The Easiest Way To Build Multiple Income Streams

Yesterday I got the payment of June earnings from my online course on Udemy. By next week I would be getting a payment from Upwork for a freelance job I do for a UK company monthly. Later in the month I would be getting the payment of another earnings from Google Adverts placed on my blog. And I just checked Amazon for my book sales and it shows that I would also soon be getting a payment from them soon.

And those are just a couple of earnings I get sweatlessly from different sources.

I also sell iTunes gift cards. Takes just about 3 mins to do and I get to make between N800 and N2,200 as profit on each transaction. Every month I get calls from other training companies that want me to facilitate training for an Excel class they have put together.

All these are extra income sources for me beside my core business/job.

image: digitalbloggers.com

So how do you easily build multiple income streams?

It's a tricky question because all you have to do are easy but when the money will come is usually outside your control. It could take between minutes to years for you to see the result of your efforts. For me it has been a mix of all. I had income streams it took me just a few days to build and see significant results from. And I had others that took years to get any significant results from.

But the task in itself is an easy one. There is just one rule -- you get what you go after. Extra income streams will not come uninvited. They will not come looking for you and forcing themselves on you. You have to go find them. You have to think of all you can do to make extra income and start doing them. You have to evaluate your current position and the resources you have in abundance to spare towards earning extra income. It could be time, money, a less used skill, a rare talent or physical assets (land. a spare room, extra car ...).

For me, that resource has been my technical abilities and computer know-how. I have never have too much time. And I am just starting to build up physical assets. So for a  long time I focused on what I could do that wouldn't require much time and physical assets but just excellent technical skill. That was how I came up with the iTunes card selling idea. It's a genius idea. I use a very ingenious technical way to get the iTunes card in less than 2 mins and complete a sales transaction in less than 5 mins. Get paid and move on with my life. It is also how I got the freelance job for the UK company. They wanted a tech savvy Nigerian to help with a telecoms network quality test on a monthly going basis. I fit the profile well. All I do is to just keep two phones on 24x7 and at the end of the month I get paid. Almost like free money. And it's the same principle I used to get the income from Amazon and Udemy. I use my technical skill to come up with an excellent book and a great training content; now I get free money from sales, even while I am sleeping.

For you it could be that extra car you have. Turn it into a taxi. Hire a highly recommended driver and get some form of guarantee. Let it start making you an extra income. And if it is extra money, don't just let the banks use your money for business for free; have an investment. Put your money to work.

And if you can write, start a blog. It might take a long time before it will make you monthly money like mine now does but it will bring many people and opportunities your way.

In a sentence, the easiest way to build multiple streams of income is to put every extra resource you have to some value creating and money making use.