It is becoming more and more common for people to move away from the idea of a single paying job and into the world of multiple streams of income.  What this means is that you have multiple sources, often completely unrelated, feeding money to you. 

The advantages of this approach to income generation are many! 

• Having multiple sources of income means that one stream drying up is not a huge issue for you and your family because there are other sources still flowing.
• Having multiple projects can help to keep your creative juices flowing.  Bored with what you’re working on?  Switch gears for a while and jump into another exciting project.
• Creating passive streams means you can continue to get paid long after you’ve done the work to initiate the stream.
• Embracing the idea of multiple streams of income is like telling the Universe you understand that there are many, many ways money can flow to you.
• Framing your income-generating activities this way means you don’t feel a need to choose between several things that excite you.  This gives a sensation of an opening to possibilities.

So, what are some of the ways you can create multiple streams of income, as add-ons to your current job or business?   Here are some ideas you might consider:

Start a blog.  If you enjoy writing and have a lot to say, then a blog could be a good way for you to open up a stream of income.  By setting up advertising and affiliate marketing programs on your blog you can create a passive source of income that grows with your readership.  A Google search on making money through blogging will provide you with lots of information on this subject.

Teach a class or host a seminar.  Reach out to people that are interested in hearing what you have to say!  You can set up a class or seminar in a local community center, church basement, or even in your home.  You could also contact your local community college about teaching a class, or get in touch with your corporate contacts about a seminar or team-building program for employees. 

Offer coaching or consulting services.  Take your expertise and use it to help others succeed.  This is also a great way to further your own learning, and can be a wonderful opportunity for inspiration and personal growth.

Take up freelance writing.  Freelance writing can take many forms.  You can contact your local newspaper about writing a weekly column, or source your materials to magazines or online sites that pay for content.  You can also go the direction of writing for businesses by creating content for newsletters, web sites, and other marketing or documentation requirements. 

Become a marketing affiliate. If you have a web site or blog, this can be a truly passive source of income.  You simply sign up for affiliate programs and link your visitors to the vendor’s site.  If they make a purchase, you get a percentage of the sale. 

Write a book.  If you have a subject you are passionate about, consider writing your ideas down on paper and getting yourself published.  After the intial time investment to write and market your book (and potential financial investment, if you’re self-publishing), it can become a passive source of income through continued sales and royalties.

Write an e-book. If the idea of writing and publishing a book seems intimidating, then perhaps you could consider an e-book.  You write your materials, put them in .pdf format, and publish them online.  People then pay you a fee to download the book.  It is relatively easy to create an online sales page for your e-book, and you can advertise through your contacts and through online advertising methods.

Create a product. Look at the services you provide and determine if you can turn your work into a product.  If you are creating something for clients, is there a way to then turn that into a product you can sell later to other interested parties?  Perhaps some tweaking and packaging can turn your existing work into a new income source.

The possibilities for income streams are endless!  Play with these ideas and see what new ones you come up with.  And please do keep me posted!

Would you like some help determining how you can create multiple streams of income, or support for implementing any of these suggestions?  Feel free to contact me to set up a coaching session.

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Tags: affiliate marketing, Business Basics, Financial Prosperity, Working from Home

This entry was posted on Friday, July 18th, 2008 at 8:40 am and is filed under Business Basics, Financial Prosperity, Working from Home. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.