you’re going to have a lot on your plate — from the planning stages, to marketing, to implementation– you’ll have several tasks ahead of you before you’ll actually start seeing the money trickle in.
Identify what your strengths and weaknesses are and determine which tasks involved could you feasibly juggle on your own, and which of them you’d better leave to the professionals. Or determine if you need some higher-tech devices or even a personal assistant to help you keep your affairs in order.
For example, if you’re running a small business and you’re not very organized and you’re also not an efficient money-manager. You can either learn Quickbooks really quickly and get yourself organized, or you could hire an accountant or let your spouse manage the finances.
On the other hand, if you’re on a tight budget, like the rest of us, then you’ll have to find some creative solutions to the costly alternatives, such as hiring an outside consultant, service provider, high-tech devices, and so on. There do exist some easy solutions to your biggest problems. To find them, simply ask other professionals and seek mentorship.
One of the first steps to generating extra income through your side hustle or new business is to start networking. Never underestimate the power of word of mouth, or simply opening your mouth!
Talk to your family, friends and former colleagues. Let them know what you’re doing, and ask whether they know anyone with a need that you’re trying to meet.
You’d be surprised at how the doors begin to open when you start telling people of your new-found venture.
Keep the Discussion Going
When starting something new, it’s always a bit scary. But don’t let the fear of uncertainty keep you from pressing forward. Create a simple plan to start using your other (unused) talents to generate some new income.
Don’t underestimate the power of baby steps. Starting small is starting somewhere. Grow from there.
What are you waiting for? Go out there and start creating multiple streams of income for yourself and your family!