Pathways to Creating Multiple Streams of Income
Published for NCBW Sister-Nomic$® Week
by Marquetta Mansion, NCBW National Economic Empowerment Committee Member (Metropolitan St. Louis Chapter)
The 2020 global COVID-19 pandemic taught us many lessons, especially about how we make and save money. During a time of economic uncertainty, we saw the emergence of entrepreneurs and side hustlers. We even coined a new phrase, “overemployment.” In today’s ever-changing economy, the concept of relying solely on a single source of income is rapidly becoming outdated and risky. Creating multiple streams of income not only provides financial security but also opens up avenues for personal and professional growth. Embracing the concept of multiple streams of income opens up a world of possibilities. Diversifying your revenue sources safeguards you against unforeseen circumstances and can unlock opportunities for wealth creation. Let’s look at some pathways to creating financial stability and growth, Sis!
Freelancing and Consulting
- Utilize your skills and expertise to offer services on platforms like Upwork, Fiverr, or through job boards like LinkedIn and Indeed.
According to an annual study conducted by independent contractor marketplace company Upwork, 64 million Americans freelanced in 2023 totaling 1.27 trillion dollars in earned income. Of this number, only 3.4% people identified as African-American (Zippia, 2023).
Investing in Stocks and Real Estate
- Invest in stocks and real estate to generate passive income through dividends or rental yields.
- Platforms like Robinhood, E*TRADE, or Acorns makes it fairly easy for the novice investor to get started in the stock market. Companies such as Airbnb and VRBO can be used to connect with renters and advertise properties, resulting in residual income. User beware, these options are not without risk. Historical data shows that diversified investments in stocks and real estate have yielded significant long-term returns but you could experience some profit loss along the way. This method requires a long-term commitment. As far as property rentals, risk could include property upkeep and periods without tenants, which would yield zero profits and instead, result in revenue loss.
Creating Digital Products
- Develop digital products such as e-books, online courses, or software applications to monetize your expertise.
How many times have you said someone should pay me for this (recipe, template, or technique)? Well they can! Platforms like Teachable, or Udemy provide tools to create, market, and sell digital products. Items like ebooks, how-guides, and even exercise routines created by you are marketable and profitable. The best part, you only have to create and upload once. Once on the platform you are paid for each download. This is low effort/high reward if done right. The e-learning market is projected to reach $325 billion by 2025, presenting immense opportunities for digital product creators. (Forbes, 2018). You don’t want to miss out getting a piece of this share.
Affiliate Marketing and Sponsored Content
- Partner with brands to promote their products or services through affiliate marketing or sponsored content on a blog, website, or social media platform.
We cannot open our phones without seeing videos of someone selling us something. From teas, to make up, to clothes, everyone’s an influencer, but the pay is well. According to an influencer interviewed for this article, she stated that she makes anywhere from $1,000-$5,000 a post. She didn’t start there but with consistency and a strong following, she was able to grow her earning potential. She also gets paid for link clicks and views on her Instagram and TikTok platforms. A purchase on an affiliate network like Amazon Associates or TikTok Shop created another payout. So what if you don’t have a following or the time to put into it? Partner with brands directly. Most brands have ambassador programs that pay you to shop with them and share discount links with your family and friends. You then earn a commission when they purchase through your link. Affiliate marketing accounts for 15% of all digital media revenue, showcasing its potential for generating income.
Starting a Side Business
- Identify a niche market and launch a side business selling physical products or offering specialized services.
Much like creating digital content, you can turn your talents into profits by creating beauty products, jewelry or other custom ideas. Have an eye for design, or love to plan events and parties? These are all profitable business ideas. Market and sell your items on apps like Shopify, Etsy, or at local pop up shops and vendor fairs. Side businesses have become increasingly popular. People can earn an average of $686 in additional income per month from a side hustle, with 45% of Americans reporting having a side hustle alongside their primary job. (Gitnux, 2023)
In conclusion, creating multiple streams of income is not only achievable but essential in today’s economy. By exploring pathways to creating multiple streams of income, you can enhance your financial stability, pursue your passions, and build wealth over time. Whether through freelancing, investing, digital products, affiliate marketing, or side businesses, there are numerous pathways available to explore. Embrace the opportunity to create a more secure and fulfilling financial future.
Remember, while these pathways offer potential, success often requires dedication, perseverance, and continuous learning. Stay informed, adapt to market trends, and leverage available resources to maximize your income-generating potential.
Go secure the bag Sisters!
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