When I was a contractor in the IT industry I learned that it is vital to have multiple income streams because you can’t control everything. There was an industry freeze on contractors and I just happen to be caught out between signed contracts. For me I was determined not to be caught out again.
So now I am out of the IT industry and have a jewelry business, I have multiple income streams so no matter what happens in different areas I still have money coming in. I think all businesses need to have this approach but also individuals. We’ve all seen businesses collapse and people left in bewilderment and out of work with no money coming in, no security. Having alternative sources of income makes life much easier, smoother and safer.
For me I have a party plan side to the business, as well as a wholesale jewelry business, an online jewelry store and attend trade shows like bridal expos etc. It means I need a heap of different skills like internet marketing strategy skills, sales ability, computer skills for making promotional materials and building the website, financial management abilities and administration expertise. So over the years I have constantly built up my skill set and intend this to always happen.
Having different sources of income lets me build savings during busy times and to get through quiet times without pain. It creates savings that create wealth that leads to financial security and then financial freedom.
Click for Earring Holders at www.CreativelyBelle.com/stands
Seeing the Ways for Different Income Streams
I find it surprising that many retailers rely solely on their retail shop income and find a heap of excuses not to have an online shop. The most common excuse is that their stock changes over so often that they couldn’t keep up with having it online.
If you want to find a way to make something work then you will. Shops find they have stock that sells very well and they carry that range for 6 months – 2 years (or even longer). This is ideal stock to include in a website store. The online store can carry more or less stock that the retail shop carries. The online store can be grown progressively, especially with the help of an online marketing plan.
I love checking my sales in the morning to see orders placed while I have been off doing other things. Yes, I spend time on internet marketing and I enjoy it. I put effort into it and I get results for it. I love having the sales come in online because they feel like a bonus. I know what it is to go out and setup a party plan home show display, to setup a trade show display, to get out on the road and meet with wholesale customers and the efforts involved to get that income so online sales are like cream to a cat for me.
I am surprised how many wholesale suppliers spend a heap of money on trade show booth rentals and don’t back it all up with a website that is actively marketing 24/7 for them where customers can place orders while they are out and about at different trade show expos in different states.
For many people the idea of leaving the security of a paid job to take a flying leap with their own business is just too daunting. Building additional income streams to create financial security and freedom can be done part time while keeping the security of a paid job.
There are a heap of options for doing this ranging from affiliate marketing, direct sales party plan business and companies, developing your own online store selling what you love, developing an eBay business and there’s forums for wahm’s that can create a heap of ideas – whether you’re a mother or not.
The thing is you can create financial security for yourself by looking round with an interested eye at the possibilities, whether you have a business, are an employee, a student or a stay at home parent. This additional income can be saved, used for holidays, ease the pressure of constant bills, pay for education, create wealth for financial freedom; anything that makes your daily life better.
So when someone says it isn’t possible they just aren’t looking around with eyes wide open. So how many streams of income do you want coming in this time next year? For any business or individual there are a heap of ways to create multiple sources of income to make life better.
All the best,
www.CreativelyBelle.com – join our newsletter and be the first to know about new designs and business articles