The days of getting a job and keeping that same job until you retire are long gone. The global economy that we are faced with today makes it difficult for small businesses to afford health care and benefits for workers.
This means that we each have to take responsibility for creating our own futures, and creating our own income streams. Multiple income streams can save you from a disaster, such as when one of your other income streams dries up.
I have experienced this first hand. I’ve talked before about the house fire I had last year, and how devastating that was to my family. I was out of the office 70% of the time for 6 months dealing with my house fire tragedy, negotiating the insurance settlement, finding a new house and school for my family, replacing all of our furniture and belongings, etc.
If I had worked for someone else, I would have been fired or would have gone broke during the process. Or I would have been forced to go to work every day and ignore the resolution of my house fire claim and take less money than what I was entitled to under my insurance claim.
But because I own my own businesses, and have multiple streams of income, I still earned money even while I was out of the office. And I’m really grateful for that (as well as for being alive).
I’d like to share 6 different ways that you can set up different streams of income for yourself, so you can have some protection against a job or personal disaster like I did – and take control of your own future.
Strategy #1 – Sell Used Books And Have Amazon Handle Fulfillment
A great way to earn extra income is by selling used books on Amazon. As you probably already know, Amazon is the largest bookseller in the world.
Amazon also has a program called Fulfillment where you can have them store the inventory for you of the items you want to sell, and then ship those out for you automatically when someone places an order.
And since many people look for the “Fulfilled by Amazon” notice when placing an order for books (and other products), you get to take advantage of Amazon’s powerhouse status.
Think about this for a minute. If people are shopping on the web site of the largest online bookstore in the world and see a book that is fulfilled by Amazon, or one that is fulfilled by a third party company they are not aware of, which book do you think will be ordered first?
And Amazon offers free 2 day shipping to it’s Amazon prime members for any items fulfilled by Amazon, so that is another reason having Amazon handle fulfillment can allow you to re-sell items so much faster.
So in order to make money selling used books on Amazon, you simply buy up used books that are still in demand, put the proper label on them that Amazon requires, and then have Amazon pick up the books from you to store in their huge warehouses. As people order those books online, you just get your share of the profits from Amazon. That’s it!
Strategy #2: Publish A Regular Newsletter
You can also generate extra income by offering a newsletter that is either free or for a subscription. One great way to profit from a newsletter is by providing valuable content to your readers, while also promoting your own products or third party products that are related to the topics you share.
If you have knowledge, experience or information to share, you can profit from that knowledge by writing a newsletter, especially if you are only a one person business.
It doesn’t take much effort to write about something you know, especially if you are in a niche market with little competition. People will pay to seek out your advice or to read about what you are saying, especially if you make the newsletter articles really informative.
This Thriving Business newsletter that you are currently reading is an example of such a newsletter, and Jynell and I earn money through promoting our products and other high quality third party products after we deliver tremendous value through the newsletter content.
Strategy #3 – License Your Ideas
If you are the type of person who always comes up with a new product design or a new and innovative way to do something, consider licensing your ideas to larger companies who could then bring those products to market.
You don’t have to actually manufacture products to benefit from licensing your ideas.
Strategy #4 – Sell Your Own Products
A great way to make money is to sell your own products, such as information products or other physical products. You can then market and sell those products as you would any other product.
For example, you can list those products in various online marketplaces that we have discussed in numerous other newsletters, such as on Amazon, iTunes, eBay, and many others.
Strategy #5 – Sell Third Party Products For A Commission
If you don’t have your own products to sell, or if you want to add diversity to what you already sell, you can also sell products of third parties for an affiliate commission.
If you find a company that has products that you would be interested in selling, contact them to see if they have an affiliate program. You can often find an “affiliate” link on third party web sites.
You can also consult various third party directories such as Commission Junction and Clickbank to have access to thousands of companies with a single login.
Strategy # 6: White Label/Private Label Products
And if you would like to sell your own version of a product but don’t have the desire or time to create it yourself, you can also consider white labeling a product that someone else already created.
The main advantage to white labeling someone else’s product is that the packaging and labels can be custom tailored to meet your specifications, including your product name, description, company’s logo and contact information.
For example, by using white labeling, grocery stores create a line of store-branded products, and because white label products are often less expensive, consumers are encouraged to buy them.
White labeling can also be used with training products, and nearly any other type of product you can think of.
So even if you don’t have your own product to sell yet, you’d be amazed at how cheaply you can license or buy the rights to someone else’s product that you can then customize and re-brand.
You will of course have to find the revenue streams that best suit your lifestyle and financial preferences. But the key point I’m trying to make is to strive for diversification in your life, and to always be working towards having multiple streams of income.
To learn other ways to increase your revenue, then make sure you sign up for the special Business Mastery Training webinar.
For other business strategies on how to grow your business, then check out a free business startup and growth training program. If you haven’t signed up for that free course yet, I highly recommend you check it out too.
* Originally published as Issue # 69 – February 15, 2012 and Issue #222 on October 9, 2013