If you have never lost a job, you are one of the luckiest. But at least you have heard stories of employees getting retrenched abruptly. You may also know one or two people who fell victims. What did you learn from them? One of the lessons you could have picked from such experiences is to create multiple income streams.
What has inspired me to write this article is the current adverse situation we are experiencing caused by the COVID-19 pandemic. Everyone in the world, rich or poor, young or old, is worried about losing a life. The focus now is on saving our lives. As a result, all countries have devised strong measures to stop its spread.
In Uganda alone, the government has restricted the movement of people by closing the airport and all border entry points. It has also stopped the movement of passenger vehicles and ordered all the arcades to remain closed. People cannot move to workplaces, and the restrictions are conditioning them to stay at home. Well, that’s the beginning. We are all uncertain of how long this biting situation will last. forcing
But I am sure that the coronavirus pandemic shall have a tremendous impact on people’s lives. Don’t get me wrong: I expect some people to lose their jobs or other sources of income. So get prepared for such an occurrence. What can we do then?
Think to Create Multiple Streams of Income
If you have been relying on only one income source (your regular job), it is high time you considered doing something additional to earn money. Depending upon one income source is risky. If that source dries up, you suffer. But if you have several income streams and one of them suffers, you continue to survive from the others.
Thinking about creating multiple income streams does not only ensure your survival but is also a great way of building wealth. Most of the self-made millionaires worldwide, if not all, have several income sources.
How Can You Diversify Your Income Sources?
Most people tend to feel complacent when they have a job. Rarely do they anticipate situations to change. And when things change, they get caught up unawares. Like the advent of Coronavirus is going to affect our lives. Losing jobs is one of them. How will you live if it happens to you? Allow me to suggest to you the following ways in which you can create other sources of income.
⇒ Start a home business in addition to your regular job.
There are numerous businesses you can begin from home alongside your full-time job. It is one of the best ways to venture into business and create a second income source so that you do not rely on one income stream. Here are a few suggestions of some of the low-cost home business ideas to get you started.
When you get established with your business, it’s good you consider pulling out of your formal employment to give more time to it. This idea works so well for couples who both have regular jobs. One can pull out while the other remains working to support the business.
⇒ Diversify your income sources if you are already in business.
If you are lucky and currently operating a business, think to create multiple income streams within your business field. What do I mean by this?
For example, we operate a brick-and-mortar engraving business. One of the methods we use to market it is blogging. We also advertise other companies’ products through blogging, for which we earn a commission passively. We are also working hard to establish an online shop soon. So we shall, therefore, have two multiple streams of income: selling products/services and earning commission through blogging.
Relying on one income stream is risky in modern times. Situations change. And things need to change when you are ready for the changes. Thinking about creating multiple income streams does not only ensure your continued survival but is also a great way of accumulating wealth.
Thanks for sharing this wonderful article. As we all know that we can’t support ourselves and our family with only one income source, so we need different sources of income. And this article motivates everyone to try different sources of income.
Thanks Charles for such a good article.
Thank you Edwin for your appreciation. Wish you well.
In today’s world we can create multiple sources of income through social media platforms like Facebook, Youtube, Instagram, etc. by promoting our content to real audience which are always active on it. We can redirect our customers to the website where we have different products or services listed and from there they can buy anything in which they are interested in.
Thanks, Vinay, for the additional information.