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.
Hi Crystal – Thank you for this series. I am a working mom, and I’ve been trying to think of ways to earn a little extra to help save for college. You’ve sparked my imagination!
You are so welcome!
Does anyone else have a hard time figuring out what you’re good at? I know, it should be obvious, right? But I always seem to get stuck at that step. I’ve gotta be good at something!
Patty, you’re not the only one! Sometimes I feel like I have no gifts or talents at all! Of course there are things I do well and enjoy. Like cooking, decorating, painting, crafting. But am I really good enough at those things that I could turn them into a profitable business?
Mary Ellen
The Working Home Keeper
Ask your husband or your friends. You may not realize your own talents 🙂
Do you share things with others that you find them intrigued about? What kind of books or magazines do you like to read? Those will point you towards your interests, which will probably point you towards your talents!
I often wonder too, maybe at this point in your life, what you are doing is enough…you are NOT supposed to be adding anything else to your life.
In my case managing my home was more than enough for many many years.
I have found a way to save money while bringing money in!
This school year I cut back from full time to 31 hour salaried position. I have 4 kids and we were paying $1200/month in childcare this summer. I knew things had to change this fall, so I decided to watch a few children after school. I have one child that comes over in the mornings before school. I take my two oldest children to school, along with the boy I watch, and then take the younger two to a babysitter. I then go to work and stay until 2:30pm, then I leave to pick up all the children.
I am currently watching 3 kid and bringing in $155.00/week. I cut my hours back, but I am not having to pay out childcare for the older two children and I am allowed to work at home one day per week! I am only paying $672/month in childcare veses $1200/month in the summer! I think I found a great way to significantlly increase my income and happiness, since I can be with my children after school.
This has helped us financially and I hope to continue doing this while my children are in school.
I wholeheartedly agree–people often spend too much time “thinking” about what to do instead of just giving things a try! I would encourage everyone to “try” ebay–it’s an easy way to make money. Stop thinking about it and just do it!
I have really enjoyed this series!
Your #1 tip–“think about what you’re good at”–is something I’ve been thinking about all week. Recently I’ve been devoting a lot of time to artistic pursuits that I’ve really enjoyed, but I finally had a realization–I was doing these artsy things at the expense of income-generating activities that I liked even more and was actually GOOD at–like writing! It’s validating to see that here at MSM today 🙂
I’ll still be dabbling in artsy stuff, but I’ll take care not to lose sight of the big picture.
Thank you so much for this series. I have always wanted to have multiple ways to make money. But, they all needed too much time. I did start a blog for truffle pops and candy making. It’s something I have been doing for years. And I enjoy doing it! Thanks!!
trufflepopsandmore.blogspot.com
Thank you!! I have really loved reading this series….although I always love all of your series 😛
I feel like my problem is that I never get far enough into something to see whether or not I’m good or not. I get distracted and give up on things to quickly. I’ve started using the motivator of “what can we do with this extra money?” and discovered that if I just make an extra $1000 a month we can have our mortgage paid off in 7 years! Oh man would that feel awesome!
Anyway, thanks for always being a great encouragement!!
Thanks so much for this series! I’d love to hear about some of your “failures” along the way and how you saw opportunity in them! 🙂
I wrote a lot about my failures in my Becoming a Work-At-Home Mom series:
https://moneysavingmom.com/2009/10/becoming-a-workathome-mom-its-work.html
Crystal, I just wanted to say “thanks!” This blog series has given me the kick in the pants I needed to finally get an idea I’ve had for years off the ground. Ever since I was pregnant with my first child, I was shocked at the way that many kids clothes nowadays glorify poor behavior (e.g., they say things like “Brat,” “Diva, ” “I’m the boss,” etc.). I’ve told people over and over for years now that someone should come out with a clothing line that glorifies _good_ behavior! Since no one ever took my idea and ran with it, I finally put pencil to paper (and pixels to computer!) and designed some myself! MommyBee Designs was officially born this past Tuesday!
Here’s my shameless plug: http://www.cafepress.com/mommybeedesigns
Thanks for this series! It’s really been a major factor in me finally sitting down and just doing it!
cool! I think the most awful one I saw when I was pregnant was “does this diaper make my butt look fat?” like we need to enforce worrying about size as newborns. Arg.
There is such a need for this. I love the idea!
Melissa,
I love your concept! So needed – definitely bookmarking it for later.
I absolutely love this idea!!!
I’m not sure if this is the place to ask this, but a few weeks ago you mentioned reading the book “Quitter”. Can you please tell me the author’s name?
Thank you for your encouragement and wonderful ideas. I thank God for you.
It’s by Jon Acuff.
I checked out a different book called “Quitter”, which was written in comic book style. LOL I haven’t finished it and maybe it is great, but I was wondering if I had the right one.
Oops! Glad you double-checked! 🙂
I would add this … I’ve been trying to figure this whole blogging thing out. Wanting to make money from it so I can continue staying at home. I’ve followed everyone’s advice and it just didn’t appear to be working for me.
What changed? Someone mentioned that you need to figure out what you are GREAT at.
I discovered that I was doing what everyone else was doing instead of doing what I was GREAT at.
So ask yourself what am I GREAT at? Then how can this “greatness” help others. We all have different gifts that God has given us – we need to use them to our advantage.
Loved this; thanks for sharing!
So very true what you said! Sometimes you just need to realize its time to move on from one idea and focus on something different!
I’m still trying to figure that out. I know I’m good at a variety of things, but there’s nothing that sticks out. Glad you’ve figured out yours.
This has been a great series, Crystal! I know that your intent on item #4 is for people to continue to challenge themselves and not become complacent but I have to say, from personal experience, that some of us actually need to stop looking for new income streams. We have good salaries (great compared to so many) and I’ve had to really pray about my heart when it comes to income/money. I don’t believe that God intended for us to spend our lives chasing the next dollar.
The parents of a dear friend (who are also dear friends!) are wonderful people but it’s always made me a little sad to see how they’re constantly chasing money. They’ve owned several different businesses, always have things going on ths die. I can tell you that their daughter, now mid-30s, would have prepared to have time with them. They were never “poor” so it wasn’t that they were doing all this to make ends meet.
Anyway, just saying that I think we all need to check our hearts when it comes to deciding when we have enough.
Totally totally agree with this. Especially when you have young children at home.
Looking back, I wish that I would have stopped a LOT more often just to enjoy my little ones! Although my kids are teens I figure I only have them for a few more years until they are gone. I’m planning on enjoying these years – I’ll have many many more years to earn money when they are gone.
Thanks for sharing another perspective; I appreciate it.
I agree. My husband and I make more than enough and we are also very frugal. For me to add more jobs would just add stress to our lives, I believe, and take time away from raising our children. Between the two of us, he works 40 hrs a week, I work about 32 hrs a month. I have had a few people ask about small side jobs but a small bit of extra income wouldn’t be worth it right now. Maybe when our kids are out of the house or something, then we can worry about me working more hrs but for now, God has so abundantly provided all of our needs, we just pray for wisdom on how to manage any extra we have after paying off our mortgage.
This is such an important point.
My husband brings home a good income and we live (frugally) on his single income. To earn a good income, he works very long hours at a job that is fulfilling, but intense.
I think I sometimes get charged up to add just a bit extra to the family income, and I often have to remind myself that “enough is as good as a feast.” Because I’m home and can cook homemade meals, love on our children, keep house, find ways to stretch a dollar, and count our blessings…we manage to live a life that is abundant in all respects.
I, too, grew up with very driven parents who ran a small business. Though their financial blessings have been many, I think far too much of their time was spent at work. In addition, they have had a terrible time retiring because they can’t seem to find an identity outside the office.
I also…frequently…felt less important than their business. They are loving, good people, but the priorities in their lives were loud and clear. I think their choices were destructive to the very essence of our family life.
You are exactly right– hearts need to be continually checked as to true priorities, and true riches.
I am glad to see this perspective on here. I have been feeling guilty all the way through this series because I read MSM to learn how to better save and spend my money, but I don’t really want to earn extra money. I truly believe it is a valid, healthy choice *just* to be a stay-at-home-mom. I love my “job” as a mommy, and I enjoy serving others through volunteering at my church. If you don’t truly feel led to get a job or create a job, then maybe you’re right where you need to be!
Drop the guilt, okay? Be who God has called you to be–not who He has called someone else to be.
I believe that both husband and wife should be contributing to the economy of the home, but that doesn’t mean that both have to necessarily be *earning* money. Sometimes, focusing on saving money and wisely stewarding what you have is the wiser course of action.
I think you’ll be relieved to read my final installment next week where I’ll be bringing balance to those who may have felt burdened by this series. Hang in there and do what God has called you to–and walk in freedom and victory!
(Hugs to you!)
I’m so sorry for the typos…I meant that they always had several things going on the side and my friend would have preferred for them to spend more time with her.
I agree !!! We all have seasons of life, and we need to fully embrace whatever season we are in. That may or may not mean a side business. Reminds me of that quote “Whatever you are, be a good one”!! 🙂
Well said! I very much agree. I’m a sahm. My contribution may not be a financial one, but its just as important to the well being of my family. While I believe in being frugal, I also believe that there are far better things, at a point, that we can spend our time on than money. My husband fortunately makes enough that we can live comfortably and put aside some moeny for our savings…all without other sources if income. One day I may look for another source if income, but at this time, I feel that being *just* a sahm I more than enough. Thanks for another perspective…it made me realize again what I feel is most important. 🙂
Crystal,
Thank you so much for this series. I really loved every part of it. It has helped me think of many ideas to bring in extra income; ideas that I wouldn’t have thought of if I didn’t read this series. I became creative even though I am soooooo far from being a creative person. Thank you again for your continuous inspiration. Can’t wait to see what the next series is about. 🙂
Thank you so much for this series – it has been incredible. Your series posts just keep getting better and better!
PS When I clicked on this link: https://moneysavingmom.com/tag/how-to-significantly-increase-your-income-without-working-harder
I discovered that post one is missing. The post is here: https://moneysavingmom.com/2011/08/how-to-significantly-increase-your-income-without-working-harder-part-1.html
but I don’t think it’s been tagged as part of the series.
Thank you so much for posting this series! And Seth Godin is so right that we just have to get out and “do something” even if it means we fail at first! I think that our culture is great at dreaming up possibilities and setting goals, but those who actually go out and accomplish those things {you are one of them} are few and far between! Thank you for your encouragement and motivation to all of us who follow your blog! You are more of a blessing than you know!!
Katie, you said it so well. Ditto that!! 🙂