Alternative streams of income go by many names: part-time jobs, side hustle, multi-jobbing, and scaling. Having an alternative income stream has been part of human existence for ages. In the past, having more than one source of income was often difficult, time-consuming, and expensive, but with the internet, it’s a lot easier, faster, and more practicable.
With another income stream, you can reduce the risk of being left cash strapped when one source of income drops, you have other sources to help you get by.
The outbreak of COVID-19 and its effect on employment is proof that having multiple income sources has become a necessity. Setting up or starting a new business takes plenty of work and dedication at the beginning but it is advisable to create income streams from an existing business or based on your interests, talents, or passion. Some steps to take into consideration when setting up additional stream of income online include:
Assess your skills.
What are you good at? What are you passionate about? Take a quick inventory, and research the ways others have used those skills to build income streams. Pick the ones you are comfortable with and expand on them, indicating what you can do to generate income.
Assess your time, money and effort. Be realistic about your commitments.
Trying to make more money can be a trap because it usually requires you to learn new things or new skills. Do you have the time for that? Are you fully committed?
Current work, family and social activities eat up a lot of time. If you don’t have much time, you’ll need to lean more towards investing or getting someone else to do the work for you.
Ideate and choose.
The final step is to put some ideas down on paper and choose how to begin. Take into cognisance some things you might need to put in place like internet access or connection, a smartphone, laptop or even a computer.
Going through the above process should lead to you identifying how and where you are going to start considering an income stream.
Let’s examine some areas you can look at to develop alternative income streams:
- Start a blog.
- Make YouTube videos.
- Try affiliate marketing and make sales.
- Sell your photographs online (if you take good pictures).
- Write an eBook.
- Create an e-commerce site and sell your products or someone else’s.
- Build an app.
- Create online courses or tutorials.
- Offer professional services online.
Whatever you decide to embark on, you can revisit more of our blogs on our media pages via our website at www.firstbanknigeria.com and discover other ways we can support you with our various products and services.
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