If you are working nine-to-five or if you are an
entrepreneur, a lot of people only have one source of income coming in. But are
you prepared if something happened to where you lost your job, or your job went
from full-time to part time? What if all of your income was cut off tomorrow?
I’m a firm believer in having multiple streams of income. Even when I first started in the entrepreneurial field, I had a little bit of diversification. Yet, a majority of my income came from my technology consulting services. Essentially, I was trading time for hours and that was the bulk of my income.
Soon I realized that there was only so much room that I could grow if I was only coaching and consulting. If I wasn’t working, money wasn’t coming in and I was only able to work so much. I often ended up with a lot of hours put in. I was chasing the money because I really wanted to replace my income from my previous nine to five jobs, but I got burned out very quickly. I wanted to find a way that I could duplicate myself. I wanted to find a way to get more value for my time instead of always trading time for hours. This is when I decided I would look at other ways to diversify my income and ways that I could bring in multiple streams of income.
One of the best and easiest ways to get started is by
searching Google for “Amazon affiliate.” The best thing about this particular
affiliate program is it doesn’t matter what you are discussing, basketball,
graphic design, exercise, and the list goes on, if you don’t have a product, you
can use someone else’s product and make money off of it just by recommending it
to your subscribers.
If you go to my YouTube channel, you’ll see that I have affiliate links right in my description. I do this because I often get questions on what camera I am using or what microphone I’m using to record my podcasts. Even though I didn’t create these products, they are products I use and then I turn around and use my Amazon affiliate links to give to people. If you are recommending a product to someone, you may as well get money back from it.
Now, I will be the first to tell you, that you are not going to immediately make a lot of money from recommending products with your affiliate links. They will only give you a certain percentage and as you grow, and more people follow your links and purchase, your percentage increases. You also need to be careful with what you are recommending. Carefully choose products that you are actually using, do not just recommend everything and anything.
The next way that I learned to diversify my income was by
taking some of the work that I have done for clients and turn it into courses
so that they were available for purchase for them to learn it or to give it to
their team in order to train them. They can learn the information on their own
time, yet they are still getting me giving them the training.
Yes, it is going to take a lot of time and energy upfront, but the great news is, once it’s created, it is finished. It will then turn into evergreen material as long as the content is up to date and relevant. This information can be sold at any time – while you sleep or while you are on vacation. This gets you out of having to trade TIME for DOLLARS.
The next method kind of goes hand in hand with the one above. Nowadays, if someone is selling a course or providing a product/tool, they have some type of affiliate program set up to where if people send them there or people recommend them, then they will give you a certain percentage of the product. For example, I use several website builders or funnel builders, so each time I’m setting that up or building it for a client, I will always recommend to the client these systems that I am using. By them signing up through my link, I get a percentage of the income that the software or funnel service provider receives. I also get a percentage of the monthly income that they are getting as long as that referral that I sent over is a monthly paying client.
If there are systems and tools that you are using online, just check with that company and see if they have affiliate marketing programs for their customers. If you do not see it clearly labeled on their website, just reach out to them and see if there is a possibility to begin one.
These are my top three recommendations. While there are other ways to diversify your income, real estate, retirement, investing and the list goes on – these are some that can be done in the online space that will begin your journey to having multiple streams of income.
Would you add anything else to the list?
Here are a few different ways to catch the episode: