When you’re an entrepreneur, there always tends to be this small sense of uncertainty about the amount of income you’ll make month to month. Some weeks and months are drier while others are booming, depending on the season and stage of your business. It’s why I’ve been a believer in having multiple income streams for years now – it takes away that need for worry when one source goes dry halfway through the year.
The best part is that today, more than ever before, entrepreneurs have access to all sorts of creative ways to provide steady cash flow from other sources besides their main business.
In this article we are going to look at 4 simple ways you can add additional income streams into your business without adding a ton of extra work to your already full plate.
This is one of my FAVORITE ways to make extra income in my business without having to put in much effort. It is also one of the most genuine ways to share things you love without feeling ‘sales-y’.
Think about all the products and services you already use and love. I would bet that several of them already have affiliate program in place that allow you to earn money or rewards when someone signs up using your unique link.
If not, you can always reach out to brands that align with your interests and say, “Hey! I’ve been using your products for “x amount” of years and LOVE what they do for me! I also think it would be a great fit for my audience. I was wondering if you have an affiliate program so we could work together?” You might be surprised how many will want to collaborate with you!
Nowadays, you can find any kind of product or service online and have it delivered to your door in a matter of days. If you already offer goods for sale as part of your business model, then opening an e-commerce shop may be the next logical step! Not only will this allow customers who enjoy shopping from their screens to place orders quickly with just one click but also those browsing on someone else’s site might end up buying something instead. With so many website services that makes selling physical products a breeze, it’s easy to set up shop and start selling.
Examples: Jewelry; branded clothing merchandise, like t-shirts, hats, or bandanas; unique office supplies, like funky pens, notebooks, or planners; water bottles; coffee mugs; art prints; phone cases; koozies; wine or beer openers; or exercise gear, like yoga mats
I love this one because it can be fairly simple to create digital products that pack a ton of value but don’t take time out from your busy schedule. In the world of online courses, there are so many opportunities for tangible tips and takeaways without ever having to produce something physical!
You could create a digital companion for a physical product you already offer. Or an up-sell for a service you provide. Having a digital component to your business will help give you peace of mind for times (like a pandemic) when your physical products or services aren’t viable.
Examples: Digital courses, e-books, worksheets, templates, checklists, tutorials, video content, printable graphics or art, stock photos, presets, printable calendars, printable journals, apps, fitness plans, or meal plans.
You might not think that you have any wisdom to share, but I would beg to differ. Most of us have an expertise in something that we can use to teach others. It might look like hosting a workshop, speaking at an event or creating an online program. If you are unsure what you could teach on, ask your family and friends to tell you what topics they would come to you for if they needed help or advice.
If you business is seasonal, or you find that you need an extra influx of money from time to time, adding in a side-gig could be a great way to boost your income. A few examples include: Driving for Uber, delivering with DoorDash, cleaning houses, doing VA work, pet sitting, offering freelance services on Fivvr.com
There are so many amazing opportunities available that it shouldn’t be hard to find something you can do part-time while still working on your business.
You don’t have to add multiple income streams overnight. Start by picking one that makes you most excited, and begin weaving it into the content you share with your audience to get them excited, too!
Before you know it, you’ll have a few running and jiving income opportunities that are making you more successful, and secure, than ever.