Why you should have multiple streams of income
Having multiple streams of income allows you to consistently make money, no matter what happens.
According to PocketSence, “Multiple streams of income means that you have income from several different sources. If one source stops or is eliminated you can rely on another source.”
Businesses have ups and downs all the time.
You don’t want to put all your eggs in one basket.
Diversifying your income should be your top priority once you have an established niche and at last one established offer.
Types of income streams
Here are some of the options for income streams:
1. Digital Downloads
Examples: printable party invitations, teacher resources, templates, email swipe files, digital planners
2. Mini-Offers
Examples: digital download bundles, a paid workshop, a mini-course that solves one problem within your niche like ours, The Passive Income Catalyst
3. Online Courses
Examples: a signature course that teaches about your niche like ours, Hey Passive Income
4. One-to-One Services
Examples: graphic design, 1-on-1 coaching, tutoring, social media management, virtual assistant
5. One-to Many Services
Examples: group coaching programs, paid Facebook groups, masterminds
6. Physical Products
Examples: custom t-shirts, boutique clothing, candles, planners
7. Investments
Examples: Earning dividends from buying and selling stocks
8. Affiliates
Examples: Amazon associates, advertising someone else’s online course, advertising a product you love
How to get multiple streams of income
To get multiple streams of income, you need to create multiple offers.
Here’s what we suggest:
Step 1: Choose a niche
Decide what you’re going to help people with!
Step 2: Create a mini-offer
This helps people know you and trust you as the expert in your niche without spending a ton of money.
Step 3: Create an online course
Build an online course that solves a big problem within your niche. This can be your primary source of income!
Step 4: You Choose!
Create some digital downloads, sell physical products, or start a mastermind. It’s up to you!
My multiple streams of income
Alright, just to show you this is really possible…here are our multiple streams of income:
1. Teacher resources on Teachers Pay Teachers [digital downloads]
2. The Resource Starter templates bundle [mini-offer]
3. Math Resource Academy [online course]
4. The Passive Income Catalyst mini-course [mini-offer]
5. Hey Passive Income [online course]
6. Amazon associate [affiliates]
7. Other various affiliate accounts [affiliates]
