5 Revenue Streams for More Income

If you find yourself having more expenses than money at the end of the month, it is probably time to increase your revenue streams. Some highly successful people suggest having seven income-producing revenue streams. Now is the time to get started.

What is a Revenue Stream?

A revenue stream is simply another way to bring money into the household.

It doesn’t have to be a certain amount to qualify it only has to be consistent. Some revenue streams could change over a period of time to become more or less lucrative, and that’s okay, as long as it exists.

Revenue streams work as a way for you to have diversified incomes supporting your household.

Free Household Management Guide to help with budgeting your revenue streams.

5 Examples of Revenue Streams

Here is a list of five income streams to use to get started. There are many more options at several different levels.

Online Product Sales

This is a revenue stream that has become increasingly popular thanks to Amazon and their marketplace programs. The key is to find quality products consumers will want and need.

Find the right catchy phrase and add it to T-Shirts, mugs or placemats. Make sure your price point is in line with the quality of the product being sold and you have an adequate supply for the demand.

Real Estate Rental

If you own a property you can prepare it to be rented with a short term or long term agreement. You can opt to take care of the management but my recommendation would be to have a property management company handle the specifics. They are more experienced in handling any headaches associated with the process and you just receive the revenue each week or month. Use Zillow for researching potential properties for purchase in your area.

Another option would be to rent out a room in your home. There are many more limitations and restrictions associated with this option especially safety but Airbnb is still going.

Online Surveys and Testing

This was mentioned in a previous blog post and it deserves another mention for easy, online revenue. Online surveys and testing has moved to another level, especially User Testing. (3)

You have to qualify but, once registration is approved, you will get paid $10 to $60 for providing feedback on different topics. Be consistent and this can produce a weekly cash payout for you. You can even get paid for tracking the effects of artwork on your thought process, seriously. You will find so many interesting studies and clinical trials to research, stay in your comfort zone and make sure the results are worthwhile and you feel safe.

Create an EBook or Digital Product

These products have become more popular and informative over time. Your expertise on a process can be put into a format to be sold online.

Bloggers and Content Creators use this viable income stream with their followers and affiliates. With a moderate price point, people will make the investment for an expert’s point of view and tools of the trade.

Start a Podcast

This is a vehicle to showcase your ability to fulfill a need with your followers. Providing helpful free information to prove the viability of your product or service can then lead to online subscriptions and monthly revenue.

You determine if you want to keep it simple with fresh ideas or move to a more robust format online with a mini university. Repeat customers and new followers will be key and maintaining a level of quality information. Complete your research on how to start a podcast before you make the commitment.

Why Revenue Streams are Important

You need to rely on more than just your 9 to 5 job to help reach your financial goals and ultimately financial security.

The next layoffs, company closing, having to forego a salary increase looms around every corner so you will need to Make A Plan. Start by determining ways to increase your revenue streams.

Invest in You.