How to Create Multiple Income Streams
So you've decided you just canít rely on just one job to provide you with your main
source of income and have decided you need another source of income. Now, you need an idea.
1. Don't quite your full time job. The first step to creating your multiple
revenue streams is to not quit your full-time job if you currently have one. As soon as
you start implementing your multiple streams, you can cut back on your hours or perhaps
work from home, but in the beginning, youíll need to rely on that income to get you
through. If you are one of many who currently feel that while your job is safe now, but
you may be in jeopardy soon - take advantage of the time and money and start implementing
your multiple stream strategies right away.
2. Take advantage of your passions, hobbies or unique skills. Letís say you are
a wonderful baker. Everyone tells you so. The locals look forward to seeing your brownies
(or shortbread, or whatever) at every bake sale and potluck. Use that knowledge to create
multiple streams of income. You could sell your baked goods on Etsy.com or at your local
3. Start a blog or a newsletter. Take that knowledge, about baking or what
youíve learned being an accountant for the last 15 years or what youíve learned by
investing in real estate and start a blog or newsletter. Share your information with
others and seek advertisers in return. Conversely, you could start a blog or newsletter
about your town or city and seek out local advertising.
4. Write a book, an e-book or just a booklet. If you are an expert in something,
be it baking or accounting, then perhaps you should try your hand at writing. Start off
writing articles on your topic and start fitting the topics together, fleshing out the
details a little at a time.
5. Create a product. Perhaps you have a great idea for a new way to diaper a
baby. Or perhaps you have perfected a way to teach young children how to sink basketballs
or hit a baseball. You could develop a product that does just that. Have a service
instead? Maybe develop a DVD or computer application that you can sell alongside your
business to help your customers help themselves.
• The key to all of these things is to find what you are good at and
take advantage of it. Be creative in your thinking. Even an extra couple of hundred
dollars a month can mean a lot in slim times. Maybe you love collecting Star Trek toys -
rather than just sell stuff on eBay (one income stream) add another income stream by
writing about how such toys are valued and how to find the best deals. You could even
start a blog reviewing the different movies and different conventions.
• Donít try to make everything you love into a business. Doing so may
take the fun out of something you really enjoy if you do it all day, everyday.
Article source: wikiHow
wikiHow is a group effort to create a great resource: the world's largest free
how to manual. wikiHow articles help people solve their everyday problems.
wikiHow licenses all content under a Creative Commons License. The license
allows wikiHow content to be used freely for noncommercial purposes. The
Creative Commons License also allows for the creation of derivative works.