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How To Create Multiple Revenue Streams For A Business

how to create multiple streams of income

You can continue branching out to list specific activities and ideas that might work for you. Diversification is an important principle of investing because it helps to reduce the risk of losing money. By investing your money in a variety of investments, you spread your risk across different asset classes, industries, and geographies.

  • We’ve curated a list of some of those income streams geared towards benefitting 20-somethings the most, won’t give out after a short period, and are most likely to guarantee success.
  • Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy.
  • Multiple streams of income can help you reach your financial goals quicker than a single income stream, e.g., a regular nine-to-five job.
  • We’ll be in your inbox every morning Monday-Saturday with all the day’s top business news, inspiring stories, best advice and exclusive reporting from Entrepreneur.
  • Freelancing is a great way to take your passion and monetize it for additional revenue.

All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation. My sixth income stream is one I just added two years ago – scoring awesome media deals. This is something I never really imagined happening years ago, law firm bookkeeping but works out rather well today. A lot of people don’t even know about my life insurance business, but it’s a huge part of my success. Like my other big projects, however, I started it to help people. Over the years, I’ve seen so many people who are uninsured or underinsured.

How to create multiple streams of income in your 20s

Or you may not be able to rent the home out for as much as you could before, as incomes decline. And home prices rose quickly due in part to relatively low mortgage rates, so your rents may not be able to cover your expenses. You’ll want to weigh these risks and have contingency plans in place to protect yourself. Alternatively, you might consider a “freemium model” – building up a following with free content and then charging for more detailed information or for those who want to know more. For example, language teachers and stock-picking advice may use this model. The free content acts as a demonstration of your expertise and may attract those looking to go to the next level.

If you’re wondering whether it’s worth spending your time on this type of second income stream, consider that the top earners on Fiverr take home an average of $118,000 per year. You’ll probably not earn that much right away, but there’s a figure to shoot for. Websites like Fiverr, Upwork, Toptal, and others form the perfect platform for talented freelancers to find work online.

Invest in the stock market

Getting started is probably one of the hardest parts of the inventor’s journey. You want to make sure you have a worthy invention that’s useful and solves a problem. Start by checking out the US patent website to make sure your idea hasn’t already been created. The fact that any novice can create a basic to advanced mobile app with today’s no-code tools is beautiful. Platforms like Appy Pie, Adalo, or Bubble make it possible to get started. Job seekers can look for new job opportunities online or in-person.

You’ll need to keep filling your profile with content that draws in your audience, though. And that means continuing to create posts that grow your reach and engage your followers on social media. Creating an app could be a way to make that upfront investment of time and then reap the reward over the long haul. Your app might be a game or one that helps mobile users perform some hard-to-do function. Once your app is public, users download it, and you can generate income.

Earn royalties through inventions

The problem with rental property is that initial capital outlay required to get started. Most people starting to diversify their income streams don’t have a 20% down payment to purchase an income property. That is why this is usually something that is done later in life, almost like an advance multiple income stream topic. The goal of creating multiple income streams should be to maximize your potential in each category available to you. If you are just starting out, it really isn’t reasonable to expect you to generate tons of rental income.