I'm sure it has to do with the current economic climate and the job market being what it is, but many of my clients who are either going through a job career change or who are seeking for just that something extra are looking to add multiple income streams to increase their financial stability to feel like they are writing less of a roller coaster and maybe just a little seesaw.
And it's completely understandable, many of the most successful career changers attribute their financial stability to having multiple income streams. But I get it, I've been there – starry-eyed about “following my dreams” but also sweating bullets about paying the bills. To keep you from having to do the same, I'm here to spill the tea on how you can have your cake and eat it too in your new career path.
This guide is your golden ticket to navigating the wild world of multiple income streams: we're talking real strategies, hard-earned lessons, and maybe a few facepalm moments from yours truly. Whether you're a fresh-faced career changer or a seasoned pro looking to shake things up, I've got you covered.
So, buckle up, buttercup – we're about to dive into the nitty-gritty of turning your passion into a multi-faceted money-making machine! (Ok maybe not machine, but I want you to feel confident in your ability to bring in a little extra booty!)
Understanding the Power of Multiple Income Streams in Your New Career
Alright, let's get down to brass tacks. What the heck are multiple income streams, and why should you care? Well, my friend, it's exactly what it sounds like – making moolah from various sources instead of relying on a single paycheck. And let me tell you, it's been a game-changer in my journey!
When I first started my new career (which also happens to be my own business), I stayed up night nervous and worried. What if it didn't work out? What if I couldn't make ends meet? Luckily a mentor made sure I knew about the concept of income diversification, and boy, was it an eye-opener!
Here's the deal: having multiple income streams is like giving yourself a financial safety net with a side of rocket boosters. Not only does it provide stability (hello, peace of mind!), but it also opens up opportunities for growth that you probably never even thought of.
In my case, what started as a one off favor to an ex-colleague “side gig” turned into a lucrative consulting career alongside my private coaching. Who knew? The beauty of this approach is that it allows you to explore different aspects of your career and interests while padding your wallet. And yes, you can do this all while working a 9-5. It's a win-win!
By diversifying, you're giving yourself the freedom to fully embrace your new career without constantly stress-eating over your bank balance.
Identifying Potential Income Streams in Your Chosen Field
Now that we've covered the "why," let's dive into the "what" and "how" of creating multiple income streams. Trust me, I've been down this road, and it's like being a kid in a candy store – so many options, so little time!
First things first, you've got your primary income source from your new career. This is your bread and butter, folks. For me, it was private coaching. But here's where it gets interesting – the offshoots and complementary services you can offer.
Think about it: what skills do you have that complement your main gig? In my case, I realized I could offer management consulting services alongside my coaching. Boom! Another income stream was born. And let me tell you, it felt like finding money in the pocket of an old jacket from the thrift store – unexpected but oh so sweet!
I know not everyone has the time to slap on a whole ‘consulting’ business to their already 40+ hr a week day job and that’s ok! There’s so many things out there. Don't forget about passive income opportunities. These are the holy grail of income streams – make money while you sleep, baby! For instance, I created a series of courses that I sell online. It took some upfront work, sure, but now it's a great product I can offer at any time.
I’ve had clients who offer their skills in writing, who have self-published books, who have taken on social media management, who record tarot readings, all sorts of side projects. Putting these together is not like having a little money tree in your digital backyard, you still have to market them and do the work, but they can be fantastic income streams once they get going.
Here's a pro tip: brainstorm at least 10 potential income streams related to your work and/or interests. Some might seem far-fetched, but don't dismiss them right away. I once had a client jokingly offer a birdhouse making workshop to her HR department, and guess what? She got paid a stipend to give it! It’s now something she offers (and gets paid for) regularly! The moral of the story? Don't be afraid to think outside the box – that's where the magic happens!
Leveraging Digital Platforms for Income Diversification
Alright, we're about to enter the digital realm – which I’m sure you’ve been told is a place where income streams flow like rivers of gold... or at least a steady trickle of PayPal notifications. This isn’t the whole story by a mile. While there are some folks out there selling the idea that you can become rich from selling digital products the truth is that very few people will see those massive returns.
But digital products actually can make you some money if it's the right choice for you. Digital products like e-books, templates, printables – basically, anything you can create once and sell multiple times can be a great place to start.
Now, let's talk about the crème de la crème of digital income streams: membership sites and subscription models. This one can a while to wrap your head around, but yes, there are people out there who want to pay you for your knowledge. I had a client who created a monthly subscription newsletter for aspiring writers, offering writing prompts, feedback, and live Q&A sessions. Not only did it provide her a steady income, but it was also like having a virtual writing group that paid her to host it – she loved it. She no longer offers it as her ‘day job’ demanded more of her time, but that’s another perk to these income streams. You can start and stop them when it’s best for you.
Investing for Your Income Streams: Long-term Success
Investing isn't always seen as passive income but that's actually exactly what it is. There's even schools of investing thought referred to as “lazy investing” because you simply choose a portfolio that allows you to walk away while you get the gains with no further work.
If you've never invested in your company's 401k or you've never even invested in anything, I know it can sound scary, complicated and intimidating. But if you take the time to learn investing basics (and the earlier the better) the more likely you will be able to create a long-term side income stream from your investments through compound interest.
I am not a financial advisor so I will not advise you on how to invest but here are a few good resources to get you started.
1. DowJanes
Exploring Offline Income Opportunities in Your New Career
Now, let's bring it back to the real world for a hot minute. Just because we're living in a digital age doesn't mean we should ignore good old-fashioned face-to-face opportunities.
Speaking engagements and workshops are a fantastic way to boost your income and your reputation. I remember my first speaking gig – my inner critic was telling me I was in the wrong place. But you know what? Once I began sharing my expertise, it was like a switch flipped. Before I knew it, I was fielding requests for more talks and workshops.
Pro tip: start small with local events or webinars, then work your way up to bigger stages.
Next up: one-on-one coaching or consulting. Obviously I feel that there's something incredibly rewarding about working closely with someone and helping them achieve their goals. Plus, it's a great way to command higher rates for your expertise!
Last but not least, don't underestimate the power of collaborations and partnerships. Teaming up with other professionals in your field (or even in complementary fields) can open up a whole new world of opportunities. I collaborated with a business coach to create a live goal setting workshop for clients, and it was more successful than either of us could have imagined. It's like the business version of peanut butter and jelly – two great things that are even better together.
Remember, the key to offline success is to be genuine, be helpful, and always be on the lookout for new opportunities. You never know when a casual conversation at a coffee shop might turn into your next big break.
It happens to me – I recently landed a major client just by chatting with the person next to me in line for a caffeine fix. So put yourself out there, and don't be afraid to strike up a conversation. Your next income stream might be just a chat away!
Balancing Multiple Income Streams: Time Management and Prioritization
Alright, now that we've got all these amazing income streams flowing, it's time for the million-dollar question: how the heck do we manage it all without losing our minds? Trust me, I've been there – trying to juggle multiple projects while also maintaining some semblance of a personal life. It's like trying to pat your head, rub your belly, and recite the alphabet backwards all at the same time! (While also chewing gum and blowing bubbles.)
First things first: you need to assess the effort-to-income ratio for each of your streams. I learned this the hard way when I spent weeks creating an online course that sold... drumroll please... exactly two copies. Meanwhile, a quick workshop I threw together on a whim became my hottest seller. The lesson? Not all income streams are created equal. Focus your energy on the ones that give you the biggest bang for your buck.
Creating a schedule that accommodates multiple projects is crucial. I use a color-coded calendar system that looks like a bag of Skittles exploded on my screen, but it works for me! Find a system that helps you visualize both your time and commitments. And remember, it's okay to say no to projects that don't align with your goals or schedule. At the beginning I tried to take on every opportunity that came my way, and let's just say it ended with me crying into a glass of wine at 3 AM, questioning all my life choices.
Remember, balancing multiple income streams is a skill that takes time to develop. Be patient with yourself, and don't be afraid to adjust your approach as you go. What works for someone else might not work for you, and that's okay! The goal is to find a system that allows you to maximize your income without sacrificing your sanity. And if all else fails, there's always coffee. Lots and lots of coffee.
But please, do not sacrifice your mental or bodily health in the name of ‘more money’ - unless you have creditors beating down your door it’s just not worth it.
Financial Management for Multiple Income Streams
As with most career based efforts you want to start by acknowledging why you want to do it. What is your reason for having multiple income streams? Is there an end goal? Know what you are doing all this for will help you manage the money (and yes money problems) that comes from making more in different ways.
Speaking of problems let's talk about the joy of tax considerations for diverse income streams. Sarcasm aside, this is serious business. Different types of income might be taxed differently, and you need to be prepared. I made the mistake of not setting aside enough for taxes in my first year of multiple income streams, and let's just say my meeting with the accountant was... uncomfortable. Now, I automatically set aside a percentage of each income source for taxes. It's like giving myself a responsible adult gold star every time money comes in!
Now, onto the fun part – reinvesting strategies for growth. This is where you get to play Monopoly with your own career! When I started seeing success with my multiple income streams, I was tempted to treat myself to a shopping spree (hello, new ergonomic office chair!).
But I quickly realized that reinvesting some of that money back into my business was the smarter move. Maybe it's upgrading your equipment, taking a course to enhance your skills, or hiring help to free up your time for higher-value tasks. Think of it as planting seeds for future income trees!
Here's a pro tip: create separate bank accounts for different income streams or purposes. Keeping ‘freelance’ income separate from W2 income is usually the best way to stay on top of your financial situation and keep your from accidentally spending tax money on, say, a lifetime supply of gourmet coffee beans (tempting as that may be).
Remember, good financial management is the backbone of a successful multi-stream income career. It might not be the most exciting part of building an empire, but it's what allows you to keep doing what you love without constantly stressing about money. Plus, there's something incredibly satisfying about seeing all your hard work literally pay off.
If there is one big fat piece of advice I can give however it’s that the key to success in the ‘multiple income streams’ world is to not try to do too much. Don't try to launch a full-fledged empire overnight. Trust me, I learned that lesson the hard way when I tried to create 10 online courses at once. Let's just say it involved a lot of coffee, tears, and questionable life choices. Start with one product or service, nail it, and then expand. Rome wasn't built in a day and you’ll only burn yourself out if you try to do it all at one time.
Click here to download your FREE Career Success Workbook
And if you want more help with your personal Career Pathing and Multiple Income Stream plans, the best place to reach me these days is by booking a free consult call.
Yours in ‘get off the roller coaster’ goodness,
EBS
___
EB Sanders | Career Coach for Creative Types
Unsatisfied with your work? Start HERE now!
