Update: You might be interested in the 2018 version of this topic.
It’s a special Friday edition of The Side Hustle Show, and I’m flying solo on this one discussing the 8 income streams I’m working on right now.
Add a little diversity to your revenue sources to protect yourself if any one of them gets cut off suddenly (been there!). You’ll hear what’s working well for me, as well as some challenges, opportunities, and plans going forward.
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The 8 Revenue Channels:
See: How to Make Money with Affiliate Marketing: Lessons from 9 of the Most Innovative Affiliates Ever
See: Engineering a 20,000 Download Kindle Launch: My Tactics, Takeaways, and Biggest Mistakes
See: Prosper.com 5-Year Update
4. Fiverr
See: How I Got on the Homepage of Fiverr and Earned $920 in 10 Days
See: How One Fiverr Seller Earned Enough Cash to Buy a House
See: How I Earned $7490 in My First 14 Months on Fiverr (and my plans to double it)
See: $10k from a Single Sale … on Fiverr
5. Blogging and Podcasting
See: Blogging vs. Podcasting: A 1-Year Case Study
See: 5 Ways to Monetize a Podcast — and One Way Not To
See: $10k a Month Blogging Part-Time
6. Coaching and Mastermind Hosting
7. Clarity.fm
See: Clarity.fm: Start a $100 per Hour Consulting Business in 5 Minutes
8. Udemy
See: The Path to Passive Income on Udemy – Even If You’re Not an Expert
See: How to Earn Six-Figures Teaching Online Part-Time
Your Turn
How many income streams to you have?
Earlier this week I was mentioned in a round-up post with a bunch of other entrepreneurs on how they’d start a business with $100. You can check out my answer and all the others here.
Do you think I’d be better off focusing my efforts on one or two instead of such a diversified approach? What channels would you like to see me attempt next?
This looks like the kind of thing I would like to do online. I want to be diverse not only to protect my income so if one income stream goes down I’ll still have the others still going. If you were just starting out and only had $50 to invest in starting your online business where would you start? I’m trying to decide between buying clearance items and selling them on Amazon FBA or having a short e-book outsourced to put on Amazon kindle store. Any thoughts? Thanks
Very good point about diversifying your income stream. Many people give me a hard time for selling fiverr gigs like if your doing all this ecommerce stuff why do you sell on Fiverr. Because at any time your ebay account can be suspended, amazon suspended, add to that many of my industries are considered high risk which means that my payment processing can be shut down at any time. I have a blog rulesforrebels.com where I share my journey.
Thanks for the inspiration Nick! I came to the conclusion a few months that I really need to diversify. Right now I have 3 streams of income with the main one being the business that I spend far too much time working in than on. I also have a modest affiliate marketing income as well as a couple of coaching clients. I am planning on expanding those with Kindle publishing and online courses. Amazon FBA is also another side hustle I’m exploring and plan to give a shot over the next couple of months.
Thanks for the excellent podcast Nick. Look forward to listening to it each week!
That’s awesome, Chris — thanks for stopping by. It’s comments like these that inspire me to keep pushing!
Hi
Nick, I Ioved this show. You always give me the right inspiration at the right time. I am working on diversifying some income streams for myself. Relying on one job in this economy causes deep anxiety for me. Keep up the work and I look forward to working with you as a mentor.
Hi Nick,
Great diversification, makes me think how I can diversify my core project. I’m working on a new service (site is not fully up yet even), that will be outdoor gear coaching and advice, and might add to it a few kindle books, and I aim to try and automate some of the service with an algorithm to make it passive and keep the premium part of it as a time cost. Now with your ideas, I might add some courses to it, another one to add.
Thanks for keeping us focused on hustling.
Thanks Gilad. Sounds like you’re keeping busy! Keep me posted and let me know if there’s anything I can do to help.
I have one main one, but am working on 2 others (with no money made yet). Hope to change that this month.
It ebbs and flows when things are slow i pick up on uber, instacart and selling things on craigslist. Trying how to create intellectual property and grow my number 1., 9, and 11.
1. Realtor- work mostly with buyers and investors
2. blogging- selling courses online
3. ebooks
4. coaching- how to start a business, how to get unstuck
5. peer to peer lending- lending club been 2 1/2 years and really good returns
6. Monthly dividend Stock- went to dividend.com looked for REITs a few years ago, the best bang for a couple hundred bucks
7. uber
8. instacart
9. Small Apartment cleaning company- recently started but bid to clean up houses and apartments when people move out or get kicked out.
10. sell a few items on craigslist.
11. Youtube- Adsense off Youtube have over 600 videos at this point.
Love it Ericka! That’s quite a list :)
Hi Nick, I want you to know that I really enjoy listening to your Podcasts and receiving Emails from You. I admire the way you have continued on and I see You as someone who is prospering in the Online Industry. I hope that I could keep at it as there is so much information out there and steps to take, I tend to get overwhelmed an don’t do much of anything. Any help or suggestions You have would be welcome.
Thanks Liz! I suffer from the same overwhelm sometimes and have found the best way combat it to pick one thing that looks interesting, give it a shot as an experiment (giving yourself permission to fail), put the blinders to all other shiny objects for a few weeks or months, and see where you’re at.
I love diversifying! Currently I have:
1) Blogging (affiliate & ads)
2) Etsy Shop
3) Stock Photography
4) Teach Piano lessons
5) Random surveys & misc.
I’m currently doing:
– Consulting
– Online Courses
– Pinterest/Affiliates
– Websites/Affiliates
– Job Board
– Marketplace
– Upwork/Fiverr sales&upsells (gateway jobs to lead to consulting)
HI Nick, thank you for this podcast! I just got started listening to them I’m only on episode 25, are any of your podcast covering the book keeping part of having your own business what resources there are to learn about book keeping, inventory, paying taxes etc?
There are a few related to taxes and accounting. This one might be a good place to start: https://www.sidehustlenation.com/pay-less-taxes-your-tax-questions-answered/