Multiple income streams are necessary for true success in today’s world. The pandemic has shown how easy it is to shake an established business to its foundations. Thus, diversifying your income is necessary to staying solvent and successful no matter what.
There are so many opportunities out there. You have to choose the level of involvement you can manage while remaining effective at your primary business. Expertise in building a business means that a franchising opportunity like the hydraulic hose business would be easier for you to manage. You can hire a team and supervise and manage.
An online business owner would benefit more from freelancing in a more hands-on manner. They might not have the staff to diversify into another business opportunity. Thus, increasing their list of services would help them attract a bigger client base which can help them to grow into a business with staff. Generating multiple income streams is about knowing the opportunities that exist and combining the ones to deliver a solid result.
Dropshipping
Dropshipping has remained popular from its inception. Its low barrier to entry makes it an easy business for anyone to enter. Dropshipping is a selling where the seller is the middleman between the supplier and the customer. The seller will advertise and finalize the sale, after which they give the relevant information to the manufacturer. The manufacturer handles the production of the items, packages them, and ships them out to the customer.
This is so popular because it allows the seller to avoid keeping an inventory, renting warehouse space, and dealing with delivery services. There are many niches you can choose from, but it is best to choose the one you are interested in to make it easier for you to help your customers. If your primary business is in auto repair, you can run a dropshipping site that exclusively sells auto parts and decor.
Consulting
On the other end of the scale, you can consider going extra niche and become a consultant. Where dropshipping focuses on as wide a target market as possible, consulting is about utilizing a specific skill. This business opportunity is best for people who have verifiable expertise in the field.
If you have extensive marketing experience, you can offer consultation to small- and medium-sized businesses to improve their marketing efforts. A social media expert can consult on how to run effective social media campaigns. Makeup artists can become personal shoppers dedicated to helping people find the right skincare and makeup products for their skin needs.
Freelancing
Freelancing is good for people who want to utilize a specific skill but do not want to be stuck in one location. Some people may also dislike public speaking and seek to make money without too many direct physical interactions with others.
Graphic designers can offer their design services for a fee to others. Writers and photographers can list packages that people can buy. You can also use this system to benefit your existing business. Hire freelancers for various jobs instead of full-time staff. This will allow you to delegate work, giving you more time to focus on other opportunities or ways to grow the business.
Print on Demand
Like dropshipping in that the seller does not have to deal with storage and delivery, print on demand is better for enthusiasts. The seller can design products which they offer via an online store or social media page. When customers select the product, they send an order to the manufacturer. The manufacturer prints the design, packages it, and ships it to the customer’s address.
This has become very popular with people in creative fields. It is a good way for artists and graphic designers to make money while getting their work out there. It is also a good way to generate interest in a particular type of product. If your company sells a particular type of food, you can start a side business selling t-shirts and enamel pins that are cartoon depictions of the food. It would appeal to people and passively generate more interest in your product.
Conclusion
Often, a secondary income stream takes your primary skills and diversifies them. Or it can take a secondary skill and find a way for you to utilize it. For business owners with a physical space, it is about transforming the office from one space doing one type of work to one space doing two types of work. Sometimes, the opportunity could be about utilizing an existing asset. If you have a large following on your social media or blog, begin offering affiliate marketing services to big companies. The strength of your reputation and the dedication of your followers could net you a sizable commission per sale of the brands’ product.
If your business is fairly viable, it might even benefit you to take on some online courses to teach yourself new skills. You can then utilize these new skills to grow separate branches from your existing business as diversified income streams. An outdoor equipment store can build an app that allows people to hear nature sounds and take virtual tours of hikes. The app can then offer opportunities for people to buy into these experiences physically and give discounts or bundle deals on the products they will need to go on the trip. Understanding how you can add value is one of the most important aspects of identifying a new income stream.
