Reading the post title, you might think why do we need to create more than one income stream. In a perfect world, you don’t need to. But imagine you lose your job, or you have some urgent need for money, or you have a growing family and your needs are increasing.
All these things are some of the reasons you should consider having multiple income streams. For me, the best advantage of having multiple streams of income is to be financially free.
Having multiple streams of income can be a big balancing act, but if managed properly you can achieve the financial freedom and create a perfect system of more than one income stream.
Here are some tips to create multiple income streams,
Decide what your income goals are
This is by far the most important thing you need to do if you are planning on having multiple income streams. Our needs dictate most of our financial decisions. So, if you want to generate more income, you should first focus on what you want to achieve by making more money. What is the level of income you are looking to make if you start streams of income other than your job?
Having an income goal can always make things easier for you to plan. You can have either short-term goals or long-term goals, but having a target can get you started on the right foot.
Have some passive income streams
Not all income generating hustles are created equal. You only have 24 hours in a day, and you cannot expect to dedicate all your time on hustling. But that is not a reason for you to stop generating more income. There are so many hustles out there that are pretty much passive, or just need a couple of hours to manage them.
For example, my passive income stream is blogging, it has given me a chance to do things I love while I still make over $4000 per month with my blog. If this is something you want to consider doing, I have an easy step-by-step tutorial, which will help you to start this passive income stream within minutes.
Having passive income streams can boost your income substantially and give you a big chance to pursue other avenues. What you choose entirely depends on what suits you but things like affiliate marketing, blogging, online e-commerce stores, online course, YouTube marketing can be ideal passive income streams.
Think out of the box
Gone are the times when you had only handful of money-making options other than your day job. Today, you have countless things to choose from, to reach your financial goals. You can opt for many things right from flipping to freelance writing business.
Choosing an income generating stream will depend on many factors like your financial goals, your lifestyle and your expertise. You don’t have to go with the traditional choices, instead look for more innovating or out of the box money-making options.
Research your options
Always do a thorough research on what you want to do and what are the options that suit your situations. I cannot stress enough about this, as this can play a vital part in your whole plan of developing more income streams. Do good research about this as it can give you a clear understanding of the things like what you are going to try and the possible outcomes.
Sometimes doing an in-depth research can show what works for you and what does not. I researched a lot before starting my blog, had a clear idea of how much hard work will go into this and how I wanted to grow my business. Research is a must.
Test the waters
Not all income generating streams or hustles are right for everyone. It all depends on what works for you or what you are good at. And, sometimes that can only be determined by getting into it and testing out. You cannot decide whether it is a viable option until you get into it. I have seen many successful entrepreneurs who started their other income streams while they were doing their jobs and later became successful. Nathan Chan of Foundr Magazine used to interview entrepreneurs during his lunch at his day job when he was just starting.
As the saying goes, ‘You have to be in it, to win it’. Review your options, and start testing out what is viable for you.
Expect to fail
There is no guarantee that you are going to be successful at everything you try. But trying is the only way you can decide on the outcome. When you are planning for multiple income streams, always be realistic about how they can turn out. Being optimistic can help, but you should have a backup plan if some of your hustles fail.
Having a stable financial system is vital for anyone and for that you should have multiple income streams. Having more than one income can hugely multiply your income in a short period. Check out your options, plan and get started!!
Do you believe in having multiple streams of income? Please share in comments.