7 Easy Steps to Create Multiple Income Streams

multiple income streams

Every single person would love to make a little extra money, but often that extra income requires extra work. Are you frustrated with the amount of money you’re bringing in? Have you ever thought about creating multiple income streams, but just don’t know where to start? You may need to think outside your normal scope and get creative with new income ideas. Sometimes expanding your network is necessary for seeking new forms of income.

Monetary woes are stressful and put strain on a relationship. We’ve seen the struggles that couples face when it comes to money, and in fact, before we became successful and figured out the formula that works, we struggled with money like you wouldn’t believe. While we can’t change your situation for you, we can guide you with some words of advice.

1. Brainstorm different methods to obtain these desired income streams

Develop as many ideas as possible, no matter how ridiculous you think they sound. Then narrow down the list by focusing on the ones that have the most money-making potential. Look for ideas that you can use your own personal resources and network of friends to get started. Choose ideas that do not require large sums of initial monetary investments from you. Find ideas that resonate with you. If you care about it, then others will be more inclined to as well.

2. Focus on why it can work

Focus on the positive while keeping your feet on the ground. Your desires come to fruition, so put your energy into thoughts that serve you and your new business. Lose your worry because no one has ever been rewarded for fear. Move beyond fear and create your reality with your positive thoughts. Your business, mind, and wallet will with thank you.

Lose your worry because no one has ever been rewarded for fear. Click To Tweet

3. Anyone can create multiple streams of income if they desire it enough

Just because you can sit in your pajamas on the couch does not mean you are not creating revenue. Whether you are a homemaker or a busy executive, it is possible to create additional income streams. Your business thrives by you leveraging your time and efforts. It can be something small at first that only requires a few hours each week.

4. Find your community

It takes a village in every scenario in life. Find supportive people and keep them close. You’re not the first person to create more income streams and you won’t be the last. To increase your chances of becoming more successful, don’t do it alone. Find support in your significant other, maybe they can even join you in the new endeavor. Get a mentor to guide you along. Preferably, someone who has already created different successful income streams. It is good to find someone that is in your desired field, but not necessary. New perspectives can do wonders to freshen up a business.

New perspectives can do wonders to freshen up a business. Click To Tweet

5. Be passionate about what you are creating and doing

Your energy is magnetic, whether it be business or pleasure. You will attract the energy you are putting out. If you are in love with your business, others will wonder how they can be too. Creating a business strictly for the money will not sustain you. The money will flow when you are of service to others and excited about the difference you can make.

The money will flow when you are of service to others and excited about the difference you can… Click To Tweet

6. Be patient, it takes time

Instant gratification is not the right mindset with which to start a new business. Patience is the key. Everything worth having takes time to grow and blossom. A farmer wouldn’t give up on his farm right before the crop begins to grow. Have a clear vision of where you want the business to go, but know that it does take time to get to that place.

7. No one will do it for you, you need to make the first move

Jump, but have a plan first. The money is out there for the taking, but you must be the one with the drive to make it happen. Let us explain— when people realize that they truly do have something to offer, other people will gladly exchange money to receive it. After all, money traded for value is the very premise of business and capitalism. Sometimes the only thing standing in the way, however, is you. You need to make the first move.

When people realize that they truly have something to offer, others will gladly exchange money… Click To Tweet

It is possible to move beyond fear and financial struggles. Use these tips to propel you into a new business venture. Expand and utilize your network to better prepare your business for a successful future. You never know what might be that next big idea for you, and that idea can lead to new sources of income. Don’t underestimate the resources you have already, they can be the starting point for something BIG.

 

chris and marlow feltonChris & Marlow Felton are Amazon #1 bestselling authors of The Prosperity Factor and Couples Money. They have a combined 29 plus years of experience in the financial services industry working with couples of all walks of life. Chris and Marlow are recognized public speakers in the financial services industry and facilitate seminars teaching others how to break destructive financial patterns. 

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