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5 Strategies That Can Help You Develop More Revenue Streams
5 Strategies That Can Help You Develop More Revenue Streams
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Money Management

5 Strategies That Can Help You Develop More Revenue Streams

Money254
Doris Kendi
March 31, 2022

Times are bad. In the current economy and the constantly increasing cost of living, money is far from enough, especially for an average person. 

With the current state of the economy, you are lucky if you have enough to cover all your bills and put three meals on the table. 

Relying on a single income is no longer enough - it is even worse for single-income households. So everyone will probably agree that it is time to build new and sustainable revenue streams. 

However, successfully increasing your revenue is not an easy feat. It requires a tremendous amount of perseverance, dedication, focus, and even in some cases, luck. But the key to successfully building sustainable revenue streams in this era is first to build a strong foundation. 

Below are several strategies (in no particular order) that can get you started.

Also read: What Is Passive Income and How to Build Passive Income Streams

Develop and Define Laser-Focused Financial Goals

Imagine this; you are dropped in the middle of a dense forest in the middle of the night. It is pitch black, and you can hardly tell your left from right. All you have is a flashlight. No map or even a compass. Where do you start? How do you find your way out? 

This is the same with your financial goals. If you plan to develop more revenue streams and raise your income, doing different things haphazardly will not cut it. You need to have a systematic plan. 

Here are tips to get you started:

  • Define your goals. You will need to set clear short-term, midterm, and long-term financial goals to give a direction of where you want to go. For example, suppose you want to have 5 solid revenue streams in 10 years. In such a case, divide this goal into small manageable portions. For example, you can choose to give each give every revenue stream 2 years
  • Research. What kind of revenue streams do you want to create? Do you need them all to be passive? Do you have time to do a hands-on side hustle? What are your options? 
  • Set a target date for each financial goal. Ensure you give each goal very clear targets. For example, assuming that one of your revenue streams is farming upcountry, do not just assume that farming will bring money. Do your research and find out the numbers. Then use these to set very clear strategic goals. 
  • Evaluate the progress often. Do not forget to take stock of your progress as often as possible. 

Also Read: Money Mastery: How to Set & Actually Achieve Your Financial Goals

Read Extensively

The truth is, even with unlimited resources, unless you are financially literate, you will struggle to manage them. 

Being financially educated entails having the knowledge and confidence necessary to manage, save, and invest money efficiently and successfully. And what better way to learn than to read. Reading has always been the most powerful way to gain knowledge. 

Read personal finances books and other resources. Learn as much as you can about:

  • budgeting, 
  • saving, 
  • the stock market, 
  • insurance, 
  • investments, 
  • retirement planning, 
  • getting out of debt, etc. 

Reading will expose you to the harsh truths of the world and teach you about the benefits of smart financial management, as well as the drawbacks of wasting money and the accompanying consequences that could eventually jeopardize your journey to financial freedom.

Reading will help you appreciate the essential nature of financial management and will motivate you to take action in the present to ensure a secure future.

Hence, read anything and everything that can help you better manage your businesses and finances and propel you to financial freedom. 

Keep in mind that learning does not occur overnight or through a single book; instead, it is a process that occurs gradually through education, practical experience, and life experiences.

Thankfully, there are unlimited resources both online and offline that can easily take you from a rookie to a financial expert within a short time. You simply need to start with the one you are most interested in learning, and you’ll slowly but surely set up a solid foundation of financial understanding.

Also Read: 9 Financial Topics You Need An Understanding Of

Are you a visual learner? You can also get started with these 5 Must-Watch Documentaries to Teach You About Money

Build an Impressive Personal Brand

In this era, branding isn’t only for influencers and big-name companies. Whether you are seeking employment, industry recognition, or simply building your small business, creating a solid personal brand is non-negotiable. It is what sets you apart from your peers. 

Thankfully, anyone with access to the internet and social media can easily build a powerful personal brand. The idea is to take charge of how people view you. The easiest way is to position yourself as an expert in your own field and slowly build trust from your prospective audience. 

You’ll be better positioned to achieve your revenue goals by managing how your prospective audience views you. But how do you do that? Here are some tips to help you get started:

  • Craft your brand vision. Create a vivid picture of what you want to be known for. This is written like a company mission statement. For example, ‘I help brands grow their online presence and communicate with their audience.”
  • Decide your area of expertise. What do you want to be known for? You can’t be a jack of all trades and create a compelling brand. You need to become a recognized authority figure in a particular area. 
  • Define your audience. Do not try to appeal to everybody. So understand your marketplace and create a persona that appeals to this audience.  
  • Be authentic and consistent. A personal brand can’t be created overnight. Be your authentic self and consistently project that to your audience. Consistency nurtures trust and credibility with your intended audience.

Depending on the kind of personal brand you need to create, you might need to create a website to back up your authenticity. Otherwise, building a trustworthy social media presence is just as effective. 

Leverage Social Media to Your Advantage 

“Give me a lever long enough…and I shall move the world.”

That is Archimedes' famous quote. And when it comes to social media in this era, this quote couldn’t ooze more truth. 

For example, Aziad Nasenya could still be an unknown college student who loves to dance if it wasn’t for social media. But now, she is one of the most popular influencers in this country, thanks to a single video that went viral overnight. 

Don’t get me wrong; I don’t exactly mean that you should start dance practice immediately. The point is to show you how powerful social media is in this era. So why are you not utilizing it?

In this connected age, you need to stand out. Use these social media platforms to support your personal brand or even use it to generate passive income. 

  • LinkedIn 
  • Youtube
  • Blogging
  • Podcasting
  • Other Platforms – Twitter, Instagram, Facebook, and TikTok

Network With Industry Experts

No man is an Island.

Most successful people testify that their career or business success was partly attributed to powerful networking channels they created over time. 

So go out there and network with people in your area of interest. Network both online and offline. While trying to build more both in your career and financially, you need to network more because: 

  • You create a great platform to exchange ideas.
  • It makes you noticeable.
  • Creates an avenue for new opportunities
  • It offers a great way to reassess your qualifications and where they place you among your peers. 
  • Allows you to mingle with high-profile individuals in your area of interest. 
  • Grow your self-confidence.
  • Nurture long-lasting relationships. 

In summary, networking helps you build necessary connections that can directly influence your growth. This can give you a boost in your career progress and allow you to achieve your goals faster.

WRAPPING UP

You need first to build a solid foundation in order to build a strong house. For example, having a strong online brand can easily help you create a passive income source as a content creator. 

Nothing comes easy. However, follow the above strategies and consistently put in the work. You can be sure to increase your chances of developing multiple sustainable revenue streams in the shortest time possible. 

Doris is a finance professional, freelance writer and SEO expert. She has experience helping businesses of all sizes create content that helps improve their site quality and increase their online traffic. She is a personal finance and wealth creation enthusiast and a frequent contributor to Money254. Visit Doris' personal website to learn more about her work.

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