I can remember creating multiple income streams as far back as my childhood. Not only did I have a paper route but sold macrame door to door as gifts as well. Remember how big macrame was in the 70’s? I laugh when I think about it now.
The best thing I discovered about the macrame selling was that I didn’t have to make the designs. Yep, I found an ad that stated I could make 50% profit selling macrame spice hanging racks without having to make them myself. Hey, at age 8 that was my first experience making straight commission and even better was the immediate reward of getting paid right after I sold one.
It was motivating.
It was like instant cash without having to plan, organize, create or even invest in a product…we call that affiliate commissions online now. Affiliate selling is a source of income most aren’t taking advantage of and others are making six figures a year doing it.
When I first started my business online I did it not only out of desire but NEED. I needed to create more time for myself and my family. I needed to find ways to create MORE income because I’m a single Mom and kids get even MORE expensive as they grow older…hey, If you’re a parent you’ve noticed this.
I needed peace of mind too.
Once I got going with the basics…WHO my client was, WHAT I was going to offer and the WHERE I was going to find my clients I began to realize just how many income streams there really are.
I decided to share 10 multiple income streams with you here. You see, as I travel around speaking and hearing from small business owners and Solo-preneur’s I realize just how many small businesses and start-ups out there that are still bringing in just one or two different types of income into their business or life and how many NEED to implement MORE or they’re going to exhaust themselves!
Here are 10 multiple income streams that any business can start bringing in to expand their income.
1. Affiliate commissions– it doesn’t make a difference if you are in the service based business or product based you can create affiliate commissions online. For instance if you are a service based business that offers consulting scout out a product that you like and that offers an affiliate commission to promote it online and promote it to the traffic coming to your website or promote it to your list of qualified leads. Get started at places like ShareASale or ClickBank
2. Sell Advertising Space– I’ve sold advertising space on two of my websites and you can too. I’ve also bought advertising and banner ads as well to bring traffic to my site and to grow my list. You can also buy and sell advertising to lists as well. Got a big list? Wherever there are eyeballs you’ve got potential for ad dollars.
3. Create an audio or Ebook- Yes, I like to talk about passive income and I how to create it. So, when it comes to online business selling an ebook really is the most popular way to create passive income and for good reason. If you are overwhelmed by the process or you think you’re a bad writer don’t let that stop you check this out it may help you. Ebook Evolution
4. Teach a Class – I have taught and sold classes in my area of expertise and you can too. Whether you are in the business of massage therapy, cupcakes, wedding gowns or doggie day care…you can teach a class online. I use Instant Teleseminar to teach most of my classes because I like to keep it simple. My class coming up soon is my Moxie Money Club and I’ll be using Instant Teleseminar there too…. you can sign up and learn all about how to make more money and create multiple income streams. Go here to sign up.
5. Hold a Tele-Summit– Interview experts in your field or industry to create informative informational audio’s and create a passive income product by bundling the audio’s and selling them online like I did here. Go here to see a perfect example as well as learn from other successful Entrepreneurs in the Moxie Talk Tele-Summit Series.
6. Consulting– is it time to start consulting to others to create another income stream? You may have several more years experience in photography, graphic design or elementary education than others in your same industry. You can create multiple income streams online by mentoring, teaching or even selling your custom consulting packages to those that need your expertise.
7. Do it for them- There are many consultants and coaches out there that teach and mentor but always have a group or handful of clients that don’t necessarily have to time to learn and implement all that they are teaching them. For instance you can create an income stream from a Done- for- You service. A good example is my social media services. Even though I teach my clients how to use social media and other ways to get more clients and make more money I offer a done for you service called Social Media Chics.
8. Get Paid to Speak on Others’ Stages- There are several ways to start speaking and make money doing it however things have certainly changed over the years and it’s harder to get paid speaking gigs. Some of the best ways to speak and make money doing it is to sell from the stage. Check out my friend Lisa Sasevich’s product The Invisible Close.
9. Start Writing – If you are anything like me you enjoyed writing from a very young age. It may come naturally to you and you find it fulfilling. Well there are a lot of business owners that need you right now. Consider offering your services by blogging for them and writing articles to pull traffic into their website.
10. Wholesale your product– If’ you’ve already got a product that is considered passive income and you’d like to leverage it by selling more considering wholesaling it. Wholesaling means you can sell a lot and usually at a discounted price. A good place to learn more about wholesaling and how to do it is to to pitch marketing class from Whole Sale Action.com.