At the beginning of every new year, you aspire to make more money. In our current age, there are many ways of diversifying your income streams.
However, if you want to build extra income, you must be ready to do something extra.
Here are some ideas that you can employ to diversify your income streams for a prosperous new year.
We live in a world of skills and talent. To thrive in the current marketplace, you have to have valuable skills and talents that people and businesses are willing to pay for.
In your pursuit of additional revenue, start by figuring out what skills and talents you possess that you can trade.
For instance, if you are employed as an accountant, you have the accounting skill. This might be what you do 8 to 5, but it can also be a skill you can leverage for additional income.
You can find clients for whom you can balance their books, file their taxes, and manage their money.
This way, you keep your current job but still use the same skill to earn extra.
On the other hand, you may also have a talent for speaking. While at work, you might find that when speaking opportunities arise, they get thrown your way, or you gravitate towards them. You can leverage your speaking talent and start teaching about things you are an expert in. This can earn you gigs in conferences or other organisations, and you can make an extra income.
When assessing your skills and talents, preferably, take a pen and a paper, but you can also use your phone or computer. Break down what you do into what skills you need to do that work. For instance, an accountant has to know math, be computer literate, and be proficient with accounting software.
Once you list all the skills and talents you have to do your current job, rank them in the order of market demand. You can do some research to establish this.
Then, pick the skill or talent with the most demand and begin perfecting it so that you can sell it.
You can do the same with your hobbies and passions. List them out, assess which of them have market value, and find a way to monetise the hobbies.
Read Also: Why You Should Diversify Your Income
The idea of diversifying income streams is not new. People have been thinking about making extra money for a long time.
Traditionally, people made extra money by picking up an extra shift at the factory and getting paid overtime.
This is still a viable option to date. If you work in a company where you get paid for overtime, then you can take advantage of that to increase your income. Structure your life as the year begins in a way that gives you more time to increase your work hours.
You can also look into seasonal and temporary work. A good example is applying for jobs when there are national activities such as elections and census. While these jobs might be rare and timebound, you can take other similar jobs, for instance, filing tax returns for small businesses. It only happens once a year but is still a viable opportunity.
Additionally, you can go into consulting. If you are an expert in what you do, you hold valuable insight that can help individuals or businesses. Position yourself as an expert in what you do and start taking on consultancy opportunities.
These might not be the best ways to diversify your income, but they have been tried and tested.
The term gig started in the artistic world, where artists refer to booked performances as gigs. However, technology has changed the way we work. It has allowed people to transact on a short-term contractual basis.
For instance, if you book an Uber to take you from point A to point B, and the Uber accepts your request, you enter into a short-term contract that the driver has agreed to take from A to B at a particular fee. Any violation from your or the driver's side is considered a breach of contract.
A good example of embracing the gig economy is the example above, ridesharing. If you have a vehicle that you go to work with, you can sign up for ridesharing service providers and pick up a few rides before or after work. Doing this will enable you to diversify your income.
You can also look into task-based platforms. These task-based platforms enable you to conduct transcription, data entry, AI training, etc. You get paid for every task you do. This is another option to diversify your income.
You can also diversify your income by renting assets. For instance, if you own any tools or machinery you use to do your work but realise half the time you are not using it, you can rent out the equipment for that extra coin.
There are infinite opportunities to make money online. It is up to you to decide and learn what you need to learn to diversify your income.
To start with, there are E-commerce opportunities. E-commerce, short for electronic commerce, refers to the buying and selling of goods and services over the Internet. It involves online shopping, electronic payments, and digital transactions.
To take advantage of this opportunity, you can decide to be a vendor for particular products online. You source the product, market it online, sell it online, and get the item delivered to the customer.
Online selling is growing as more people get comfortable with the idea. It is a great time to embrace E-commerce.
Alternatively, you can decide to sell your skills online by taking on remote work. You do not have to show up on-site to accomplish this work. You get your assignment, complete it in the comfort of your space, deliver it online, and get paid.
A good example is writing. Companies need content to grow their online presence. Written content is valuable to many brands. If you can write, then this can be one way to diversify your earning opportunities.
Read Also: How to Build Your Financial WellBeing
Investing is another excellent way of diversifying your income.
You can start by investing in dividend-paying stocks. Different companies pay differently when it comes to dividends. The pay period might also vary.
Nonetheless, investing in dividend-paying stocks is a fantastic way of diversifying your income.
Another way you can invest is in real estate. Investing in real estate, especially the rental market, can allow you to earn extra income.
Additionally, you can incorporate technology and sign up your rental property on Airbnb. Airbnb is an online platform that allows people to list, discover, and book accommodations around the world. The platform connects travelers with hosts who rent out their homes or rooms.
Finding ways to make money passively is a great way to diversify your income.
You can also create a personal brand online. Creating a personal brand involves creating an online community that perceives you as an authority in a domain.
Once you have created the brand, you can monetise it in several ways.
You can monetise your content to position yourself as the subject matter expert through YouTube, TikTok, Facebook, Instagram, or a blog. Hence, since you have positioned yourself as the expert, more people will consume your content, and the more they consume, the more you get paid.
You can also develop courses and e-books to sell to those who follow you.
In addition, you can become an influencer in your space and work with other brands to market their goods and services to your audience.
Read Also: 5 Smart Ways to Monetise Your Personal Brand
There are many ways to diversify your income streams this new year. Some of them can be immediate. Some will take some time. Nonetheless, all of them require you to go the extra mile. Put in more hours, learn something new, and exert yourself more. If you are willing to do all these, you are assured of diversified income streams.