These days, it feels like there are entrepreneurs at every turn. It’s clear that going into business for yourself is possible, because there are so many people out there doing it these days. But the truth is setting up multiple streams of income is a common way to increase your money supply and strengthen your overall financial picture. Let’s take a closer look at how you can multiply your income sources so you can get a little extra breathing room when it comes to the budget.
6 ways to produce multiple streams of income
Did you know that it’s actually easier to build several smaller income streams than to work on a really big one? That’s because it can take years (maybe even a decade or more) to climb the corporate ladder to the big dollars and big benefits. Exploring ways to add new, smaller sources of cash flow now is a great option that can help get some more immediate relief.
In fact, a study found:
- 65% of self-made millionaires had three streams of income.
- 45% of self-made millionaires had four streams of income.
- 29% of self-made millionaires had five or more streams of income.
Even if you’re not shooting for millionaire status, it’s hard to deny the value of the diversity and risk management that comes from having multiple streams of income.
Online tutoring services are growing and becoming more necessary by the day. This category presents a vast opportunity for anyone that has skills and a willingness to help others.
Real estate is a solid choice when it comes to investments that create passive income. You’ll want to do your research and work with a professional because there’s so much to know.
Join a network marketing company
There are so many high-quality brands and companies; it’s a matter of finding a product line or company philosophy that you love. If something strikes your fancy, you’ll have an enthusiasm that truly pays off because customers respond to your authenticity.
Start a blog, build a following
One thing’s for sure – there is an audience for every interest out there. It takes some time, but building a high number of followers on your page can attract paying advertisers.
Online freelance work
Do you have extra-handy skill sets, like graphic design or proofreading? Writing, editing, or even handwritten greeting cards? Online freelance work is available from many websites that serve as a marketplace for these types of skills. Small ‘gig’ work like this can add up, so it’s worth a look.
Start a side business
Things like crafting, organizing, music lessons, and artwork all have a lot in common: they can bring in a bit of money if you establish a side business. Take a look at your hobbies and see if there’s an aspect of it that can be formalized into a service or a selection for purchase. There is a market for everything – plus, you can connect to interested buyers on many online marketplace sites.
When it comes to producing multiple streams of income, keeping an open mind and getting a little creative is a valuable step to branching out financially. You’ll have a few more ways to have money coming in, and that can make a big difference.
If you have questions on income stream tips or finding a work from home opportunity that works for you and your family, contact Alan with Advancing with Us. Reach out today if you are interested in learning more about network marketing products you love.