13 Feb Multiple Streams Of Income: How Many Did I Add Last Year??
Ah… multiple streams of income, it’s the dream right?
Well I know it always has been for me. Never having to rely on just the one source of income, but having that insurance of having many..
So that’s always been a goal of mine and up until the start of 2015, I really only had the one source of income and that was from kindle publishing.
Now of course I wanted to expand that.
I want to mention at this point too that doing this wasn’t necessarily as hard as I thought.
Yes it took a lot of time still but I found that if the extra streams of income that you create, are inline with other things you do then it makes it easier to build them.
So what are the multiple streams of income I added last year?
Watch the video below or keep reading:
Multiple Streams of Income
1) Kindle Publishing Coaching
As I started having more success with kindle publishing I wanted to help people out in a more personal way so I started coaching people.
This has been super fun. I really love the personal aspect of coaching and really drilling down into peoples problems and questions and helping them out 🙂
So if you are experienced in something then I believe coaching is another good arm to add to your multiple streams of income.
Even though it’s not ‘passive’ style income, it’s enjoyable and fun.
2) Udemy Courses
Early in the year I was still lost as to exactly what I wanted to do.
I’d just quit a business I started because I didn’t enjoy it one bit but I always had this desire to create courses and have my own product out there in the market place.
I’d heard about Udemy before so I thought I’d start there.
If you didn’t know, Udemy is a platform where anyone (called an instructor) can teach a course on what they know.
It must be predominantly video based and has to have high quality audio to.
Anyway so I started recording a few courses and as I did I started to make a few more dollars here and there!
I can tell you, it’s always super exciting making money in a new way even if it’s only $1!
So over the next roughly 5 months or so I created about 7 courses. I was very busy.
Now most of these courses don’t really make anything at all, just a few dollars here and there, but there is one or two of my courses that make some sales each month and this provides a tiny little bit extra income.
Doesn’t matter if it’s small, it could pay for your groceries one week!
3) Selling Rights to Courses
So I guess this one isn’t really an extra source of income that is ongoing. But I did sell courses to them several different times and made some great extra cash.
There is a company that will buy your Udemy courses (or any course for that matter) if it fits their target market and then they sell it on their site.
Now, you DON’T lose the rights to the course. You still have the rights to sell the course anywhere else you like, like on Udemy or your own site.
They just have the right to sell it on THEIR site at a price that they set.
So overall it’s a win/win situation and is also a great option to if a Udemy course of yours isn’t selling well.
That way you can potentially make some extra money from it (if they actually want your course that is because some of my courses they didn’t want).
4) ACX Bounties
So towards the start of 2016 I started making some sales from ACX bounties.
Basically what these are is a commission you make if you can get someone to join up to Audible for a subscription.
So if they use a free audible coupon that I gave them (you get these from ACX when you publish a book) and they open an Audible account, then I get a bounty.
And these bounties can either be $25 or $50.
It’s $25 if you did a ‘Profit share’ agreement when you produced your audio book or you get $50 if you got the book produced yourself.
So I guess you could call this a kind of ‘affiliate’ type income.
Very cool and again, not really that hard to do. I’ll probably do a video on this in the future as to how to actually do this.
So up until about the second half of the year I had never made any income from affiliate marketing.
Well I finally did!
And just from one product but from a few. Now again this is not a huge amount of money, it’s just another little source that comes in which is very cool.
Once I saw that happening I started thinking about other things I use that I could promote.
Anyway this is a very cool way to add some extra income to your monthly statement but I would say it’s something where you need a bit of a following.
At least just a regular flow of people that follow you anyway. But it doesn’t matter where you start, just that you do 🙂
Anyway so that’s it, now that I look at, I added an extra 5 income streams in 2016!
(P.S. I actually forgot one and this isn’t in the video above, I forgot about my Dropshipping store income! This hasn’t resulted in much either as I’ve turned the ads off but still cool to have! So that’s actually 6 new streams of income I guess!)
Now that I look back at it, it’s pretty cool to think about. The fact that we have so many choices to make this money is really incredible isn’t it?
And remember, I used to be one of the least literate people with computers and the internet!
So if I can do this with some learning and applying myself, then definitely anybody can.
I hope this has inspired you to start building up your own business or multiple streams of income!
It’s such a cool feeling and even if they aren’t massive amounts of money it is nice to have a little insurance knowing that you money coming from multiple different places.
Anyway, go hustle, go smash out the work, build yourself an awesome life and start living the life you were meant to have 🙂
- How to build a $60,000+ a year kindle publishing business (even while you’re working a job)
- The 4 simple steps you can use to go from $0-5k/month ASAP
- How to have incredible adventures all over the world while building a BOSS lifestyle
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