When we have a job we have 1 source of income, if we live with a partner and they have a job then combines we have 2 income streams… however what happens if 1 job is lost, if we’re made redundant? This is what many are facing these days. Gone are the days of a job for life, so how can we secure ourselves against this?
The best way is to create multiple income streams and these days with the power of the internet it has made is easier, faster, and more affordable to generate multiple income streams.
I know, this may sound a little scary, you’re already over worked with not enough time and now I’m saying you should work more?! Hang on in there a second and let me explain, because adding more income options to your existing sources doesn’t have to be overwhelming, and the benefits of having of several sources of income make it worth the effort.
What are the benefits of Multiple Income Streams?
Apart from making more money, there are several great reasons to consider building more than one source of income, including:
- It’s easier to create several small income producing streams over one large one. For example, it’s easier to create three streams that earn £1,000 than one stream that earns £3,000.
- It reduces the risk of being left without any income. If you’re laid off or one source of income drops, you have other sources to help you get by.
- It helps you avoid boredom in work by having different things to do every day.
- You can create income streams based on your interests, talents, and passions.
So let me explain my situation so that you can relate, I am a freelance designer, I also run a network marketing business, I run a business with my partner, we have a property we let and my partner also has a job… all that combined brings multiple income streams into out household. My husband works full time and I run my freelance work and other 2 businesses flexibly around our 2 young children.
Can you see how this gives me peace of mind compared to us both having full time jobs and effectively 2 income streams instead of the current 5?
So how could you build more income streams?
1 – Affiliate marketing.
Affiliate marketing means you sign up with a company and/or entrepreneur and sell their products. For example, if you start a tech website, you could become an affiliate of a web hosting or anti-virus software company. You can earn hundreds or even thousands of dollars each month if your website receives a decent amount of web traffic and you have thousands of email subscribers. Being an affiliate marketer takes dedication and time. You need to build traffic via your website, email marketing and social media. Is this for you? You be the judge.
2 – Start a freelance business.
Have you always wanted to own your own business? You could start a side business while you work a full-time or part-time job. For example, if you’re a graphic or web designer (like I was), you could start your own graphic or web design business on the side. If you like to make jewellry, you could sell at craft fairs and online. Starting a business may be daunting, but if you believe in you and your work, you could earn a decent living..
Speak to others who have done what you want to and get their advise, it can be a long journey with considerable investment initially but if you have the passion then go for it.
3 – Stalls / Car boot / Online Marketplace
Do you have stuff in your sellar, attic or garage that’s collecting dust? If you do, pack up the car and kids and go to a car boot. You could make a couple of hundred, even thousands of pounds depending on what you’re selling. You’ll need to commit to going on a weekly or monthly basis to be earning regularly, but you’ll get good at spotting bargains and be able to sell them on next time. Make an event out of it, and show your kids how easy it is to earn money selling their stuff.
4 – Investments.
Stocks, bonds, 401(k)s, annuities, etc. are great ways to earn passive income. If you’re not financially savvy though you’ll want to hire a financial advisor who’ll help you choose the right investments for you. You may want to take a couple of finance classes to understand what your advisor is speaking about when he/she recommends an investment strategy. Done right, investments can pay off for years however you will need considerable investment initially.
5 – Property
Who watches Homes Under the Hammer? Yes I did too!
Have you dreamed of fixing and flipping houses? What about being a landlord? Believe it or not, property is a good way to earn extra income. Property investing includes fixing and flipping houses. This requires capital in the form of cash and/or credit. If you can partner with someone, do it. You’ll attend housing auctions and bid on houses; you can get them for a good price but make sure to do your surverys. Hire a contractor to fix up the inside and outside or even better and if you can then do it yourself. Have the house appraised, sell it, make a profit and split the profits between you and your partner(s). Of course, you could buy properties (e.g., houses and apartment buildings), and become a landlord. Again you will need considerable investment for this option but could have big rewards.
6 – Network marketing.
Network marketing or multi-level marketing is one of the most popular passive income streams and is the one I chose. When you join a network marketing company, you become part of a team.
If you join a team with a weak leader, you won’t like network marketing. This is why I am so grateful that I researched and joined one of the best in the business and am now part of the fastest growing team in the world. With the correct leadership you could be successful, earning anything from a part time income of around £500 a month to £2,000+ you get to choose how much you earn and with an initial investment of less that £200 then the risks are minimal.
My advice – makes sure you know all the details before joining, get your questions answered. I spend a lot of time with people looking to join my business to make sure it’s right for them… and if it’s not, then I let them know. Honestly is the best policy.
So there you have it, 6 ways that you could add an extra income stream to your household. Which option works best for you? If you’d like to discuss your options further or want more information about working with me then enter your details below.