Many people enjoy having multiple streams of income. In fact, I can’t think of a reason that you’d be opposed to it. You may have heard the phrase “multiple streams of income” before, but do you know what it means?
What is “Multiple Streams of Income?”
To put it simply, it’s making money in more than one way.
If you have a full time job, that’s one stream of income. If you have a spouse with a full time job, that’s a second stream. If you have investments that give you dividends, that’s a third income stream. If you own and rent out property, that would be a fourth stream of income. As you can see, it can be easy to have multiple streams of income, even if you don’t work 24/7.
For the rest of this article, we’re going to focus on your online business. If you have an online business, that can be at least one stream of income. Some people would say that an online business is only one stream of income, but I would completely disagree.
To me, as long as you’re bringing in money in a different way, it’s a different stream of income. If one of them could disappear, and yet the others are still there making you money, it’s a different stream of income.
Why is it Important to have “Multiple Streams of Income” in your Business?
If you have a full time job, and that’s the only stream of income you’re bringing in, you’re going to be in trouble if your job goes away. It doesn’t matter if you’re fired, if the company goes under, or what. If that income stops coming in, and you don’t have any others…you’re probably going to be in a rush to get another job.
But if you had money coming in multiple other ways, then even if you needed to replace your job, you wouldn’t be as stressed and in a rush to get another job. You’d still have money coming in.
When it comes to your online business, having multiple streams of income is even more important.
Things within your online business can change on a dime. It’s possible that you could be making a lot of money, and then something can happen and now you aren’t making anything.
Many things can happen that can take away a stream of income with an online business. Here are a few examples:
Affiliate Commission Could Go Away. The company (or companies) you’re promoting could either decide to lower commissions, or stop them completely. When the pandemic first started in 2020, many retail stores temporarily changed their commissions to 0% or 1%.
If you were making a full time income with affiliate commissions on retail products, and that was it, you would have been in a lot of trouble. You could say that something like that doesn’t often happen. But other things can change too. Sometimes stores go out of business. You may have been making thousands of dollars a month promoting one company, but if they go out of business, you won’t make anything from them anymore.
Software/Technology Can Cause Issues. Let’s say you sell your own products. There could be a glitch, and the software you use to sell the product could temporarily stop working. So for that day (or days?) you wouldn’t be able to make any sales. A simple update of something could cause something else to break that may cause issues so you can’t earn money that way. The knowledge in your products could become outdated and people wouldn’t be interested in them anymore.
Traffic Could Stop. Google makes updates to their algorithm all of the time. Just because you’re getting tons of traffic today doesn’t mean you’ll get any traffic from them tomorrow. However you were using that traffic to earn money online could be gone tomorrow.
These are a few reasons. Now, I’m not trying to scare you. Really! I want you to think about it. There are many things that can happen that can cause a stream of income to stop (even if it’s only temporary.) So what you should do now, is to make sure that you have multiple streams of income, so that this won’t be an issue.
This way if you lose a stream of income, while it isn’t great, but at least you’re still earning money in other ways.
What are Some Streams of Income you can Have in your Business?
Affiliate Marketing. Sell other people’s products and you’ll get a percentage in commission. This can even become multiple streams of income. Instead of only promoting one company, make sure you’re promoting multiple companies.
Creating Your Own Products. This too can be broken down into multiple streams of income. Create your own products. And don’t have just one product. Create many of them. Have them be at different price points. Have different types of products. Make one subscription based so that you’re earning more every single month. Don’t have all of your products be about the exact same thing. If people aren’t interested in that exact topic anymore, you’ll have different products for them to buy.
Sell eBooks on Amazon. People love to read and learn. Create one (or more) books on Amazon. You’ll automatically become more of an expert in those niches as you have a book in it, and it’s possible this will lead you to earning more in other ways.
Ads. There are many ways you can use ads to earn money. You can put them on your website, or in your emails. You can have them be graphic ads, or text ads. It can even be clickable links within your text that will lead to an ad.
Sponsored Content. If you have enough traffic, you could get paid to write a post, or social media content. They’ll give you the topic, and you can write about it and get paid for it.
Sell Products on Etsy (or similar.) This works for both physical as well as digital content. Sell these on Etsy or other similar sites.
Coaching. If you know what you’re talking about, and know that others would love to do what you’re doing, become a coach and help them.
There are a lot of ways to have multiple streams of income in your business. The ideas above only scratch the surface. Hopefully they will have given you some ideas so that you can add multiple streams of income to your business.
Plus, even though this should be obvious, the more streams of income you have, the more money you can be making! While some of these require a lot of work, some of them once finished are passive income. As in you don’t need to do any (or much) work in order to make money with it. So there is every reason to want to add more streams of income to your business. You can earn more.
This is a way to make it so that no matter what happens, you won’t end up making money one day, and nothing the next. Having multiple streams of income is really a great thing in your business. So think about it, and then start adding your next stream now!