Most people make money one of two ways, either they work for someone else or they work for themselves.
Everyone wants to be rich and become a millionaire, but the problem is having only one business or one job is highly unlikely to get you either one of those things.
If you have a more traditional job, working for someone else, unless you are the CEO of a large corporation, a celebrity, or an athlete, there aren’t many jobs that will pay you a million dollars a year.
Similarly, if people actually have the freedom to work for themselves, the business they run is usually their sole source of income, and no shade, but it ain’t making a million dollars a year!
In either case, you will still run into trouble.
For instance, what happens to the employee if she gets sick, fired, or laid off?
Or what happens to the business owner if business is slow for a while, she gets sick, or even worse, her business goes under?
This is why it’s so important, no matter your position, to create multiple streams of income!
To get started creating additional income streams, ask yourself the following questions:
- If you work for someone else, how can you use those same skills to create additional income?
- If you work for yourself, how can you utilize your resources another way to create more income?
- Do you have a hobby that you can leverage to make money?
When I first quit my job to pursue my vending business full-time, one of the most common things people said to me was something along the lines of, “Well, if it doesn’t work out, at least you have a degree to fall back on.”
Being in the mindset of a corporate drop out, I didn’t plan on ever using my degree in that setting ever again! But I knew I had to come up with something, yesterday! The bills were still due and I had to figure out a way to make ends meet until my vending business could sustain me fully.
The second source of income came when I created a listing for my spare room on Airbnb. I began making money the SAME day using that platform! Check out my guest post on how I got started with Airbnb and made $1,000 while I was asleep!
My third income stream came when I started making some additional income by selling things on Ebay. Initially, I was selling things I found around my house and eventually I learned about drop shipping on Ebay, which proved to be very lucrative. Then I got smart and started listing vending items I was getting at wholesale prices and really started to make a killing!
At this point, I had been belly dancing as a hobby for over four years, so I was also able to make a few bucks teaching lessons, booking gigs, and eventually dancing in restaurants! This became my fourth stream of income! Check out a few pictures of me in action and wearing some beautiful costumes!
Although at the time, none of these things were enough on their own, together they were paying the bills and more!
Overtime, the vending business grew and I hired employees to help, my EBay sales continued to increase so I employed a virtual assistant, my Airbnb was constantly booked, and the tips from dancing weren’t half bad! I created income using resources I already had and from a hobby I really loved!
You can do it too! Anyone can! Get Started Now!
- Make a list of the skills you use while at work. (ex. accounting, project management, event planning, negotiations)
- Make a list of personal skills. (ex. home organization, budgeting, baking )
- Make a list of your hobbies or things you are passionate about. (ex. fashion, beauty, diy, couponing, sports/fitness)
- Make a list of new things you’ve been meaning to try. (ex. jewelry making, sewing, a new diet)
Now that you have created a list, go through each item and ask yourself the following questions:
- Can it be offered as a service?
- Can you coach or teach it to others?
- Does the outcome produce a physical product?
Chances are, the answer is yes to more than one of these questions for each item on your list. Chose the skill, hobby, or new experience that you are most excited about and get to it!