If you've shunned the 9 to 5 thing and are doing the Entrepreneur Dance, chances are you're dancing with more than one partner (and if you’re not, consider it). It's what we SBOs call "multiple streams of income"--kind of like "Hey, Mon!"--that old In Living Color skit featuring the hardworking Jamaican family (where each member had like, 5 or 6 gigs going at once). Yep, it was hilarious back in the early 90s--but these days, it's reality.
It's not so much about having multiple income streams because you aren't successful enough to make it with just one. Rather, it's the new millennium version of "not putting all your eggs in one basket," so to speak. Businessess with revenue coming in from different places are a lot less susceptible to economic downturns. If one client leaves, for example, you won't be up You-Know-What Creek without a paddle--simply because you'll have others to fall back on. It’s all about expanding the possibilities that your main business offers.
Here are some ways to think outside the box in terms of multiple income streams:
If you're a freelance writer: Take one article idea, spin it five different ways and sell those varying versions to five different publications. You can also write press releases for small businesses, resumes for job seekers, and teach a writing class at your local community college.
Consider speaking at conferences and holding teleseminars on subjects related to your area of expertise. If you take the teleseminar route, expand that stream even further by also selling transcripted versions—and compiling several courses into an eBook for sale on your website.
Coach, coach, coach—and consult. In addition to teaching courses and seminars, offer one-on-one coaching to those interested in your area of knowledge. You can teach newbies in your industry how to set up their own businesses, purchase the software/equipment, bill clients, etc.—and offer advice as they go through the process.
Check out big-name businesses that sell products related to your expertise area—and get with their affiliate program. Mention the products in your blog or on your site’s “Resources” or “Links” page—and turn a profit when visitors click on those links & buy.
If you already have a product for sale, think of ways you can re-work it and sell it to another niche group. For example, a product that helps small business owners create better ezine articles can be tweaked a bit for jobseekers struggling to write great cover letters.
If you’re a fashion designer, you can teach sewing classes at your local community center. On your website, you can also feature a “Bookstore” page where visitors can buy sewing, decorating and fashion design-related books from your affiliates.
You get the picture—the possibilities are endless! Think of your multiple income streams as a tree—your main business being the strong base, while your offshoot income streams are the many branches & leaves that enhance its beauty.
Great suggestions here! Particularly love the "new millineum version of not putting all your eggs in one basket". I agree, we need to creat a shift in the consciousness of how people see making money and adding value to people's lives. Check out my blog for positively real motivational tips and insights to enhance your life at http://www.motivationmama.com
Posted by: Denise Hart | September 22, 2008 at 03:05 PM