The Value of Multiple Income Streams And What This Means
Multiple streams of income give you an income safety net. If you only rely on one stream of income, say, a regular job or your own business, then you run the risk of losing all your income should something happen to this single source of income. Investors are often advised to diversify their assets because while one particular asset may look like a sure winner, financial markets are often volatile and unexpected things can happen.
The same wisdom can be applied to an income source. If you have multiple streams of income, you will not experience a financial crisis should one income stream unexpectedly dry up.
When you have multiple streams of income, you will receive money from several different areas of your business each month. While the term can be applied to full-time work with multiple ways to earn money, a full-time job and a part-time job, or several part-time jobs, it is not usually used in this sense because time constraints make it difficult to do several jobs each week without quickly becoming exhausted. So, the term often refers to passive income streams or work that can be done for multiple clients, or multiple ways you can serve a single client.
3 Main Benefits of Multiple Income Streams
There are three main reasons why having multiple income streams is a good idea:
* The first one, mentioned earlier, is that you diversify risk.
* The second one is that your income can grow rapidly. At a regular job, whether it is a full-time or part-time job, it is difficult to keep earning more raises. Yet, with a side-business, you can get multiple clients or sell numerous products.
* The third one is that if you find a business that works particularly well, you can scale it up, by either outsourcing the work or finding more ways to market the product.
3 Practical Ways to Create Multiple Streams of Income
1. Create and sell a product. It’s possible for you to create another income stream by leveraging your knowledge, talent, and experience. Suppose, you come up with an idea for a mobile app that you think will sell well. If you do not have any computer programming skills, you can outsource the idea to a developer at a freelance job site and then market it yourself. Again, you might be able to write a book, build something like birdhouses, or design a product like custom jewelry.
2. Sell a product as an affiliate. There are many ways that you can earn a commission by selling something for someone else. You can do this off-line, as is often done in multi-level marketing, or you can sell it online, as is often done through Internet marketing. You can also use both offline and online methods to sell something. For instance, if you are an affiliate for a product that can be dropshipped, you can place classified ads for it in a local newspaper and you can also place solo ads in other people’s online ezines.
3. Provide auditing services. Many people are too busy or overwhelmed to keep an eye on important information, and as a result they are often overcharged or face some kind of loss when not evaluating information in a timely way. You can audit credit cards, audit freight and parcels, audit wireless bills, and so on.
At Blue Coast Savings Consultants we can help you find multiple streams of income so that you can diversify your income, earn more, and even scale up a business that works particularly well. Tell us about your business interests and our industry experts will be happy to offer you some excellent suggestions.
If you are looking to start a new business this year we hope you will consider becoming a Blue Coast Savings Consultant. We offer a turn-key business opportunity much like that of a franchise except that there are no ongoing royalties to be paid and there is a low initial licensing fee. Learn more about what’s included and the investment required when you become a Blue Coast Savings Consultant.