Getting Creative with Awesome New Income Streams

3 Mins read

The American dream is just a fantasy, right? It’s an ideal. Too good to be true. It’s about having the freedom to achieve your goals and the opportunity to reach your highest aspirations… but who says you can’t?

income stream

Shutterstock Licensed Photo – By Leremy

Whilst not all opportunities are equally accessible, your goals are not unattainable. There’s no reason why you can’t move closer towards those aspirations, step by step.

For many of us, the ability to provide for ourselves and our families is a key goal; and thriving professionally is a major aspiration. What is tied up with both? Cash. Having more of it certainly doesn’t solve all of life’s problems, but it makes life easier.

From a financial perspective, the most successful people in the world tend to have something in common. They are entrepreneurial, with multiple streams of income. Whether you are a natural entrepreneur or not, you can diversify your income too.

How to add another income stream.

Set up a side business

Do you have a passion you always hoped you’d drive forward, but didn’t? Is there a problem you experience that you think you could fix? Could you make something you think people would buy? Combine dreams, ambition and real-world solutions by setting up your own business in your spare time.

This will definitely be a lot of work, but it might just be the best decision you ever made. The right idea could be extremely profitable, especially if you can you find a solution to a common frustration. If not, there can never be enough accessories for pets.

Start food delivery driving

Take advantage of popular apps like Deliveroo, Just Eat and Uber Eats by picking up shifts as a food courier. Food delivery driving usually involves flexible work patterns where you can build your own schedule. This means you can pick up work that suits your lifestyle or add evening and weekend shifts in addition to a regular 9-5 job.

With takeaway driving, you can start making money pretty quickly. There are just a few requirements. You need to have the right driving experience, vehicle and specialist fast food delivery insurance in place.

Try freelancing or consulting

For those with sought-after skills and experience, setting up a freelance or consultancy business on top of your day-to-day job can be a worthwhile venture. This is particularly true if your talents lie within a future-proof industry.

If you have digital skills, know a thing or two about artificial intelligence, or have business acumen through the roof, you can pick up extra work as a self-employed freelancer, consultant or specialist.

Make an investment

Already got some money in the bank? Excellent! If you have secured a good deal on your interest rates, you could see that cash increase long-term. However, if you haven’t put your money in a savings account, it’s not going to do a whole lot sitting in the bank. A more profitable place for your savings could in stocks and shares.

When it comes to investing, there are no guarantees. Your capital will be at risk and share value can go up or down, but if it pays off, it could pay off in a big way. If you’re investing large amounts, you might want to seek out financial advice from a professional.

Rent out your property

Another kind of investment, property can be a lucrative source of income. The caveat is that you need your own property to begin with, but once you have that, you can rent out space using an online platform like Airbnb or Spare Room.

If you are lucky enough to have a second property, you can rent it longer term as a landlord. If it’s more realistic for you to start small, you can even rent out your driveway.

The benefits of investing in a property don’t end there. Once you’re ready to sell up and move on, you could make a nice profit.

Create a passive income

If the American dream seemed unrealistic, creating a passive income stream probably sounds out of this world. What’s more, the term passive income is somewhat misleading. Passive income streams don’t appear from nowhere, they usually take a lot of hard work.

You need to create a product, market and sell that product, then grow it to the point where it sells itself. If you put in the effort, you could reap the rewards in the long term.

Build a following

One great way to begin your quest to multiple income streams is to start a blog, set up a website or establish yourself as a social media influencer and build a following. Once many sets of eyes are firmly fixed on you and your platform or website, businesses will show interest and ask to advertise or pay for sponsored content.

Whichever path you choose to take, your aspirations are achievable. Those goals aren’t the stuff of legend. You can reach them. After all, it just takes one step to move forward.

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About author
Ryan Kh is a big data and analytic expert, marketing digital products on Amazon's Envato. He is not just passionate about latest buzz and tech stuff but in fact he's totally into it. Follow Ryan’s daily posts on Catalyst For Business.