3 Uncommon Ways You Can Create Multiple Streams Of Income

4 min read

Often times, I get questions from persons asking me how they can make more money in addition to their regular income. That is, they want to know how to have more than one source of income. I’d bet that you have the same or related question, otherwise, you won’t be reading this. Everybody (including you and I) wants to make more money right? I have good news for you. Making a side income is as simple as ABC, provided you are ready to give it what it takes.

Having multiple streams of income means you have different sources of income which flow simultaneously. So, in addition to the money you make regularly from your job, you also make extra dough from side hustles, which can be a small business or a part-time job. You don’t want your eggs in one basket. Unfortunately, you are clueless about how to go about this. This article is for you! Warning! This is not a get-rich-quick strategy. If you want to make more money, you must be ready to put in some work, real work! And give it time to yield results, which you will definitely enjoy.

Firstly,

…creating multiple streams of income requires that you deliberately seek for income-producing opportunities around you and grab them.

We all want to make money, yes I know, but the question is, are we willing to go the extra mile to harness opportunities around us? Depending on a single means of income is not ideal. What happens to you when this SINGLE source gets blocked (which mostly happens), temporarily or permanently? How would you survive? Would you go out to the streets to beg? You wouldn’t want that right? Definitely not!

Everyone needs a side hustle, whether as a student, graduate, banker, a teacher or a hairdresser. We all need a side hustle; something to fall back on from time to time. Relying on a 9-5 (for many Nigerians, it is actually 7-7, for some, it is 8-5, or 8-6, for many Lagosians, it is 5-9! CRAZY!) job to pay all your bills, and sponsor the life of your dreams is definitely not enough. Maybe it is for you though, but not for me. Hence, it is important that you have an eye sighted for income-generating opportunities around you, NOW more than EVER!

Before I move on, let me quickly highlight few advantages of creating multiple income streams:

Be your own boss

For a side business, you get to be your own boss and be answerable to nobody. It pushes you to be more creative, boosts your self-confidence and hence gives you increased self-esteem.

Enjoying what you do

Most people hardly enjoy their regular jobs. On the other hand, side hustles give you the opportunity to do what you enjoy doing, and make more money in the process.

Financial Freedom

Your best bet to becoming financially free is by having multiple income streams.

Wealth Creation

This is a sequel to the point on Financial freedom. The principle of creating long-lasting wealth does not work without the act and art of multiple income generation.

Having said the aforementioned, there are numerous ways to create multiple streams of income for yourself. Some of which are obvious, while many, on the other hand, aren’t that obvious; hence, “uncommon”. I want to show you 3 of such “uncommon” ways.

Okay let’s go!

1.  Teaching (NOT the regular kind)

The first method is to teach something. I don’t mean you must be a professional teacher or have a good command of English before you launch out, NO. There are lots of amazing stuff you probably know (well), and that you could teach others (friends, colleagues, neighbours and strangers). For instance, can you play the drums or other string instruments well? Start from there! Advertise yourself to your immediate environment or look for musical schools that are in need of your skills and enrol there. What about school subjects like Mathematics, English, etc.? Parents are always in need of home lesson teachers to help their kids. You can locate one and get paid for your services.

You can also sell yourself online. Start a class e.g. a graphics design. If you’re good with designing with smartphones, get people to sign up for the training and before you know it, money starts flowing into your account effortlessly.

What can you do differently? For instance, Do you have a special ‘secret’ strategy to cooking rice, which makes it taste uniquely awesome? Who says you can’t monetize it. It can be a new way of doing what everyone can do, knowledge, a skill… The list is endless. All you need to do is to find out if there is a demand for this knowledge or information or skill or whatever, and ensure it is what you love doing. Teaching is more fun when you are teaching what you love doing.

2. What about freelancing?

Freelancing is simply selling your services to employers without a long term contract. Self-employment is fast becoming the real deal these days. There are a lot of freelance websites such are Fiverr and Upwork where one can get opportunities to work for clients and get paid. You can decide to browse through these sites to check works that suit your fancy. Writing, graphics design, web design, programming, app development are examples of jobs one can find online.  Build a good relationship with your clients whilst working for them and get paid.

By the way, if you love writing and you can do it beautifully well, you can freelance for NgMoneyseries as a Scribe and make lots of cash weekly!

3. Create a Blog

What are you passionate about? Cars?  Apps? Fashion?  Why don’t you create your own website and start writing passionately about these things and more that catch your fancy? Now I know blogs are not that simple to create and run, It requires a lot of hard work but you can get help for free with other tools like WordPress and Wix.  Just put up quality contents about your area of interest and keep doing it on a regular basis.

Once you’re able to get your feet on the ground, you take it a step further by making money from it. How? You can choose to sell your own products or earn a certain commission by promoting another company’s product or service (affiliate marketing), you can also make money off your blog by selling eBooks or other digital products.

Creating streams of income is no lazy man’s work. It requires that you put every part of your being into it if you want to reap the benefits. So let’s get to work! Read this article again, identify your area of interest and get something done.

If you learnt something from this piece, do let me know. I look forward to reading your comments below.

Tags: No tags