Create Multiple Streams Of Income Using This Wealth-Building Guide

Getting by on one income has become increasingly difficult over the last two decades, even for single, young individuals.

Food, clothing, gas, rent, and utilities are more expensive than ever, making the need for additional income streams paramount. Identifying, developing, and avoiding pitfalls in creating multiple income streams can have significant benefits.

If you’re looking for new ways to bring in money, BLACK ENTERPRISE has some advice and tips for creating multiple income streams.

Additional Revenue Streams Means Additional Work

Additional revenue streams always mean more work, so if you work a 9-5, know your work day won’t end there. Depending on what your additional revenue stream is, you may need to get certifications, licenses, and even training. That means researching what you’ll need for your new revenue streams is paramount to success.

The best way to do this is to talk to or watch professionals about what you want to do and how they deal with the issues that come up. Additionally, be sure to pace yourself, as you can quickly get overwhelmed. Start at a pace you can manage, and make sure you can quickly pivot in case circumstances change.

“Many people think that passive income is about getting something for nothing,” financial coach and retired hedge fund manager Todd Tresidder told Bankrate. “It has a ‘get-rich-quick’ appeal… but in the end, it still involves work. You just give the work upfront.”

Talk To A Financial Planner Or Banker

Talking to a financial planner or banker can help you determine what startup costs will go into your new revenue stream, how much income you will generate with your new business, and how best to spend the additional revenue you’re making.

Once you start generating additional income, have a plan to invest that money into something that will generate even more revenue for you, especially if you plan to have more than one additional revenue stream.

Avoiding Risk

Avoiding risk when creating an additional revenue stream is key to success. If you don’t plan well, you might cost yourself more money. Make sure you plan both short-term and long-term goals for your new venture. When starting a new revenue stream, you can never plan enough.

Also, use social media to study and talk to others who have made a success of themselves doing what you want to do. They can tell you what to plan for, the risks involved, and how to avoid them. Talking to an expert may also give you some hidden gems people learn about down the road after starting.

Also, ensure you have the correct licenses and certifications for your new business. If you’re getting into real estate, you may need to take a few courses before starting your business. This can also be a way to test your interest level in your new revenue stream.

Ideas For Additional Revenue Streams

There are many ways and ideas concerning additional revenue streams today. The hard part is finding one that not only interests you but that you will be good at. First, identify your interests and how you can turn them into money. During the COVID-19 pandemic, many people, especially Black women, were forced to turn skills—including cooking food, making spirits, and more—into businesses.

Figuring out what you have that others will pay for can be a way of identifying streams of income. For example, if you’re a homeowner with a parking space, parking on the street and charging a monthly fee for your parking space can be an additional revenue stream, especially if you live in a metropolitan area such as New York City, where thousands of parking spaces have disappeared.