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How to get multiple income streams

6
min read
Published:
Jan 6, 2023
Updated:
Jun 20, 2023
How to get multiple income streams

Many small business owners are looking for new and exciting ways to increase their revenue. Doing this can help safeguard your business and help give you more time to create. You can give yourself some financial wiggle room if you look into creating multiple streams of income. And it can also bolster both your spending money and your business savings and free up your time.

But if you don’t know how to get multiple streams of income, or what the different types of income are, you need more information. Read on to discover key answers that will help you build up more than one source of income in no time.

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Additional multiple streams of income ideas

There are lots of easy side hustles or hobbies that make money as well. You can combine lots of these ideas to generate new streams of income for your bank account and business finances. Here are a few examples:

  • Make a blogging website and generate income through selling advertising space.
  • Perform freelance work as an art designer, web developer, or copywriter.
  • Create online courses on your favorite hobbies or skills.
  • Make an affiliate marketing website and partner with other brands to receive a commission on every product you sell.
  • Take and sell stock photos if you have an eye for photography.
  • Write an e-book about your experiences, skills, or hard-won lessons that others can use.
  • Be creative and make a Patreon page to drum up financial support for your creative endeavors, like your YouTube channel.
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How to have multiple streams of income

The sky’s the limit in terms of finding ways to make money and diversify your income streams. But if you want to maximize multiple streams of income, you should follow these tips to make the most of your opportunities.

Minimize expenses

For starters, try to minimize all expenses across the board. By minimizing expenses, you might generate new streams of income from activities you already create.

For example, say that you run a small business or side hustle. At first, your business expenses are so high that you don’t turn a profit on your side hustle. Any money you put into the business leaves the business for marketing, product creation, and other fees.

But as time passes the costs come down. By mastering marketing and doing a better job at determining the best ads for your target audience, you can minimize expenses. And make more of a profit from that business idea. In this way, minimizing expenses turns your business profitable, resulting in a new stream of income.

ecommerce business

Invest in passive income sources

You should also try to invest in as many passive income sources as possible. Why? Because there are only 24 hours in a day. And no matter how determined you are, you can only direct your efforts toward a few active income streams at a time.

But there’s technically no limit to how many passive income streams you can foster and cultivate. Investing in real estate, investing in stocks, and generating income through businesses that you sell or hand off to other management are excellent ways to bolster your passive income without taking up too much of your time and energy.

Start a side business

Starting a side business is another great way to generate multiple streams of income, such as affiliate marketing or online business. You can alternatively start an online educational business using a platform like Teachable. Depending on your skill set, you can create classes on how to sell digital products, how to make money online for beginners, and more.

Starting a side business takes a lot of time and effort at first, but it eventually yields excellent dividends.

Adding an income stream

As you can see, there’s more than one way to get multiple income streams flowing into your bank account. Keep these tips in mind whether you decide to start a business or look at your current finances to revitalize your financial situation. Good luck!

FAQs

What are some good multiple streams of income?

There are plenty of excellent streams of income you can pursue. Some of the best include investing in real estate or the stock market if you want to pursue passive income or starting a side business if you want to pursue active income that you have total control over.

What are the seven income streams?

The seven primary income streams are earned income, business income, interest income, dividend income, rental income, capital gains income, and royalties income. These income types are collectively both active income and passive income as well.

Nahla Davies

Nahla Davies, Nahla Davies is a software developer and tech writer. Before devoting her work full time to technical writing, she managed—among other intriguing things—to serve as a lead programmer at an Inc. 5,000 experiential branding organization whose clients include Samsung, Time Warner, Netflix, and Sony.

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