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How diverse is your income stream?

by arlittell
4 replies
Thanks largely to information I received here, I'm now self-employed doing marketing for several local small businesses. It's great work that I love doing, but I've been thinking about diversifying my income streams. I'd like to be better able to weather any local economic issues.

I've been thinking about things like lead generation, amazon affiliate sites or something along those lines, but before I get neck deep in research, I was hoping some of the people who helped make my current dream real might be willing to chime in on what they find to be the best ways to diversify their own income.
#diverse #income #stream
  • Profile picture of the author iAmNameLess
    Originally Posted by arlittell View Post

    Thanks largely to information I received here, I'm now self-employed doing marketing for several local small businesses. It's great work that I love doing, but I've been thinking about diversifying my income streams. I'd like to be better able to weather any local economic issues.

    I've been thinking about things like lead generation, amazon affiliate sites or something along those lines, but before I get neck deep in research, I was hoping some of the people who helped make my current dream real might be willing to chime in on what they find to be the best ways to diversify their own income.
    Congrats on the full time self employment. Is your concern a local economic issue or more broad scale than that?

    If that is your concern, the common sense thing that pops in mind would be to get clients from other areas.

    Other than that, I've tried out some amazon affiliate sites with limited success. It definitely takes a lot more time and effort than landing a few new clients!

    One thing I've done a few years ago was look for yard sales, find some decent stuff and flip it on Craigslist and ebay. You could probably do better than I did, I just did it for something to do on the weekends and get away from my computer, while still making some money.

    Me and a buddy of mine went thrift shopping. He found an authentic Dolce and Gabanna womens coat, bought it for $10 and sold it on ebay for $200.

    You could invest in some REIT's and get anywhere from 5-10% on your money each year, somewhat low risk.

    Police auctions are another good source of income, but you're limited in some states on how often you can sell a car without a dealership license. You could usually double your money on vehicles in those auctions. A friend of mine does it 3 times a year, investing anywhere from 1-3k and will double his money regularly.

    Blogs can contribute a bit of money to your overall income. Create products, recommend products, make money from ads, etc.

    There's always opportunities to make money or diversify your income stream, both online and offline.
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  • Profile picture of the author arlittell
    Thanks for the input. You're probably right. Just getting some non-local clients would probably be easiest. I keep thinking that the more different revenue streams coming in, the less likely I am to suddenly find myself without any income. Of course, managing several completely different businesses at the same time also seems like a special kind of misery.
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    • Profile picture of the author qu4rk
      Originally Posted by arlittell View Post

      Thanks for the input. You're probably right. Just getting some non-local clients would probably be easiest. I keep thinking that the more different revenue streams coming in, the less likely I am to suddenly find myself without any income. Of course, managing several completely different businesses at the same time also seems like a special kind of misery.
      Also, think about looking at a good personal finance course. I like Dave Ramsey, because he does it A-Z. In a nutshell, the biggest thing to do is get your emergency fund together. As a business owner, we usually are the business, so if something happens to you (or your largest customer(s)) then there is no business. I have found that having an emergency fund would be a great way to create peace of mind as well to weather those storms.
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      • Profile picture of the author arlittell
        Originally Posted by qu4rk View Post

        Also, think about looking at a good personal finance course. I like Dave Ramsey, because he does it A-Z. In a nutshell, the biggest thing to do is get your emergency fund together. As a business owner, we usually are the business, so if something happens to you (or your largest customer(s)) then there is no business. I have found that having an emergency fund would be a great way to create peace of mind as well to weather those storms.
        That's also really solid advice. As it happens, we are very familiar with the Dave Ramsey program and I even got to hear him in person. We do have a 12 month emergency fund before I left my job. Just trying to see if I can keep ahead of any problems.

        But if I hadn't done that, that's absolutely what you should do to give yourself some breathing room.
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