If you are an employee, it is good to have other sources of revenue beside your income. It is very risky to depend solely on your employer to provide for your family and pay your bills. Even if you like your job, there could be a possibility to lose it temporary. Therefore, it is important to plan ahead as creating streams of income could take time to generate enough revenue to replace your full time job. There are multiple types of streams of income:
- Stream of income tied to your time: Trade your time for money
Even if you didn’t apply for a second part time job, your side business might feel like one. If you have skills to sell through service to others, you would be trading your time for money. Depending on your degree and or job experience, you could offer multiple services and consulting to clients whether online or locally. For online service you could offer your services through Fiverr, UpWork, Freelancer, and your own website. It is a good stream of income quickly to implement especially when in need to generate cash to stay afloat. However, to increase your income without the limitation of your time, you need to add another stream of income that doesn’t fall within this same category. Each time you charge per hour or you generate income only when you work, you are trading your time for money and you only have 24 hours in a day which limits your income potential.
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Stream of income tied to your time for a short period of time
In this category would fall your art works, digital products, books, e-books, and prints on demand. If you like to design art you might spend a lot of time upfront to design your product. But instead of selling the art work itself and repeat the process again, you could turn it into a digital product that you could sell as digital download. You could send the same art to a Print-on-demand company to print on t-shirt, mugs, and bags for your clients to purchase. The Print on Demand Company like Printful or Printify would handle the order and shipping. You would handle the platform where you want to display your products and you handle your customers. You could also send the same art to Print on Demand Marketplace like Teespring and Amazon where they handle the customers and the products and you just collect a royalty on your design. You could sell your art work multiple ways online whether you designed it online from the start or designed it on a paper and scanned it to your computer to process it. When you have a talent, see how you could spend time on a piece of work once and sell it multiple times until you decide to retire it. You could also write a book or a course with the skills you offer in the first category where you trade your time for money and sell a digital product you only work on once and sell multiple times.
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Stream of income tied to other peoples’ money
Airbnb and rental properties
When you rent a room inside your home as Airbnb, you could use the income generated to cover a part of your monthly mortgage. You could save 20% for a down payment and borrow 80% to purchase a rental property and rent out. By doing so, you could generate cash flow, and equity in the property. But you would have used a little bit of your own money which is 20% and investors’ money to purchase the property and used the renter’s rent to pay the investors with interest. Every party would have profited from the transaction: You provide a good shelter for your renters, investors have a return on their investments, and you generate a cash flow and equity.
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Stream of income tied to your money
This stream of income includes investment in the stock market and property tax liens investments. This type of stream requires you to invest a lot of your money and earn dividend, interest, and capital appreciation on your investments.
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Stream of Income tied to other people’s time
When your small ventures became self-sufficient income wise you could easily hire a team of employees to help you run your business or outsource the tasks to contractors. Using other people’s time would help you take your small profitable business to another level where you focus more of your time on what generate you revenue and outsource the administrative tasks that are necessary to run your business but don’t generate revenues but use a lot of your time instead. Using a Print on Demand Company, Print on Demand Marketplace, and drop shipping manufacturers to sell your products to your clientele would fall a little bit under this category as well.
When you start thinking about creating streams of income, you don’t need to create a stream that would generate a lot of money from the start. But having multiple streams of income would all together over time generate a substantial revenue enough to replace or surpass your full time job.
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How to start?
It is good to start with the assets you already have. List your skills, passions, talents, and hobbies and see what streams of income you could create by combining them.
Also write down the streams of income you come up with and start with one until you set it up and move to the next.
Once you have decided to create a side business you could start as a sole proprietor if you desire, and register with your state especially, if you are going to use a dba ”Doing Business As” name.
With the technology available to us today, let’s not wait to start a side business. Start it know. Anything you know how to do, somebody is out there willing to pay for your service and knowledge. Knowing how to package your knowledge or service so that you only work it once is the key to stop trading your time for money and start creating passive incomes.
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