Do you have a friend that you only hear from periodically, but they get a pass because when you do hear from them it’s almost like no time has passed? I’m that friend, literally. Whether this phase of life includes a career, children, continued education or just trying to make the most of this thing called adulting, you’re probably in a similar place.
What’s really great about this moment is that there seems to be a natural gravitation to entrepreneurship. I haven’t figured out if this is a phase or enlightenment, but I am always excited to hear someone realizing that they have something more to add to the world. A few years ago I was complimenting my sorority sister on her growing business and she explained that outside of the passion she has for her business, there was entirely too much money out there to not consider building a business.
Since that time I’ve discovered that most people have multiple streams of income. Here are a few of the most popular:
Typically considered the primary source of income, your career, or job depending on how you look at it, is the universal source of money. You may love it, you may not, but most aren’t willing to give it up because it’s secure.
Sometimes you’re lucky enough to identify ways to monetize the skills you’ve learned through your career. This may be a seedling to a thriving business of your own or maybe it’s just a realization that people want what you have and are willing to pay for it.
Each of us are born with a gift and if you’re lucky you may find a way to monetize your talent. We each possess a talent that someone else doesn’t have, so if you can figure out a way to match you talents to someone that has a need, you may have a new revenue stream on your hands.
If you’ve ever met someone who is passionate about a cause then you know how powerful their potential is to motivate people. Passion-based business are often rooted in creating change that impacts people’s lives. People who find ways to monetize their passion often use those funds to support their cause.
An oldie, but a goodie, life hacks are reemerging with great potential for increasing your personal wealth. Social media has provided an excellent outlet to disseminate great, sometimes terrible, ideas to make life a bit easier and if you are savvy enough you can monetize your social media presence.
Likely one of the oldest side hustles, efficiency-based income is rooted in people’s willingness to pay for convenience. In a world driven by instant gratification you’ll likely find great success in this area when you determine how you can help others. The most difficult part might be figuring out what to charge someone for something that comes so easy to you.
Teams & Partnerships
Can you think of a time when the sum of two parts was greater than the whole? This is synergy and when you collaborate with the right people there is great potential. Team-based businesses build on the collective talents of the group while minimizing the individual weaknesses of its members.
The point is that there are countless ways to diversify your income. The most important thing is to recognize your own potential and take the first step. We are more connected than any prior generation and have access to more information than ever before, so why not take a chance on yourself.
Are you building a business? Or is there a category you feel is missing from the list above? Tell us about it in the comments section!