If you missed them, read the first five parts of this series here.
Two weeks ago, we talked about setting up multiple streams of income. It’s a great concept, but until you can take it from a concept and turn it into real-life practice, it won’t do anything for you.
So, how do you set up multiple streams of income?
1. Think about what you’re good at.
There’s no point in spending enormous amounts of time trying to develop or hone skills you just don’t and won’t possess. Focus on the areas you already excel in.
For instance, while I’ve been attempting to improve my domestic skills (cooking, crafts, decorating, etc.), I would be crazy to try and set up a decorating business or craft-selling website. It’s not an area I’m talented in and it would only result in a lot of frustration for me–and any potential customers!
2. Use what you already have in place.
Look for ways to make additional income from things you already have set in place. For instance, if you mow lawns as a side job, could you also offer trimming services? Or teach a class on how to set up a successful lawn-mowing business on the side?
If you’ve already written an ebook that has sold well, could you produce and market other people’s ebooks for them since you already know how to do it yourself? Or offer ebook coaching or consulting services?
Sarah Mae proved herself as a skillful ebook marketer when her ebook, 31 Days to Clean, sold over $20,000 in revenue. So, she took that knowledge and experience and wrote an ebook on how to successfully market an ebook.
Dave Ramsey was teaching his staff and their friends a weekly class on how to run a successful business. He took this class and turned it into the EntreLeadership Live Event and, just recently, the EntreLeadership book.
3. Experiment, experiment, experiment.
I recently finished listening to Seth Godin’s audiobook, Poke the Box. He challenges people to stop spending so much time researching, planning, and goal-setting. Instead, he suggests you just go out and do something. Stop staying stuck in a box; go bust through walls and make things happen.
I believe wholeheartedly that you learn much more through hands-on experimentation than you can ever learn through reading about something or taking a class about it.
4. Always be looking for new income streams.
If you get a few income streams going, it’s easy to become complacent. Of course, if you land on things that really are working well, don’t jump ship. But don’t also get stuck in a rut. Constantly challenge yourself to look for new ways to improve and expand your current income streams so that you are maximizing the return on your investment of time.
5. Remember that failure is your friend.
The truth is, if you jump out and try anything you are bound to fail at least a few times, maybe even time and time again. If you stop looking at failure as a dead-end and start seeing it as a window of opportunity, you’re well on your way to success.
Don’t give up. It will be worth the 99 tries, when you finally hit on the hundredth amazing idea!
Next week, we’ll wrap up this series with some closing thoughts. If you have any specific questions I’ve not tackled in this series, feel free to comment and ask them (or shoot me an email) and I’ll try to answer them in next week’s post.