The value of multiple revenue streams

The value of multiple revenue streams

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Have you ever been in a situation where no matter what you do, your business just won’t take off? Or, maybe you do the same things everyone else is, but they are not working for you? Work feels tedious and you feel like you are treading on thin ice.

Have you considered this?

You may be in the wrong business.

It’s a scary thought, yet it happens a lot in the world. People get into businesses they are not cut out for all the time. When this happens, your business becomes your prison.

What is the solution? Abandon your business and hit the street, penniless and homeless?

Of course, not!

The solution is multiple streams of income.

By having more than one business, you make sure the income never dries. You will never be left in the open, if your business should fail.

But, what if having one business is hard enough? What other business should you start?

Imagine that you are rich, and have all the money you need to live a life without working. What would you do then? You can’t spend all of your days in bed. Eventually, you start a business. What will this business be?

Here are some interesting ideas for a second source of revenue, in addition to your main income stream.

Start a blog

I am still not earning anything from this blog, but the time is totally worth it. I know for sure, that if I didn’t have to work for money, this blog is what I would be spending my time on. Of course, I need to put more time and effort in it before I can expect any earnings.

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Other bloggers, however, who post more than every once in a while, like I do have different things to say.

This blogger says:

Although I didn’t earn any money with Good Financial Cents for the first 18 months, the time I invested was totally worth it. While it takes time to earn money blogging, the payoff can be huge if you’re patient and hard-working.

I have made well over $1 million dollars blogging over the years, yet my advice for anyone considering this path hasn’t changed. If you’re interested in starting a blog as a side hustle, the best thing you can do is get started. Don’t overthink it, and don’t let your doubts get in the way. [Related: How I Earned $1,097,757 Blogging]

You’ll also want to access our Make 1k Challenge, which is a free email course that walks through the steps to start your first blog and make your first $1,000.

goodfinancialcents.com

Take paid surveys

Some sites pay you for your opinion. Survey Junkie, Inbox Dollars, Swagbucks are a few to name.

Invest in Bitcoin

Companies such as BlockFi and Crypto.com offer you between 4% and 12% interest rates per year to keep your money in certain cryptocurrencies they offer. In exchange, you get a good interest rate. It’s a lot better than your bank.

Become a freelance writer

With websites like Contently, Upwork.com, Freelancer.com, and LinkedIn ProFinder, you can easily start working on freelance writing projects.

Become a virtual assistant

Virtual assistants help online entrepreneurs in a variety of ways. Your duties will be anything from responding to emails, to managing social media accounts and more.

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Start a business from your home

You should base it on things you know and love.

Love baking? Sell home made cookies online. Love sewing? Sell clothes.

You can start a how-to website, or post your videos on YouTube for more money.

You can market your cookies on Instagram, for example.

Drive for Uber

You will be able to choose your working hours. You have to pass a background check, and your car should be reasonably new.

Sell items on eBay

Lots of people do just that – they have a knack for bargains. They buy items cheap and then post them on eBay for some delicious profits. Checking out your neighborhood’s garage sales is an excellent way to stock up on good items and then flip them for profit online.

What are your ideas for a home-based business. Post them in the comments bellow.