I recently read an article written by Mr. Meiko Patton for Yahoo’s SmallBusiness page. The article is an easy read, and touches on a few key points many of us can learn from. Specifically, the article describes how the U.S. Postal Service is securing its future by adding lines of revenue/income to its repertoire.
Just as the U.S. Postal Service, many of us can benefit from another stream of income. Diversifying one’s income sources can help reduce the impact felt should that stream dry up or reduce. For example, imagine earning a $50k annual salary working for one company. If that company reduces the salary or goes belly-up, you may risk to lose 100% of your income. By comparison, should a person earn $50k from one salary, and an additional $20k from another source (part time employment, consulting services, home-based business, freelancing work) that will help boost the earning potential to $70k. Another added benefit is that should one of the revenue streams dry up, i.e. if the $50k job is cut, you will still be able to generate some income through the other sources.
Here’s an excerpt from the article:
“There are tons of ways you can start a side business and I could list the ways, but you’ve probably seen that same old list before. It looks a little like the one below and you could start now and become one of the following:
1. A graphic designer
2. A photographer
3. A dog walker
4. A computer programmer
5. A singer
The article further discusses earning opportunities by learning a trade/skill and then earning income by teaching this same information to others . Another source that shares this same concept is an awesome podcast series created by Mr. Alex Blumberg, called Startup. The podcast is described as follows:
“This is a series about what happens when someone who knows nothing about business starts one. It’s called StartUp.”
This series takes you through the eyes of a gentleman starting his company from scratch. It is very well narrated, and shows us different aspects to starting your own full-time business. I believe that on a smaller scale, this series can inspire you to create your own content, market it, and monetize your ideas. Once again, providing another option for generating a stream of income.
What do you think? Do you have a special skill or knowledge in a subject matter that others do not? Do you have experience you can share with others? I’d love to hear about it!
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