With today’s unstable economy, it’s considered wise to have multiple sources of income, not for the sake of being wealthy per say, but to guarantee a safety net. Creating a stream of multiple income is exceptionally important for the self-employed. Unlike an employee with a 9-5 day job as one stream and a retirement account as another, the self-employed need more than one source of income for security. A day job is considered active income where you’re trading in your time and effort for money. Passive income, on the other hand, doesn’t require you to exert much effort and your income will be earned through investments or savings accounts.
Below are sure and lucrative ways to add income stream when you’re self-employed.
Starting a blog is an easy task to do for extra revenue. A lot of businesses today have an online presence, so one thing you can do is start a blog for your own business. Providing information on your business will actually give it a boost; you become that sole source of information for your customers by offering a constant stream of information on your product line till you become an expert in that field. You can also start a blog about something entirely different than your main business. It’s as if you’re branching out into another field. This ‘second business’ can grow and bring you steady revenue.
The stock market is always the go-to place for revenue on the side. Consider investing in the companies you believe in and that are successful. With a 9.8% annual return, you’ll be securing your future. Just make sure that before you buy stocks, you research the company you have your eye on in terms of earnings, sales, debts and equity. Other forms of stock investment are oil investing. Investing in oil and gas is definitely a sure way of growing your wealth. Even though oil and gas prices often fluctuate, there are investment companies that will guide you to short term investments to avoid any loss. Not a fan of the stock market? Consider investing in real estate as it can be equally lucrative. You can always buy property and become the landlord, or you can buy houses, flip them and sell them for a higher price (real estate trading) or invest commercially through real estate investment trusts.
Many people seeking information online are visual learners, consider creating a simple and instructional vlog on YouTube on something you’re passionate about. These videos can be about your business, which brings you new customers, or anything you’re an expert at. Videos can bring revenue on their own if you allow advertising. You can also create helpful and informational online courses as well, rich with video lessons, e-books and audio lessons. This allows you to create different pricing for the course packages. Whatever you’re an expert in, make use out of the rich information you have, share it with others and get paid for it.
Many businesses today have online stores selling a multitude of products. If your business already has an informative website, then you can dedicate a website to only one of these products. It brought traffic to your already existing business and increases revenue. Singling a product out and displaying its values and benefits will position your product or business in the big leagues. You also dedicate a website for a product you’re particularly interested in, even if you didn’t produce the product yourself but you’re only selling it online for profit.
Only relying on your day job, even if you’re self-employed, is not the safest idea to secure a financially stable future. There are many ways to create lucrative income streams. The days when you were tied to a nine-to-five desk job, less than content with being a cog in the wheel, are officially over, specially when you know how to make the system work for you. With the right research and mindset, being self-employed is no longer as daunting as it used to be. Now, you can truly be your own person!