How to create multiple streams of income

In 2015, when I learned that I was being laid off from my full-time job, I felt a sense of regret and panic that I had never felt before. I was using the salary I had been earning since graduating from college in 2010 to cover my bills and help me reach my financial goals.

Suddenly, that income disappeared. After the severance pay ended, I wouldn’t have any money.

Following this layoff, I wanted to take control of my future. I didn’t want to find myself in that kind of situation again.

Soon after, I started my company, Bridesmaid for Hire, and started finding other ways to make money on the side.

At first, my approach to creating more income streams was slow. Every year or so I found a new one to try. Some worked, but some faded quickly.

Success usually depended on the time I had to invest in strategy, marketing, and developing those revenue ideas, I realized. Over time, I’ve found a blend that works for me, with room to grow.

Looking back, being fired was the impetus for creating the life I have now. I hope to become a millionaire before I turn 50. Knowing that many millionaires have multiple sources of income, today I have five main sources of income, which provide a combination of active and passive income, and help me earn more than six figures per year. year.

I run two businesses full time as a solo entrepreneur

One of my main sources of income comes from the products and services sold by my two different businesses that I run as a solo entrepreneur.

My first company, Bridesmaid for Hire, offers both hands-on services that require my presence, such as in-person wedding support and bridesmaid speech writing. He also sells products, like a deck of cards and merchandise, that generate passive income on a weekly basis.

My second business, which includes services and products presented under my personal brand, works the same way. I offer one-on-one coaching and counseling, and I offer passive income products, like books and merchandise.

If you’re someone who wants to start a service-based side hustle or business that can replace your full-time job, consider a variety of income-generating products and services that involve your expertise and time, as well that offers this is not the case.

This way, you can scale your business while reducing the potential burnout you might feel from constantly interfacing with customers.

I book regular freelance jobs

After being laid off from my full-time job as a copywriter, I thought that a stable way to quickly generate income was to offer my services to other people or businesses who needed a freelance copywriter. .

I collected excerpts from my professional writings and created a website using a free template from Wix.com. I then emailed co-workers, friends, and contacts on LinkedIn asking if they knew anyone who needed a copywriter and sharing my website with them.

Video by Lauren Shamo

I advertised my services on freelance websites like Fiverr and Upwork, where I was able to book a few early jobs. Some customers have become regular customers.

My best advice is to browse different freelance or gig websites (like Thumbtack, TaskRabbit, or GigSalad) to see what in-demand skills you have. You can create a free profile that lists your services and fees. Over time, you can attract repeat customers or referrals to make it a steady stream of income.

I create and teach several online courses

One source of income I added during the pandemic was online classes. When my wedding business was mostly on hiatus, I decided to spend some time thinking about a few of my areas of expertise and creating a course around each of those topics, from how to get started a wedding business to how to become stronger. speaker.

Each course took between four and six weeks to create. I wrote the course material, filmed videos on my iPhone, and uploaded the material to a course hosting platform called Thinkific. After that, I marketed the courses to my audience on social media, my podcast, and through my mailing lists.

Even two years later, these courses are bringing in a few thousand dollars in passive income every month.

Video by Lauren Shamo

If you want to do the same, think of a skill you have that you think others could benefit from. Look for other courses offered on this topic by browsing course platforms, such as Thinkific, Teachable, or Udemy.

Then reach out to your potential audience for feedback by posting in Facebook groups or online forums like Reddit, for example. This way, you can start creating a course that stands out and have an established audience for it.

I regularly earn interest and royalties on past projects

One of my goals for 2022 is to bring in more passive income streams. So far I only have a few. In addition to passive income from courses and products, I earn income from interest-generating accounts, like my High Yield Savings Account, and from royalties.

While I only make a little money each month keeping money in a CD (which earns 0.55% APY) and a HYSA (which earns 0.6% APY), this money accumulates each month, and at the end of the year comes out to be a few hundred extra dollars.

I recommend that you check your bank accounts to see if the interest you are earning is the best rate you can receive and if not ask your bank for special offers or research other financial institutions to keep your money instead.

As an author who has sold two books to publishers, I make money from the sale of each book sold. This income fluctuates each month and can range from $50 to $1,000, depending on how the book sells or how much promotion I do.

I advertise and collaborate with different brands

Since I was laid off in 2015, I have spent time growing my following through social media, my newsletters and my podcast. I did this by being consistent with my content, giving away giveaways to get new subscribers or subscribers, and collaborating with other creators my audience loves.

Between my social media followers, newsletter subscribers, and weekly podcast listeners, today I have a platform with an audience of over 100,000 people, and I’ve been able to connect with brands that want share their products and messages with them.

Over the past year, this has become my new stream of income. I offer brands three- or six-month packages that include podcast and newsletter ads, as well as social media posts, for a few thousand dollars.

I created these packages after studying my audience analytics and seeing that the best way to prove brand engagement is to create long-term partnerships with frequent and consistent mentions.

If you want to work with brands but don’t know where to start, check out websites like Swapstack, Gumball, or Collabstr that can help you find brands that want to sponsor your content.

I’m always thinking of new ways to add income streams so that I can continue to grow my net worth and make sure my salary won’t disappear again. If you are also trying to add new streams, start by picking one that you can invest your time in. Do your research and manage your risk by researching as much as possible before you start.

Jen Glantz is the founder and CEO of the company bridesmaid for hirethe voice of the podcast”You are not getting any younger,″ and Amazon’s bestselling author”All my friends are engaged and “Always a bridesmaid for hire.”

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