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Choosing multiple income streams in a heartbeat

income streams

The world as we know it today has changed so fast and its financial effects on average citizens is heart wrecking. The situation in which many workers have found themselves has necessitated having multiple income streams if they ever want to survive. A lot of people especially women has come to grasp of this idea of side income but what they are still lacking is the application of the working principles of this concept in order to select the right stream(s) of income that will help them defeat poverty and be financially free for life.

Donald Trump, now the US President, said in one of his co-authored books (Why We Want You to be Rich) that the major problem of any nation is that it developed people with mentality to always receive from the government. I will like to argue that, but hell it is true.

Everyone must think of survival on his or her own and that means generating legitimate income somehow. Now, if you are one of those that are tired of blending in when you know you can stand out. If you believe you can have wealth  as an entrepreneur and still enjoy yourself, then this article is for you.

In this article, I will show you how to choose income streams from various businesses wisely in order to make it work for you either you are still in paid employment or you are a stay home mum. Let’s get to work.

Choose the income streams that allow you start with the little you have

Today, money has been the bane of many great business ideas which could have turn into steady income streams. Lack of fund has made the brain behind those ideas prisoner in the phantom zone of procrastination. This is why it is necessary to choose second income that allows you to start with whatever you have at hand not extra. When I say what you have at hand, I am referring to the information, money, skills, time and of course the equipment at hand.

For example, my laptop (not too old though) and simple modem with good internet connection was all I ever needed when i was about writing short story for money and today it has fetch me some good money. This I do on weekends when I’m a little less busy.

Choose the income streams that allows you to combine pleasure with work

Using the principle of combining pleasure with business has led to the birth of great businesses around the world. Any stream of income you plan to create must be the one that you do with great enthusiasm. Multiple income streams should be something that comes to you naturally, like a hobby.

For example, in my years as an accountant with Palmcrest Hotels and Suites, I was able to acquire a lot of practical experience in accounting system for hospitality industry and with the knowledge, helping hotels setup their accounting system becomes the task I done with smiles and of course, it fetch me that money.

Choose the income streams that can operate on autopilot

Multiple income streams should be able to operate at list on their own during most of their life cycle. Such business just need a system in place and once that is done, it should be able to operate under its own momentum at least.

Imagine you have like five income streams ( i.e five different soft business you are doing) and you have to be there before each of these stream of income can be yielding. It is certain you won’t be able to achieve much. The reason why I love internet as a great market place for multiple stream of income is that most of your business can operate on autopilot if you so choose.

Choose the income streams that demand your already acquired skill

We all know that adequate knowledge about business gives one an edge above competitors but acquiring the necessary knowledge could be quite expensive sometimes. That is why it is expedient that you choose your business venture wisely and make sure the skills you have at hand is what it requires. When you already have skills required in a business it put you in a better position than the daredevil entrepreneurs. Less the risk, the better the business is the saying.

Choose the income streams that allow investments in other venture

Why do we even call it multiple income streams if it is such a business that will get you stuck on one venture? The essence of having multiple income streams it to defeat poverty and be financially free. Any venture that does not allow you to reinvest in other business may not be good to invest in in the first place. More investment, more returns in term of financial benefits.

In a nutshell, choosing second source of income ideas can be a daunting task, but if all the methods discussed here are followed, not necessarily in their order, then it will be a walkover for you. If you know any other way by which we can create multiple income streams, please share below.

 

Adeyeye Ayobami

Adeyeye Ayobami is the founder of BIIN, a business blog committed to helping startup entrepreneurs with sound business ideas and insights in Nigeria. To learn more about

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