Multiple Streams of Income — For Real?

Multiple Streams of Income — For Real?

Terri LevineBy Terri Levine

Multiple streams of income… what is it and is it for real?  Yes, it’s real. It’s how I make money, and it is how you can enjoy a steady income, too.  In fact, it’s just good sense.

Let’s start with this scenario. You’ve given up your day job, or about to, in order to enjoy being your own boss and work from home in your own business.  You may or may not have your business up and running, and you may or may not already be enjoying profit from it.  But let’s say there is a downturn in your business and your income source starts to dry up.  What do you do then?  Well, if you have multiple sources of income, this won’t be a major problem for you.

If your income is dependent on your own freelance efforts, you need to set up other sources of income to tide you over during the tough times and to increase your profits the rest of the time.  If you are sick, or business is quiet for a time, or you want to take a long vacation, you have no means of earning an income otherwise.  The best sources of additional income are those that generate themselves with little effort from you once you’ve set it up.

To give you some ideas, here are some suggestions for other sources of income, and no, you don’t have to do everything on the list!

  • Obtain a part time job that while giving you flexibility and plenty of time to do your own freelance, work from home business, will also ensure a regular source of income. Although, from the perspective of somebody who doesn’t want to have to rely on working for others like this, this may not be the best option, but it is something to consider if money is tight for you.
  • Build your client base.  You need more than a few clients if you want to survive.  Businesses hit tough spots and one of the first expenses to go is the contractor and freelancer.  You never want to put all your eggs in the one basket, and while you don’t want to have so many clients that you can’t keep up and provide quality service to them all, you need enough to keep you busy and profitable, so if one or more go quiet, you have the rest to keep you going.
  • Create product you can sell on your website. As a freelancer you provide services or products in exchange for payment. To enjoy continued payment you have to keep providing the service or product over and over again. How much easier is it to turn your service or product into something that you can set up once and enable people to purchase online and you get paid over and over again without having to do any more work?!  For example, maybe you are a naturopath or somebody who sells natural products from home.  Maybe you can create a DVD or a workbook of information that people usually come to you for, and sell that online.  You can also sell your products online with mini instruction manuals for each so when people buy the product, they get everything they need to know about it and how to use it.  You can still have your regular clients, but a vast majority can just buy what they need and get the info they will need too, without taking up your time.
  • Sell other people’s products for commission. You can join various affiliate programs for companies and products you like and can sell to others on your site and receive commission for each sale. You can also sell products from sources like Clickbank.
  • Blog – your website should have a blog and if it doesn’t you can set a free one up at WordPress.  Not only is this a great way to share your knowledge with others and help to market your name, you can sell advertising space, and your affiliate programs and enjoy income from the ads.  Mind you, this will take a long time to make money, but as there is no effort from you once you set the affiliate ads in place, it’s something to consider.
  • If you coach or teach clients, consider offering group sessions instead off or in addition to one on one. If you make the group sessions cheaper, you will attract the numbers and this way you get to service more clients but in less time.
  • If you are in a profession such as an architect for example, you can hold in-house training sessions for other beginners who want to do what you do, teaching them how to do their work from home, how to set it up and build their business, etc.
  • Write books and e-books.  You don’t have to be a Pulitzer prize winner already to write a book.  You’ll have it proofread and edited anyway! The beauty of books and ebooks is you only need to write them once but you can sell them many times from your website and from bookstores. Word of warning: since marketing experts starting telling people to write books, suddenly everything thinks they’re a writer and have a best seller in them. Do your research. There may already be too many books available on what you plan to write about, in which case, don’t, or find a new angle to present from, otherwise you will be wasting your time.  (You can also sell other people’s books and earn affiliate commission.)
  • Branch out – stick your fingers in other pies.  Consider network marketing. Is there a product you enjoy and believe would benefit others that you can sell from your own site or from just delivering brochures about it in your neighbourhood? It might be a new dietary supplement, health foods, or make-up and beauty products. You deliver the brochure with an order form and collect it a week later… or have a means of people ordering direct from your website.

When you work from home for yourself, you have the freedom to decide and choose how you will earn your income and you are not restricted to earning it from just one activity or source.  You are no longer an employee restrained by a job description with one company.  The world is your oyster! For example, you may be a work from home book-keeper, but you can also do other things that will generate income that may or may not have anything to do with book-keeping.  You might sell affiliate products on your blog page, be an Avon lady part time, train people how to use your favorite book-keeping software, and sell mini how-to e-books on how to work from home as a book-keeper that you’ve written yourself.  Get the idea?

What ways can you generate more income without having to physically be present or repeat processes?

Terri LevineTerri Levine, The Business Mentoring Expert, specializes in helping entrepreneur-owned businesses achieve record-breaking growth. Based in Philadelphia, Terri is founder and CEO of Comprehensive Coaching U, Inc., The Professional’s Coach Training Program. She has been featured on ABC, NBC, CNBC and MSNBC, and in more than 1,500 publications. She is the best-selling author of Sell Without Selling, Coaching is for Everyone and Stop Managing Start Coaching. Learn more at http://www.TerriLevine.com. Contact Terri at terri@terrilevine.com

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