Everyone agrees that a business should never rely on one customer to generate the main bulk of its revenue. So, why should the same not apply to your personal income? Having more than one income stream can help to protect your finances and ensure you reap a greater return. Read on to discover some of the different ways you can diversify your income.
- Focus on passive income – It is a good idea to look for passive income opportunities. This means that you will earn money in the background without actively having to manage the details. There are a number of ways you can do this, for example, you could start a blog, and once it gains enough traction, you will be able to earn affiliate income. You could also create eBooks or courses and sell them online.
- Invest in property – You will need to have a decent amount of savings in order to invest in property. However, high return real estate is an excellent way to ensure you have a second stream of income coming in. If you rent out your property on a monthly basis, you will have a good chunk of money coming in most months of the year.
- Invest in the stock market – Another option for those seeking to diversify their income is to invest in the stock market. This means that your money will be growing somewhere else. Of course, it is important to know what you are getting yourself into. Don’t dive straight in without the required knowledge. You will need a bit of capital up front to get started with this. However, you will see rewards straight away once you build a dividend portfolio. The rewards won’t be huge to begin with, but once compound interest works its magic, you will soon see your income stream grow.
- Get involved with direct sales – Direct sales is not for everyone. Nonetheless, if you already have a strong network, this could be the perfect option for you. Direct sales involve selling a product directly to consumers and earning commission as a result. Nowadays, there are so many companies that operate in this way, from makeup brands to those selling green tea. Find a product that you truly believe in, and you will find it a lot easier to sell it.
- Sell your own product – This can require a bit of your time in the beginning, but it can end up being a passive source of income. One suggestion mentioned earlier was to write your own eBook. There are plenty of other options too. You could create a T-shirt or why not sell stock photos? There are many places that enable you to sell stock photography for royalties.
- Offer a service – Nowadays, you can do a number of jobs on the side from the comfort of your own home. This includes social media management, babysitting, tutoring, coaching, consulting, resume help, writing, and lessons. You are going to be putting in a lot of time when offering a service, but if you have experience in one of the areas mentioned it can really be worthwhile.