Have you already started on your one big idea?
Are you far enough along to know that this idea could branch out into other possibilities?
Then you might be ready to go ahead and incorporate some of these additional steps to not only grow your business, but sustain its success.
What Are Some of the Reasons for Having Multiple Income Streams In A Business In the First Place?
It’s simple and it’s good business. Multiple income streams will always keep the cash flowing. Personally, I think it is easier to do it in the same business; however, it could be another business entirely. I just think that at 50+ we want to keep it simple and enjoy other “life” things on our bucket lists.
What Is Best Part About Being 50+ When It Comes to Multiple Income Streams?
The really great thing about doing all of this at 50+ is that you might already be collecting your retirement, Social Security or profiting from some of your investments. So, therefore if you are already receiving one or more incomes, you might even want to just stick to one thing—part-time.
However, if you still want to expand—you can. I have coached clients younger than 50, and it is very doable.
So, What Can This Look Like?
One of the best ways to explain this is like this. Let me try and give you an example.
Say for example, you are a very passionate candy maker. You have an arts and craft business making candy and putting it into fancy little jars or bags and selling it at craft fairs, festivals, and bazaars. You are also a food blogger, and enjoy writing about food and making YouTube videos of some of your favorite foods from your childhood—including candy.
You could talk about your candy on the YouTube channel and how it could top off a meal or give a brief history lesson on the candy. (You don’t have to give away the recipe!). You could also write a recipe eBook and tell the viewers how and where to order a copy. Many crafters also sell year round on Etsy, because Etsy is not dependent upon good weather conditions like craft fairs.
However, when you are at a craft fair, you could give your candy customers a business card or a flyer about your food blog and let them know that you have other culinary delights awaiting them there as well as a YouTube channel. See how those income streams “feed” on one another—no pun intended. Each income stream helps the business bring in money and sustain itself.
What is great about multiple income streams is that when one part of your business is slow, the other ones can pick up the cash shortage. Seasonal income streams are particularly nice, because each one has its own busy season.
In our candy making example, I know from experience that craft shows are busiest in the fall, but Etsy sales are busy around the winter holiday season and into the new year. Etsy sales are sometimes even busy year around.
Don’t Make This One Mistake
At this point, you are probably asking, “Well, isn’t this just diversifying your marketing by using other media or channels?”
Yes, it is! However, don’t be so set on this being the diversification of your marketing that you fail to understand that each one of these diversifications can serve as its own profit center or income stream. The entrepreneur will always think a step ahead that at any time any one of these income streams could become something else–entirely. For example, you could keep your craft shows for the candy sales but allow the YouTube Channel to promote exercise videos or the Etsy website could be to design downloadable planners for those who do a lot of crafting and travel to out-of-state shows.
However, as previously stated at 50+ you might just want to keep things simpler and not diversify so much or if you do—keep it all the same product.
Celebrities Have Always Done It and Keep Doing It
Celebrities have been doing it for years. They start out modeling, then go into movies, then have a makeup or fashion line, then write fitness books—all the time earning royalties from all of these. Then they go on to also do endorsements or something entirely sometimes. So this is not something new. Most likely you won’t be—I sure didn’t—be doing it on this large of a scale.
My Coaching Two Cents’ Worth
While all of this probably sounds great and it is, nothing here will ignite into motion until you decide what you want your life and work to look like in its second half. How much flexibility will you need? Do you want to live where you are or relocate overseas? What ideas have you explored for a possible business?
In Conclusion
You goal here should not just be to make money, but to create a sustainable livelihood. This will allow you unpaid vacation time as well as sick days. It will also allow time off to just have fun! Not to mention, it will be work that feeds your spirit as well as your body.
Personally, I have grown my business over the years by adding affiliate campaigns, eBooks, guest posts, speaking, and a few other items—you can too.
It’s all about what you want to be when you grow up and retire.
