How to Create Multiple Streams of Income

How to Create Multiple Streams of Income

Have you ever thought about what you would do if you lost your job? 

If you have more than one job, like many people do, you might be okay for a while. But chances are, it would be tough. 

One answer to prepare against that possibility is to create multiple streams of income for yourself. It’s the security buffer against something happening.

In this article, I’ll dive deep into how to easily create multiple streams of income to protect you from the unexpected and become more financially free. 

The Risk of Not Having Multiple Streams of Income

It might seem scary to think of having more than one income stream, as though it’s like having more than one job. Who has time for that? 

Yet it’s actually quite the opposite…

NOT having multiple streams of income is a lot scarier. 

Any online search will tell you that job loss is fairly common in many places. No job is 100% secure. 

Those working for any company are at the mercy of their boss or company owners, who could fire them at a moment’s notice without reasonable cause.

We are so often taught in school and in society that we need to go to school, get a good job, and then we’re set for the rest of our lives. 

But is that really true? How many people would tell you that didn’t work out for them? I would imagine more than we can accurately count. 

A quick internet search would suggest there are six million people who lose or leave their jobs every month.

That’s no small number.

So it’s safe to say that having more than one stream of income is the more secure way of building abundance.

How to Create Multiple Streams of Income

One of the best ways of how to create multiple streams of income is to start one or more side hustles.

There are many different types of side hustles you could start or develop to add more income streams. 

Here are 5 examples and how to start them:

Affiliate Marketing

One of the most popular side hustles people choose is affiliate marketing. It’s one of the easiest to start immediately as there is little to no overhead. 

Affiliate marketing is selling other people’s products and getting a commission, usually a set percentage, from the company for each sale you make. 

And there are two ways to go about it…

The first way is by using paid ads as an option, but it’s better to become more seasoned before throwing money at ads.

The second way is by using organic or free marketing. The overhead for organic marketing could potentially be zero, depending on how you decide to promote the affiliate products. 

Many affiliate marketers use social media, or a YouTube channel. 

Another way to promote affiliate products is through a blog. However, that’s not 100% free, as you’ll at least need to pay for a domain and web hosting.

It’s a great way of how to create multiple streams of income

Start a Blog

You can start a blog to promote affiliate products, as mentioned above, but there are other ways to make money with a blog. 

Adding ads to your blog is also an idea of how to make money with it. However, don’t expect to get rich off of that. Affiliate commissions from a blog generally bring in much more money than do ads.

Another way to make money with a blog is by collaboration with product owners. 

If you rank higher in Google than a company you promote, for example, you can reach out to the company to see if they would be willing to pay you a sponsorship fee to promote their product. This is something above and beyond the regular affiliate commission. 

You can also arrange to have a higher percentage of commissions for the sales you make for them. 

And another way to make money with a blog is by selling your own products, either digital products or physical products. 

Sell Digital Products

Using your blog or website is one way to sell digital products, but you could also use social media and other avenues. 

Some examples of digital products you could create and sell are:

  • eBooks
  • PDFs
  • Online Course
  • Apps 
  • Plugins
  • Guides & cheat sheets
  • Podcasts
  • Digital newsletters
  • Meditation audios
  • Photoshop templates
  • Design templates
  • Copywriting templates
  • Resume templates
  • Book outline template
  • Checklists
  • 30-day email course
  • Audiobook 
  • Printable color pages

And the list goes on and on. Basically, if you can think it up, you could create it and sell it. 

What’s great about selling digital products is you don’t have to house inventory or pay for postage to send it to buyers, so the overhead is very low. 

Click here to check out 77 digital product ideas. 

It’s another way of how to create multiple streams of income in a simple way.

Sell Services

One of the most lucrative ways to make money is by selling your skills. 

For example, website design, copywriting, editing, bookkeeping, preparing taxes, consulting, social media management, etc. 

If you have a particular skill set, you can sell your services, online or in person, for thousands of dollars. But keep in mind it’s better to charge per project than hourly.

And if you don’t have any marketable skills, it’s never too late to learn one. It will only add to the value you give clients and customers and make you more successful.

Teach Online Courses

One thing you can do with your expertise is teach your skills in an online course.

You can create your own course to sell to your audience or you can use something like Thinkific, Skillshare, or Udemy.

Whichever you decide, come up with an outline for your course and then teach the content in the way that makes most sense for your audience to consume.

For example, I bought a course on email marketing. How was it delivered? Each lesson in the course came via email. 

A YouTube course would make more sense with videos. 

If you don’t think you could teach something, just remember that the information industry (courses, for example) is a multi-billion (with a “B”) dollar industry. There’s a course on anything and everything, so why not your course? 

There are many more ways to start a side hustle to begin your journey of creating multiple streams of income. 

FAQ Section

How do you know what side hustle to start?

You should start with your strengths and interests. Too many times people look at what is the most profitable niche and go for that, only to lose interest and quit shortly after starting. 

Starting any side hustle can be a challenge. By starting with your strengths and interests, you are more likely to stick with it when things get tough. 

How many side hustles can you have?

As many as you want and can handle. 

However, I would recommend only starting with one, getting it off the ground and profitable, and running smoothly. Then you can add another one and build from there. 

I have known many online marketers who have started a number of side hustles at once only to be mediocre at each one and then eventually failing at most if not all of them.

Choose one to begin with. As it becomes profitable, it can help fund the next one.

How much time is involved with a side hustle?

How to create multiple streams of income without giving up the limited hours you have? Well, it depends on the side hustle and your skill level in that area.

If you choose to prepare taxes for people, it’s a time-consuming business during tax season, but not during the rest of the year.

Another example is if you’re a great and fast writer, a blog might only be a few hours a week. If you’re a beginner at writing and don’t know as much about blogging, it might take several hours a week.

Some side hustles you can develop into near-passive income. 

For example, if you create a course to sell, once the course is created, you don’t have to recreate it every week or every time you want to sell it. It’s done. All you would need to do is focus on selling it. 

The same goes for real estate. Once you have an investment property and hire a management company to keep an eye on things, you don’t have to be at the property overseeing every little detail. It’s income that is almost completely passive.

Yet for some of the more passive income earning side hustles, it will still take a significant amount of time upfront before you get to the smooth-sailing level of income generated from it. 

So, the short answer is, it depends on the side hustle you choose.

In a Nutshell

Creating multiple streams of income is imperative to having financial security and eventual financial freedom and abundance. 

That is because no job is 100% guaranteed secure. Your boss could kick you to the streets tomorrow and not lose any sleep over it. 

That’s why it’s better to take matters into your own hands by creating multiple streams of income through different side hustles. 

You could start affiliate marketing, start a blog, create and sell digital products or your services, or teach an online course.

Whatever you decide as your side hustle, you’ll be glad you jumped in and did it. 

And that, in a nutshell, is how to create multiple streams of income.

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