If there is one thing that this pandemic has taught us, then it is the need to have multiple sources of income to stay safe and secure.
Having only one business is not enough to survive on.
When a pandemic or a recession hits, every company starts laying off people.
Even if you have a degree from a premium institute and work experience, you will not be safe in this situation.
The future is always uncertain.
I understand that having multiple sources of income is essential to survive on bad days. On researching, I have identified 5 different streams of income that help you earn more income.
Keeping the digital world in mind, I am mentioning these five sources of income.
1. A Job:
A job is not the best thing, but it is good to start your career.
Working in a job will give you experience in the corporate world and how companies operate. A good job will give you authority and credibility in your field. Always be open to the prospect of a good job. You can also save some of that income and use it to invest in your startup.
But a job isn’t enough. You need one more dependable source of income.
2. Blogging and Affiliate Marketing:
Start writing a blog. A blog gives you an expert identity. It helps in getting freelancing clients. You can also position yourself as a trainer and mentor in your niche. Once your blog gets good traffic, you can write reviews of products and services and earn commissions from the sales. If you write consistently, it will give you more online presence in the market and grow your brand.
You don’t write because you are an expert. You became an expert through writing.
3. Digital Freelancing and Consulting:
I call it Digital Freelancing instead of just freelancing because you can do it without meeting anyone in person. You can do it online. You can do it remotely. You can do it while travelling.
It is like a job, but the advantage is that you can have multiple clients instead of just one employer. When you have many clients, you will be able to keep your income running. Even if one stops paying, you won’t go off track and still manage your finances. And you can always get more clients. You can even add one more team member to help you manage clients.
You can also do a consulting business to give advice based on your expertise. It will be like a one-man company.
4. Digital Mentoring:
As you grow in your career from an employee – to blogger – to freelancer – to consultant – you gain expertise in your niche.
When you are an expert, you can be a Digital Mentor to others and help them follow the same career path.
For example, if you are a good designer, you can train others on the same skill. There are endless topics and niches.
5. Build a Startup:
The most scalable way to build a steady income stream is to raise a startup. Your startup can be a product, service, or training company. There are certain things that you can only do as a team. You cannot be a single person doing all the tasks yourself. I do not recommend jumping into building a startup right away. It takes time to become an expert in a field. Learn how to work with people, understand the market, and so on.
It is not an over-night process. It is an evolution.
Nothing is safer than running your own business with tons of customers. Follow the above path and start building yourself as a professional.
Wouldn’t that be a dream come true?
It takes time and hard work, but it is worth it.
I hope this blog gave you a clear idea about having different sources of income that you can build for yourself in the long term.
When you have multiple sources of income, you will feel safe and secure.
P.S. The right time to build multiple streams of income is NOW.