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Diversifying your Income Streams

Fri, 11/09/2012 - 4:26pm | by monicadear

When I hear the tales of so many people who are laid-off from their jobs, I feel that, as women and as wives, mothers, friends, and sisters, we have an absolute responsibility to increase our abilities, to give ourselves permission to take risks, and to give ourselves more and more freedom through diversifying our income streams.

When you have just one job, you have one boss -- your employer is your main "client" and your only "customer." If your job lays you off or you're fired, for whatever reason, you now have no more client and no more customer.

When you have multiple types of jobs, you have multiple "bosses" -- your clients and customers become your boss, but now you are not tied down or indentured to just one person or one company. Should you choose to increase to 2, 3, 5, or 10 clients, you may. Should you increase to 20, 30, 50, or 100 clients, you may. Perhaps you are thinking big and are considering 200, 300, 500, or 1000 clients. Now, the risk of any one of those clients "firing" you is mitigated by the other people you serve. You are no longer ensnared or beholden to one person, instead you have reduced your risk. You have increased your ability to be flexible and roll with the changes. You have reduced your exposure. You have diversified.

If you are currently working at one job, and you're not feeling super secure in that job (many women feel this way), then consider what you can do to increase your base of security. Think of a tree that spreads out many roots to seek water, and grows many branches to absorb sunlight. You, too, can spread out many options and consider all the different ways you can increase your income.

For example, if you're in a service business, can you bundle your items with a set of products?
If you're in a product business, can you create services to support your products?
If you're in one field, is there a way for you to "piggyback" onto another field (for example, in my field, web design, we can also become an affiliate for web hosting services).

Can you open a side business, home business, or hobby business that can help pay additional bills and provide more financial security?

Perhaps you can partner with someone else to spread the risk and work in a synergistic fashion.

Do you have an idea for something that would be great to offer your existing clients -- maybe an in-person event, a meeting or seminar, a training, or a certification process?

I challenge you to come up with 10 additional ideas on how to diversify your current income stream.

List them down, and this coming 12 months, take action on at least 2 of those ideas.

 

 

 
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