Just because you own and run a business already, does not mean this should be your only source of income. In fact, diversifying your income streams is the best way forward for financial security.
Why multiple income streams are a safer bet
Unfortunately, you never know what’s going to happen in the future. Things may look good for your business now, but in a year, the industry could look completely different, you might fall ill and struggle to work, or your company profits could naturally go downhill.
In other words, businesses can go under and it’s safe to say that this can happen to anyone, but if your only revenue stream goes bust, you’re going to struggle. Having multiple streams of income to fall back on, even just temporarily, will help ease some of that stress.
Set up a side business
Side businesses can work for anyone if you have the time and energy to invest in it. Lots of employed people have something on the side, but you can do this even if you already have a business as your main source of income.
Nothing is stopping you from running a smaller operation like a passion project alongside your main business. Think about trying freelancing, consulting or even producing creative work you can sell on a site like Etsy. Just don’t burn out!
Don’t rely on one client too much
It’s easy for businesses and freelancers to come to rely on that one big client who pays well and regularly, but be wary of getting too comfortable. Seeking out new clients doesn’t seem like such a priority when you’re already making enough with the big client, but if they no longer need your services will you be able to cope? It’s important to keep marketing and looking for new clients even if you one that keeps you going already.
Start a blog/podcast/YouTube channel
There’s a reason why these content methods are so popular. Starting a blog or a YouTube channel can take some hard work to get going, but if you put the work in then not only do you have another marketing platform, it could become an additional revenue stream.
Most people make money through advertising space, affiliate links or brand sponsorship. You can also use them as a form of content marketing to point users in the direction of whatever you’re selling (such as digital products, services, or eBooks).
If you have a niche you want to explore and find that people will benefit from your take on it, then a blog, podcast or video series could very well be a good money maker.
Is it time to invest?
Sowing the seeds today could have great returns in the future. Investing sounds like a scary concept if you’re new to it but there are plenty of resources online to teach you of the best ways of getting started. Just note that investing is a risk.
Build passive income
Passive income is the dream for many. Who wouldn’t want to make money while they sleep? Some people out there even make the bulk of their income through passive revenue by selling books, online courses, digital products like downloadable guides and more. What can you create today that you will make money from for years to come?
Do you have multiple revenue streams or are you looking to build them? Do you have other ideas for building income elsewhere? Let us know in the comments.