How To Build Income Streams in 2020 and Why it's so important!
COVID-19 pandemic has proved that we cannot depend on one source of income. People have lost jobs, and their sole source of revenue has been cut off which is devastating. On the other hand, those who had multiple sources of income still have some cash coming in. Therefore, it is essential to diversify the types of income streams one has. This blog will guide you on how to build income streams and why it is essential.
1. Start an online business:Starting an online business has become more comfortable than ever. You can sell your products or services on platforms like Etsy, Amazon, and Ebay. Also, creating a website or a blog where you can advertise your products/services is easy. With an e-commerce platform, you do not need to spend your life savings and rent store spaces or hire employees. It is an excellent way to begin building your passive income.
2. Rental Property:Investing in rental properties can generate extra income. Research for affordable houses or apartments in a desirable location and do the math on potential profits. You can find renters using sites like Airbnb or Craigslist to rent out your short-term and long-term properties. It is essential to maintain an excellent rental property, which will attract more tenants.
3. Invest in the stock market:Investing in the stock market can generate passive income. However, it requires research and knowledge of the stock market to make informed decisions that generate profits. This option is not for everyone, but for those willing to learn the technical aspects, they can make a long-term investment into something like dividend stocks. As the shares appreciate over time, they can provide an income stream with regular dividends.
4. Freelancing:If you have a set of particular skills and talents, you can use them to generate additional income as a freelancer. You can offer your services on freelance websites like Upwork and Fiverr. Freelancing helps you to build your contacts, portfolio, and increase your skills.
5. Affiliate marketing:Affiliate marketing is the process of promoting and selling another company’s products and receiving a commission in return. You can promote your affiliate link through a website, email marketing, or on social media. It is a lucrative source of income if you have an established audience, and if you can promote the products effectively.
In conclusion, it is essential to create multiple income streams to protect yourself in uncertain economic times. It is not necessary to have started all the above-mentioned streams, but it is crucial you start with one. Creating multiple income streams is a gradual process, and you need to be committed to it. It is a long term investment that will pay off eventually. Remember, you need to have a smooth system running before subtracting one stream. Keep pressing forward in the face of challenges- and you will surely succeed. Best of luck!
