What is the one thing that can assure your financial independence from a J-O-B (Just-Over-Broke)?
What one thing could become both Plan A and Plan B?
What should you do to implement this multiple income stream concept?
By far, having more than one income stream will be working on your behalf to insure you always have work and money. We at Powerfully Purposed For Success were taught to call multiple income streams “profit centers” but whatever you call them—you need more than one income stream.
Why Are Multiple Income Streams So Important on the Way to Right Livelihood?
Multiple streams of income are important, because they help you weather the “dry spells” or slow periods of your business. Also, because some businesses are seasonal, when one income stream is slow the other one will be busy and vice versa.
Really, multiple streams of income are nothing new to the business world—celebrities have been using them for years. You are probably thinking right about now, yeah, but they can afford it. Plus they are loved my millions.
Well, my friend. All of us are loved by at least a few people plus it really doesn’t take a fortune to produce most multiple income streams.
When it comes to producing multiple income streams, think in terms of desires, interests, assets or past experience. Desires and interests can be things that you would really like to explore and possibly create a side gig. Past experience or expertise could allow you to teach or mentor as well as produce intellectual property based on previous expertise. Assets are things—actual things—that you could turn into income by renting or lending them out.
Past experience could lead to becoming a consultant or starting a freelance writing, photography or graphic business. It could also lead to a work-at-home job or telecommuting job.
What Are Some Examples?
Some examples of intellectual property would be eBooks, books, videos, e-courses, e-classes, original artwork or basically any copyrighted material. Desires and interests could be hobbies that can be turned into a business or any collectable that can be traded or sold (baseball cards, coins, beanie babies, NASCAR collectibles, etc.) for a profit.
Assets are items such as a spare room in the house that could be rented out for extra money. Then there are cars that can be driven for Lyft, Uber or Sidecar to make extra money. This is to do when it is not in use, of course.
The ideal combination could consist of several of these. A perfect example of this would be when my husband and brother-in-law had a handyman business; people would sometimes want “junk” hauled off to the dump. However, the old saying one man’s trash is another man’s treasure is certainly true here. We would go through the junk and find valuables to sell at the local flea market or on eBay. One income stream grew out of another one. Then while we didn’t do it at the time, a third income stream could have been an eBook about how to sell on eBay or at local flea markets. This could have been a third income stream.
One you begin to think this way, you are not limited. Or if you feel limited, gather up some friends and brainstorm or hit us up for a brainstorming session.
Isn’t This Whole Multiple Income Stream Concept Unique to the Gig Economy?
No, not at all. Both celebrities and just average working people have been doing it for years.
Celebrities have long created not only their acting/modeling careers, but a line of makeup or clothing to go with it. Then there are the exercise videos and the diet books, so you can look just like a celebrity yourself. Models in particular have long cashed in on multiple income streams, because they know one day when they are 80, the runway might not be a good option for them.
Even average working people have a job, investment portfolio, and maybe a money-making hobby or part-time job. So, this isn’t really anything new.
What is new is that nowadays you can learn how to make your “regular job” not really a job (one source), but several sources of income which could be profitable enough to equal the pay of one previously held job.
How Can This Look?
A good example would be my friend P.G. P.G. works at two work-at-home jobs, has her own tax business during tax season as well as has her own exercise invention that she sells via Facebook yard sales. Impressive, wouldn’t you say?
There are so many other examples that I could offer you, but this should get you started with your own multiple income streams.
Now, What About Leverage?
If you are self-employed then you know by now that you do not get “paid” days off or vacations. However, with royalties from eBooks or courses or another side gig, you could use that money to take time off. Also, charging enough for your services will allow you to put money aside for time off as well. This is another one of the ways to adequately use business leverage.
Can’t I Just Have a Regular Job and a Side Gig?
Of course, you can! Here at Powerfully Purposed For Success, we have never been against regular jobs. If that is your passion, then keep it. If it isn’t your passion and has become too stressful for you, then we will explore other possibilities.
There is nothing wrong with a regular job and a side gig. For some—based on their circumstances—it makes the most sense. Also, not all professions translate well into a business (some medical fields, social work or working with special needs kids) unless one would want to start a non-profit. As you can imagine, not everyone would want to take that direction.
I have even heard of folks using their side gigs to buy houses or get out of debt. Wouldn’t that be nice?
Should Multiple Streams of Income Be Diverse or Complement One Another?
While it is always easier to build complementary income streams out of one another (see the example above about models or my husband’s handyman business), if you need variety or one of your income streams needs to be totally unique or something only you would love—do it! It doesn’t have to match the other income streams or pertain to the same industry or subject.
For example, if you want to be a freelance bookkeeper and then have a dog walking business—go right ahead. Hey, it is your livelihood we are talking about here.
What Would Be a Good Reference?
One of the best books and life changing formulas that I have found for creating multiple income streams is Barbara Winter’s book, “Making a Living Without a Job”. Easy to understand with great examples of things you can do.
Once you make a list of interests, passions, assets, and past experience—you can begin thinking about multiple income streams. It may sound difficult at first, but it really isn’t. Just think about taking one business and maxing it out with books, courses or collectibles.
You can do this.
As always, I’d love to hear from you. What types of things are you doing to build your multiple income streams?
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