Now that you are aware of the 5 Reasons You Need Multiple Streams of Income, most of us can agree that is sounds like a great idea. So now we need to develop a plan, gather books, and other resources to move into action. There will never be a perfect time so the time to start is now.
- Identify and list your talents: Make a list of all the things you are good at. What do others compliment you on or request that you do? What do you have a passion for or are talented? Do you have potential to be an expert in a particular area? If you need some resources that can help you discover what your talents are, try Finding Your Element and Find Your Passion. These along with other resources will help you identify the talents and passions God has uniquely given you. It’s probably not a good idea to try to implement them all at once, but it is wise for you to hold onto this list as every item on this list is a potential stream of income.
- 2. Passive Income: Passive income is the holy grail of additional income streams, because it doesn’t require any additional work after the initial set up. There is usually an initial set up investment of time or money. Passive income happens 24/7 even while you sleep. Passive income includes things like interest, dividends, royalties. You can also achieve passive income online from things like eBooks and e-courses. For more information and ideas on passive income I suggest the following resources: Passive Income Ideas and The Passive Income Playbook.
3. Pray and pick 1 active and 1 passive: You may have a large list or a small list, the size really doesn’t matter. What matters is that you make a choice. If you are a believer in God, I suggest you pray that God would show you and help you pick what is right for you during this season in your life. What talent has he gifted you with that you are not using. If you are uncomfortable with prayer or have no idea how to pray. I suggest you may want to invest in the following books, Unleash the Power of Prayer in Your Life and PRAYER BOOK TO START A BUSINESS. We can have a lot of great ideas, but only God can breathe life into it and cause it to multiply.
- 4. Research how to monetize: Talents only turn into an income stream when when you are able to make money from it. I was told early in my career that a business that doesn’t make money is just a hobby. Come up with a plan that you could start earning income. Start with a simple goal of earning $1. If you can earn $1 than you can earn more by repeating or improving the process. Our goal is get the stream to produce money. It is like a toddler learning to walk if they can take one step its very likely that they will be able to walk and soon run. Once your stream is producing, you are well on your way to turning your income steam into a business. The following book will help you in the process: Starting a Business Quick Start Guide.
5. Develop a Plan to Grow: Identify your target market and come up with a plan to get your services or product in front of those most likely to purchase. Target Groups Untangled. If it is a passive stream figure out how much you will need to invest whether time or money to get your desired return. Implement growth strategies that will grow your company using the resource Secret Business Growth Strategies.
6. Execute the Plan: Finally it is time to execute your plan and let the revenues start flowing in. The book Side Hustle: From Idea to Income in 27 is a great resource that helps you go from idea to income in as little as 27 days. The start of your new business or passive income stream is an exciting time but having a guide is key especially if you have never owned or operated your own business before. The following is a great guide: Turn Your Passion Into A Thriving Business – How To Start A Business That Will CRUSH IT!!: A Rookie Entrepreneur Start Up Guide
- 7. Keep learning: “Formal Education will make you a living; but self -education will make you a fortune.” -Jim Rohn This blog post is filled with links to books and resources, because as you venture to grow your wealth you will have to read, ask questions, and figure things out. Nothing worth having is easy and knowledge truly is power. As an entrepreneur I read all the time, usually about a book a week. There are books written about everything I can think of. You have no excuses, below are additional books on creating multiple streams of income.
- Additional books and resources:
- The Key To Multiple Income Streams
- Get on the 7 Streams Team
- Online Profit Secrets