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If you’ve ever wondered what the heck people are talking about when they say “passive income sources” or “diversifying your revenue streams” or you’ve just felt overwhelmed by the concept, even if you understand it, then today’s episode is gonna hopefully help ya out big time.
Today we break down over 9 ways you can diversify your business model and create multiple income streams. This is a short and snappy episode to pump you full of ideas that you can begin to run with.
The reality is, having all of your income coming from one source can be a little high-risk. As I think we’ve all seen from Covid and the complete shut down of most in-person business activities in the entire year of 2020. So this episode is hopefully just a kickstart show FULL of ideas to help you get your wheels turning and start generating those income streams.
Ready for more financial freedom??
Different ways of creating new income streams:
We are big proponents and fans of diversifying your revenue streams and having multiple streams of income. Don’t have all your eggs in one basket.
The reality is, 2020 taught us a really good example that if all of your money you make is coming from one source. If all of your money that you are living on is coming from your 9-5 job or your entrepreneurial journey, what happens when and if that no longer exists? This is almost the worst-case scenario, we don’t want to live in fear but we want to be smart and resourceful with our money and our lives. We want to spread eggs out and have money coming in a lot of different ways and have different avenues so that if one goes down in the market you are not cut off completely.
Selling physical product
- Etsy shop
- Amazon Seller
- Work for a company like Beauty Counter- selling somebody else’s product
Providing a service
- Consulting- teach what you know
- Photo or video editing
- Virtual Assisting
- Grocery Shopping (Instacart)
- Uber or Lyft driver, etc
- Social media management
Sell a digital product
- Guides- social media how-to’s, Canva, Photoshop, Excel formulas, etc.
- Templates
Create & sell an online course
That could be something so short and simple as a beginner’s guide to Photoshop. You could do a mini-guide that is a beginner and then a larger course that is in-depth. So many options and get creative! Be careful that you are providing people value and something that is actually worth their money. Don’t just create something to make more money. Every single online course doesn’t have to be business-related and it also doesn’t have to be big.
One on One Coaching
- Your expertise
- Teaching others what you know
- Consulting
Real Estate
- Flipping- buying a fixer-upper and renovating it to up the value and sell it at a higher value
- Wholesaling- playing the middleman to the investors and the people wanting to sell their house
- Short term rentals (like Airbnb)- buying a house and then turning it into an Airbnb
- Long term rentals- a tenant or having a lease
- Commercial real estate- purchasing a strip mall or retail space
- Syndication- crowdfunding investors for different properties
Investing
Our biggest encouragement is to get a financial advisor to help guide you through a lot of this.
- Roth IRAs
- Cryptocurrency
- Mutual funds
- Stocks + bonds
Affiliate marketing
- Amazon affiliate
- Influencer partnerships
- Affiliate marketing with small businesses
- Think about products that you use and love and then try to connect to see if they have an affiliate program
Ex: Gigi Pip, Honeybook, Primally Pure, Lulus, etc
Taking online surveys or transcribing things online
- For transcription: places like Transcribe Anywhere, BabbleType, etc.
- For Survey taking: Swagbucks, InboxDollars, etc.
Something we’ve learned this year:
Diversification of your money is smart. In addition to that if one of your main businesses involves your face, having something else that doesn’t include your face. With the presence of the internet, when you are putting yourself out there so much and people decide they don’t like it or you and then cancel culture can come ranging its claws. If your entire money is wrapped up with something associated with your face, it’s good cause it works, however it is really smart to not have all of your money coming in with something that your face is attached to. Spread your money out and be smart about it. And just in general, making sure you have multiple streams of revenue is just a smart backup plan.
This doesn’t just apply to entrepreneurs, this is for anyone even if you have a 9-5! Paying attention to if you just have one revenue stream, have you invested your money into a retirement fund. Being smart, wise, and strategic with your money and income streams.
Show Notes
Lightroom Challenge: www.theheartuniversity.com/challenge
www.theheartuniversity.com/guide-freebie
If you want to connect with us and other listeners in the Heart and Hustle community join our Facebook group here.
Follow along:
www.instagram.com/mrslindseyroman
www.instagram.com/evierupp
www.instagram.com/theheartuniversity
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