The perfect resource for beginners looking to learn new knowledge and skills.

The Complete Guide to Multiple Income Streams is full of insights and strategy for business owners, entrepreneurs, students, and anyone else looking to hone their current skills and get up to speed on the latest in ways to make money online and attain financial freedom.

Read it now to build your own income stream without need for an office, employees or even a product.

What are multiple income streams?

Most people have a job and get a salary as their reward – this is a one-way type of income stream.  Having multiple streams of income means that a person is receiving income from several income streams at once.  There are many types of income stream, but in The Complete Guide to Multiple Income Streams we focus primarily on online passive (or residual) income strategies.

What are passive income streams?

Passive income is money that a person earns without directly putting in work.  While they may have to put in some up-front work, they do not need to put in direct work in order to make an income.  In other words, they could go to bed and make money whilst they sleep from passive income strategies such as online products or rental property that continuously make money for them even when they are not there.

Most people who have passive income streams have found that once they have one income source up and running, it is easier for them to create multiple income sources. These are often referred to as multiple streams of income.

Why Multiple Income Streams?

It is important to invest in multiple sources to secure your future. Experts suggest that you should not rely on a single source of income. The recent and ongoing pandemic taught us several lessons, including not being dependent on a single income source. When all businesses and offices were forced to close, many people lost their jobs, salaries, and income from brick-and-mortar stores.

By using multiple income streams, if your primary income stream, like your salary, gets interrupted, you will have a steady source of alternate income. Or you can use other income sources for your retirement, children’s education, or trips abroad.

In today’s world finding, securing and generating multiple income streams is easier than ever. It is wise to have at least two income sources because you never know when you will lose your primary source of income. Also, having multiple income streams helps secure your future and gives you an added benefit when needed the most.

Just as we explored in this very useful Guide to Multiple Income Streams, starting to invest in an online business is not only easier but cheaper as well. At the same time, it is fun and exciting. You do not need to spend every day working on one of your websites, nor you need to create content for your YouTube channel or social media accounts daily. Whenever you have time, make a few videos, edit a couple of previous videos and photos and you are good to go.

Multiple Income Streams | Make Money Online

One of the most interesting and easy to invest sources of alternate income is making money online. There are many opportunities available to choose from. You can start making money in no time and it is easier and more accessible than any other source of income. All you need to start making money online is a laptop, an internet connection and in some cases a camera with a mic.

Make Money Online | Make a Blog

A blog started as an electronic diary, but now it has evolved into a full-fledged information source. A blog is a collection of short or long articles known as blog posts or blogs. You can make your blog on any topic. It can be a collection of your thoughts on your favourite sports team or your favourite TV shows. In your blog, you can talk about your favourite restaurant or how to cook your favourite dishes.

There are many platforms that offer easy blog creation, like WordPress and Blogger. You can start with a free blog or purchase a custom domain name and host for your blog. Blogging platforms like WordPress and Blogger have made blogging easier than ever and modern blogs are really a work of art.

A blog can bring in a decent second income. The most popular source of generating revenue from a blog is by using Google Ads. Google Ads will display relevant advertisements on your blog and generate income for you depending on the number of views and clicks on each Advertisement.

Another revenue stream from a blog is guest posts or banner ads. You can make money by allowing other businesses or blogs to post on your blog, or you can charge them by showing their Ad banner on your blog.

You will need:

  1. A domain name — $8 to $15 annual cost.
  2. A blog hosting platform — $30 to $300 per year.
  3. A nice blog design which you can make yourself or hire someone to do it for you — $50 – $300 one-time charge.
  4. Blog Posts or Articles. Write yourself or get a running start by hiring a ghostwriter — $10 to $80 per article
  5. Signup for Google Ads — Free

Make A Drop Shipping Site

A Drop shipping website is essentially an eCommerce store with no investment in inventory cost. In this alternate income source business model, you get to sell products from other manufacturers or retailers who offer Drop shipping. A Drop shipping website or store operates as a full-fledged eCommerce store with its own payment collection system, privacy policy and return policy.

You get to list inventory from your drop shipper, and you decide to charge your own profit ratio.

Here is how it works:

  • You make an attractive eCommerce style website.
  • Using the inventory of your supplier, you import products into your store.
  • Using the price listed by your drop shipper as a reference, you list prices on your store along with your profit.
  • When a customer buys from your site, you ask the supplier to send that specific product on your behalf to your customer.
  • Some suppliers will even customize the shipping labels or packaging to meet your site design.

You will need:

  1. A domain name — $8 to $15 annual cost.
  2. An eCommerce hosting platform — $30 to $300 per year.
  3. A nice eCommerce site design — $150 – $600 one-time charge.
  4. WordPress or Shopify, any one platform will work
  5. Dropshipping supplier, for example AliExpress.

Pro Tip: Choose a drop shipper with local warehouses in your city or country.

Make An Affiliate Website

An affiliate website is another excellent source of income. Affiliate marketers have reported thousands of dollars of revenue monthly. An affiliate website is also known as a passive income source. An affiliate website does not require a lot of upkeep and once your site gets traction, it can continue generating money even when you are asleep.

Many businesses offer affiliate programs; the largest of them all is Amazon. In this model, you sell the affiliate products, and each sale yields you a fixed or variable commission. If you have made a name in the industry, you can have a leading edge over others. You can create a blog or a dedicated affiliate website and use your fame and experience to recommend products to your readers, fans or followers.

On the other hand, if you do not have the fans, you can still enter this market. Our pro tip for affiliate marketing is to choose a niche that you like the most. Doing so, you will never get bored with your site as it can take a while for your site to get noticed by people and search engines.

Many people invest in social media and google ads to drive in the initial traffic. Once the wheel gets going, word of mouth and search engine rankings can bring in enough traffic to make your affiliate website an excellent and reliable source of alternate income for you.

You will need:

  1. A domain name — $8 to $15 annual cost.
  2. A hosting platform — $30 to $300 per year.
  3. A nice design for your site which you can make yourself or hire someone to do it for you — $50 – $300 one-time charge.
  4. Articles with pros and cons or tips and tricks. Write yourself or get a running start by hiring a ghostwriter — $10 to $80 per article.
  5. Optional Advertising — $20 to $50 per day

Make Money Online | Make a YouTube Channel

YouTube is an excellent primary source of income for many, especially teenagers and students are making good money creating video content. YouTube is the second largest search engine worldwide. A myriad of content is available on YouTube. From children poems to educational and how-to videos to full-fledge movies and song videos can be found on YouTube. They say a picture is worth a thousand words and video, well, it’s definitely more than a thousand.

Almost any content on YouTube can bring in views and more views and more subscribers equal more income.

From cute cat videos to a nice puppy rolling on the ground to sharing your experiences, people watch almost anything on YouTube. If you know about plumbing and pipes, you can share tips and tricks about plumbing; if you work on a train, you can share how a train engine works or how the train system operates. You can even share lovely and exciting views and scenes along the route.

You will need:

  1. A phone with camera or a DSLR Camera.
  2. A Microphone.
  3. Internet Connection.
  4. YouTube account.
  5. Basic video editing skills.

Make Money Online | Become a Social Influencer

Social media influencers are people with a large following and fan base. Many social media influencers are TV and Movie actors or models. However, many ordinary people have also attained this status with their looks, experience and knowledge. Becoming social media influencer is not very difficult. If you have good looks and know how to dress and even dance, you are already halfway there. Make sure to keep generating regular content and soon, you will be an influencer.

On the other hand, you can show off your cooking, baking, or BBQing skills as well. Athletes, cyclists, bodybuilders, and fitness experts also have an excellent chance at becoming a social media influencer in no time. If you are into hunting, fishing or outdoor hiking, you are on the fast track to becoming an influencer. Lawyers, Engineers and even doctors have a large fan following on social media as well.

Being an influencer can bring you a lot of offers. Companies and businesses would like to work with you to promote their products, give shoutouts about them and sometimes they will pay you to use their products. There is good money in becoming an influencer. A single shoutout can bring in anywhere from $130 to $1000 depending on your followers, popularity and the product itself. By signing up for TikTok, you can get paid just like on YouTube; more views and more followers will bring in more income.

By investing your time in a YouTube channel or becoming a social media influencer, you can have fun and a steady income source.

You will need:

  1. Phone with a camera or a DSLR Camera.
  2. A Microphone.
  3. Internet Connection.
  4. Social Media account.
  5. Optional, Image and Video editing skills.

Make Money Online | Capture and Sell Pictures

You can almost sell everything online. People and web developers especially are always looking to find pictures and images. If you are good at taking picture, own a decent phone or a camera you can start by taking photos and selling them online. Start capturing images of random object, random scenes and sceneries. Almost everything is in demand. There are several websites especially Dropshipping websites which need product images, you can offer them product photography, or you can find a website with half decent product images and offer them your services.

If you start taking pictures of products that they sell online and offer them service that they do not need to purchase and ship you the actual products to photograph you will be offering a unique solution which they will definitely want to purchase.

There are photography marketplaces where you can list your pictures for sale and start making good money.

You will need:

  1. Phone with a camera or a DSLR Camera.
  2. Internet Connection.
  3. Optional, Image and Video editing skills.

Multiple Income Streams | Invest in Real Estate

Real estate investments are considered the safest investments and most of the real estate investments result in sure profit over time. Here are the three investment opportunities that you can rely on as your secondary income source.

Buy a Plot

If you do your research right, you can purchase a plot in a soon to be developed area. With no development present, it will cost you less and once there is development around your piece of land, you will be able to sell it for a hefty profit. However, there is an equal risk of the area not being developed at all, be wary of that.

Buy a Fixer-Upper

Many people tend not to get involved in fixing up their homes or purchasing a fixer-upper. There is a lot of hidden potential in buying a property that requires some love. If you are skilled yourself or do not mind dealing with a contractor, you can profit from flipping houses. As mentioned earlier, you must do your research right. Know the price of fixed up homes in the area and only purchase those you think you can flip quickly without a lot of investment. Start low and slow and with experience, you will be able to estimate the true worth of any unit up for sale.

Rent a Property

As mentioned above you can purchase any property, house, condo or apartment and later, you can rent it out. If you buy a property through a bank loan, the rent will help pay the debt and, once paid off, be a source of really good monthly income. This will give you the financial freedom you need. If you can secure two to three rentable properties, you will have a steady and sizeable monthly income flow after retirement.

Pro tip: Invest early to start receiving returns earlier in life.

Multiple Income Streams | Invest in Forex

Forex is dealing in foreign currency. There are many reasons a currency may rise or fall in value. Foreign currency investment is one of the safest investments and one of our recommended multiple income streams.

Several websites and sources are available online to help you decide on picking the right currency and time to invest in it. The best time to purchase foreign currency is when it is at its lowest value. By lowest we mean lower than its average rate. You must make sure the price you are purchasing foreign currency is lower than its sure average and sell it when it rises above its average. You can hold on to the currency for as long as you want to, but continuous buying and selling is recommended.

Multiple Income Streams | Invest in Cryptocurrency

Cryptocurrency investment is just like investing and trading in forex. Cryptocurrency is a digital currency and is very valuable. It is not a regulated currency and there are continuous ups and downs in its value. Just like regular currency, it is possible to make educated decisions based on the value trends. Buying and selling cryptocurrency has become even easier with PayPal. PayPal now offers the purchase and sale of cryptocurrency from its dashboard with a very affordable exchange commission rate.

Multiple Income Streams | Create a Product or Service

If you have a unique or a useful product idea you can create and sell that product. If your product is unique you can apply for a patent and enjoy unrivalled sale of the product for a long time. You can find some manufacturers within your country or abroad like China, to reduce production cost and increase production volume. You can list your product for sale either on your website or on a marketplace like eBay even on Amazon.

Similarly, if you are good at offering any service you can offer that as a means for securing an additional and alternate source of income. You can work on weekends or after your regular work or job hours and generate an additional or multiple income streams. Many well-known brands started small and slow and now have grown to become multinational brands like KFC and Subway.

In today’s world finding, securing and generating multiple income streams is easier than ever. It is wise to have at least two income sources because you never know when you will lose your primary source of income. Also, having multiple income streams helps secure your future and gives you an added benefit when needed the most.

Just as we explored in this very useful Guide to Multiple Income Streams, starting to invest in an online business is not only easier but cheaper as well. At the same time, it is fun and exciting. You do not need to spend every day working on one of your websites, nor you need to create content for your YouTube channel or social media accounts daily. Whenever you have time, make a few videos, edit a couple of previous videos and photos and you are good to go.

Any investment carries risks; we are listing multiple alternate income streams to help you choose and decide. Please note these are mere suggestions based on extensive research and any decision you make will be your own responsibility.