Welcome to Day 5 of 30 Days To Your Financial Freedom Challenge!
As you do the work organizing your income and expenses along with making goals for the future and to weather the financial crunch, you may want to find ways to increase your income by using new or even old skills. No matter how comfortable you think you are in your current business, you can always find new ways to bring in more money if you’re paying attention.
Try This Out
In case you haven’t realized already making money takes work. So try out this quick exercise to learn where you may be leaving money on the table.
Step #1 List Your Skills
Take the time to analyze your skillset thoughtfully. What are you doing today to make money, and what skills did you use in the past to make money? As you list your skills, you may note some ideas you can use from your past to help. For example, if you are currently a blogger, why not write on contract for extra income? If you used to play in a band and can’t now, why not start a YouTube channel or teach music from home?
Step #2 Find the Gaps
When you list out your income sources right now, which gaps exist? Most millionaires have income from investments as well as business activities. List your sources of income so that you can locate any gaps that are underserving you.
Step #3 Teach Yourself
Once you notice a gap, it’s an opportunity to learn. You can teach yourself most things you need to know today by taking a class online or reading books or working with a coach.
How To Add Extra Income To Your Bottomline
As you probably already know it is not enough to just make a plan you have to be able to implement those ideas. Here are some ideas that you may want to think about.
Idea #1 Add a New Product
When you note the gaps, you might notice that you can add products to your offers. For example, if you’re a popular YouTube star, you can start a clothing line or a makeup line or other additional products to your line to increase your income. Or you can start off small with a creating a book. Don’t be afraid to be creative there is no wrong answer in what to sell. Truthfully, there is a market for almost everything but the issue is that most business owners don’t know how to do a proper product launch. Once you master this formula then you will be excited to create more products.
Idea #2 Offer a New Service
If you currently have a passive income business such as a blog, YouTube channel, or other non-service-based business, you can add a service to create an additional source of income. It’s ok to start off small with just a side hustle. (Check out this blog post on How To Sell Services To Grow Your Blog for some tips on what type of service you should offer)
Idea #3 Try Different Investments
If you do have cash available during your financial crunch that isn’t working for you, one way to use it is to set up an income-producing investment. For example, buying rental properties or purchasing an immediate annuity for monthly income. Really the ideas is making sure none of your money is going to waste and that any investments you are making should directly be in an effort to make you money.
Idea #4 Get a Part-Time Job
Were you a waiter in the past? Did you handle customer service calls in a call center? What are some jobs you did in the past that you could revive now? As long as the part-time job doesn’t take away your ability to work your business, it can be an excellent stop-gap to help you through any financial issues.
Idea #5 Sell Your Stuff
If you have a lot of stuff in your home that you are not using right now, consider selling it off. You can always get new stuff later when you’re not in a crunch. That beautiful outdoor patio furniture you aren’t using right now will not be missed as much as food on your table will be.
The truth is the best way to ensure financial comfort and safety is to earn multiple streams of income. When you have more than one stream, if one dries up or slows, the others usually make up the difference. Consider brushing up old skills and learning new ones so that you can increase your income streams as fast as possible. Most importantly plan out your business goals and set your business budget.
I hope that this lesson helped you really think about where you could be making money. Please leave any comment or questions below!
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