Having one steady revenue stream is excellent, but having more than one is even better. If the last two years taught us anything, it’s that we should expect the unexpected, especially when it comes to the economy. Whether you are a business owner or a full-time worker, having multiple ways to make money will bring you financial stability, even when the economy isn’t so stable.
Multiple streams of revenue can look different for everyone. For example, some people work a full-time job and have a side hustle, whereas others own a business that’s expanded its offerings. But several sources of income can help you keep your head above water financially compared to one stream of revenue.
Plus, multiple income streams can make you feel more stable and secure, as you’re not heavily relying on one in case something unpredictable happens.
When it comes to brainstorming additional revenue streams, you’ll have to get creative. If you need some inspiration, we’ve found a few passive income ideas and tactics to get you started on your way to financial security.
- Cut costs and increase efficiency.
This tip mainly applies to business owners. Companies should reduce supply expenses, minimize production costs, and streamline processes wherever possible. Implementing virtual technologies to modernize marketing efforts will also save time and money as you won’t have to hire a staff member.
- Make sure you’ve got a hot product.
If your business offers a service or product that’s in demand, you’ll retain and gain customers even during tough economic times. Products and services that solve a problem are always popular among consumers. For those thinking about starting a business, pay close attention to the products in demand overseas—international countries tend to introduce trending items before the United States.
- Start a side hustle.
Even if you’ve got a reliable 9 to 5 job, working a side hustle gig in your spare time will help you get ahead financially. This side hustle can be closely linked to your full-time job, or it could be a passion project. Tutoring, freelance writing, social media marketing, consulting, and even dog-sitting are popular passive income streams.
- Get a better-paying job.
Getting complacent and stuck in a job that pays poorly when you’re comfortable is easy. Start searching for a new, higher-paying job on evenings and weekends.
- Develop a savings plan.
There are few things better than watching your bank account balance increase every month. First, look at your monthly revenue, budget for recurring expenses like rent, groceries, and bills, and then determine how much you can realistically set aside each month.
If you’re not the best with money and any extra cash feels as if it’s burning a hole in your pocket, meet with a financial advisor, as they can set up auto deposits.
Another option is investing your money into a relatively safe stock. When you invest money, it will grow over an extended period, and you can’t withdraw the money on a whim while you’re in the middle of a shopping spree.
- Live below your means.
The easiest way to save money is to live below your means. Instead of charging unnecessary purchases and travel to your credit card, only spend the funds sitting in your bank account. Doing so will minimize the amount of debt that’s collecting horrific amounts of interest.
- Build up an emergency fund.
An emergency fund, or nest egg, can help you cover unexpected expenses like a broken dishwasher, dead car battery, or veterinarian bill. When accidents or emergencies happen, most people have to charge the expense to their credit card, going into debt. But when you have a nest egg, unexpected expenses are much less stressful and won’t financially haunt you for years to come.
To learn more about side hustles and to implement multiple revenue streams, sign up for our Girls L.E.A.P event on February 17, 2023. This event is designed for women entrepreneurs or small business owners who share the immediate need for growth. At the Girls L.E.A.P event, you’ll discover game-changing tools and strategies to help you launch and scale a thriving business.