I’m just coming off of Spring Break and I had every intention of recording a new podcast episode, but it turns out that the weather in Chicago has been absolutely glorious: sunny and 60 degrees.
Nearly early day of our Spring Break, we played outside, we rode our bikes, and we went to the dog beach.
We did all sorts of things and truth be told, I’m exhausted! I’m in great shape and I’m exhausted!
So I took a look at the most popular content from 2019, and it turns out you really love to learn about adding additional revenue streams to your income.
If you’re an employee, you want to know how to add streams of income to your family’s bottom line.
If you’re an agency owner, you might be looking to do it to expand your business and weather storms like we just had.
No matter which position you’re in, you want to be more in control of your income destiny.
So that is what we’ll talk about today…a bit of a re-run from the topic in 2019.
Creating Diversified Streams of Income
In late 2o19, I smelled a rat. For those of you following along with my Facebook isolation diary, it’s not that kind of rat (though I’m up to 18 or 19 of them being rested at my feet now, like some proud trophy—ick!).
Rather, something seemed amiss in the business world.
Having taken my business through the Great Recession, it felt eerily similar.
Retainers were drying up. Prospects were opting for project work. And the sales cycle took twice as long as normal.
Of course, I could not have predicted what was actually coming. That shocked pretty much everyone except maybe Bill Gates.
That’s the bad news. The good news is that we all have a way to control our own destinies through what I like to call additional revenue streams—or income diversification.
A friend of mine was telling me that his dad before he retired, was in the National Guard, was a high school teacher, AND he bought and sold apartment buildings. That’s some serious income diversification.
You can certainly go a similar route, or you can use your intellectual property—the skills in your brain—to protect yourself, your business, or the company for which you work.
For this episode’s purpose, diversified means that the money you earn in your life or business doesn’t all come from the same place, and you have different streams of income from different kinds of products or services that make up your total income.