Don’t put all of your eggs in the same basked.
You’re definitely familiar with the saying and it’s 100 percent applicable to the world of online income generation.
You cannot be overly-reliant on one income generation opportunities. This is why I believe everyone should learn how to create multiple streams of income online.
Creating multiple streams of income can be somewhat confusing in the beginning. Many people go for completely distinctive ideas that they’re not 100 percent comfortable with. The trick to earn income online consistently is to opt for multiple opportunities that fall within the same range or niche.
- How I Create Multiple Streams of Income
- How to Create Multiple Streams of Income Online in a Few Easy Steps
- Multiple Streams of Writing Income Online
- 1. Find Freelance Clients
- 2. Set Up Your Website and Be Active on Social Media
- 3. Join Content Mills
- 4. Write Articles for Cash
- 5. Article Marketplaces
- Multiple Streams of Paid Survey Income
- 6. Make Money on InboxDollars
- 7. Join Survey Junkie and Earn Cash
- 8. Easy Money with SwagBucks
- 9. Earn from MySoapBox
- 10. Earn Money with Vindale Research
- Create Multiple Income Streams by Selling Stuff Online
- 11. Sell Items on eBay
- 12. Sell Digital Products Online
- 13. Start a Dropshipping Business
- 14. Launch Your Own eCommerce Website
- Create Multiple Streams of Income Blogging
- Create Multiple Streams of Income through Your Social Media
- 18. Become an Online Influencer
- 19. Start a YouTube Channel
- 20. Do Affiliate Marketing
- 21. Offer Social Media Management Services
- How to Create Multiple Streams of Income Online: Additional Opportunities
- 24. Invest in Real Estate Online
- How to Create Multiple Streams of Income Online: A Few Final Tips
How I Create Multiple Streams of Income
Before moving on to discussing specific opportunities for creating multiple streams of income, I’d like to share my own experience.
In the beginning, I tried to make extra income online while still having a day job. I wrote an article or two here and there but these efforts were more or less amateurish due to the limited amount of time.
Once I quit my day job, I started doing freelance work. In addition, I did blogging and ebook writing. Even within these niches, I was using multiple opportunities to earn a decent income. Here’s what my egg baskets looked like:
- Freelance work
- Content mills
- Monetization through Google Adsense
- Monetization through affiliate marketing
- Ebook writing (and distribution through Amazon’s KDP, as well as on other marketplaces)
- Writing articles for websites that pay for content
This way, I managed to overcome slowdowns and the inability to make money in one way or another.
For example, the summer is a slow season for freelancers. Many of my regular clients go on vacation and the volume of work goes down. This is when I can focus more on ebook writing and blogging. If the income is still insufficient, I may go back to content mill for the creation of a paid article or two.
My philosophy is simple – you need to engage in numerous things when trying to make money online. Some require regular effort, others (like ebook writing) allow you to generate passive income.
The example from my personal experience isn’t applicable to everyone’s goals, skills and abilities. Hence, here’s my formula on how to create multiple streams of income online, regardless of your monetization goals.
How to Create Multiple Streams of Income Online in a Few Easy Steps
The first and most important thing to ask yourself is what you’d like to do.
Online income generation necessitates commitment and daily work. If you’re not enjoying what you’re doing, you’ll give up on it pretty soon.
Those who are technically inclined, for example, should consider opportunities like setting their own web agency, app development and even offering consultancy services to corporate clients. This way, people who have the necessary technical skills will be creating multiple streams of income that have the potential to grow over time.
Here are the steps you need to follow when learning how to create multiple streams of income online:
- Do some market research to identify the opportunities that are profitable and that you’re also going to enjoy
- Choose one main activity you will be dedicating most of your time to
- Once you have your main activity and you know how many hours per day it’s going to take, start looking for additional ways to supplement your income
- These additional opportunities should preferably feature one passive income stream – you do the work once, after which you start collecting the dividends
- You may also want to look for easy ways to create a bit of additional income during slowdown periods – microtasking, paid survey websites, app that allow for monetization, online investment opportunities
That’s the philosophy – bring together a few major ideas with a few passive streams of income to ensure profit generation year-round. When you rely on multiple income streams, you can easily generate 50 or even 100 dollars per day online.
Now, let me share a couple of ideas related to creating multiple streams of income within each field you’re interested in.
Multiple Streams of Writing Income Online
Writers can benefit from so many online income generation opportunities. Here’s how to earn income online as a writer consistently and without being overly-dependent on a single platform.
1. Find Freelance Clients
Putting some thought in the creation of your profile and portfolio will be very important. The same applies to drafting solid cover letters and communicating with clients effectively.
Some recent changes have made websites like Upwork really unprofitable for newbies (paid connects, restrictions in terms of fields that accept new freelancers) but alternative freelance platform do exist. I’ve managed to find trustworthy clients through Guru, as well as other freelance websites and I encourage you to join a few of those and apply to multiple projects.
2. Set Up Your Website and Be Active on Social Media
This is another tip that applies to all freelance professionals and not just writers.
Building a website to host your portfolio and making sure it’s properly optimized can result in excellent networking opportunities.
Once you have your website set up, join LinkedIn and use the presence to communicate with potential clients. I’ve received multiple LinkedIn job offers through the years, regardless of the fact that I’ve never actively sought such opportunities.
3. Join Content Mills
Content mills are not the best way to earn an income as a writer.
This can be one of your side gigs that you rely on during periods of slowdown.
Content mills are not created equal and some of them offer much better payments than others. Here’s my content mills guide that features numerous opportunities for international writers.
4. Write Articles for Cash
As already mentioned, numerous websites accept paid submissions.
Usually, you’re first asked to submit an article idea and a pitch.
If the respective website’s editor likes your article concept, you’ll be asked to create the text. Once the article is published, you’ll receive your payment.
Some websites out there offer very high rates to authors – 100, 200 dollars and even more. You have to choose online magazines and platforms discussing topics that you’re familiar with. This way, you can create the in-depth content that will get your submission approved.
5. Article Marketplaces
If you’ve written some articles that you haven’t submitted to clients or that you haven’t uploaded to your blog, you can add those to online article marketplaces.
These marketplaces allow writers to set their own price.
Clients interested in a specific topic can go through the available texts and download the ones that they like.
Multiple Streams of Paid Survey Income
Regardless of your interests and knowledge, you can join paid survey websites for an easy opportunity to make extra income online.
Paid surveys take 10 to 20 minutes to complete. You can easily earn anywhere between a dollar and 20 dollars, depending on your demographic profile and the complexity of the survey you’re working on.
Once again, it’s important to learn how to create multiple streams of income and in this instance, the goal can be achieved by joining several paid survey websites.
6. Make Money on InboxDollars
As far as reputation goes, InboxDollars is one of the most reliable paid survey websites.
It features several great choices for earning an income – paid surveys, online games, browsing, reading paid emails and even doing online shopping. You earn points for each of these activities and once a minimum threshold is reached, you can cash out and withdraw the money through PayPal.
According to the official InboxDollars presentation, members of the network have earned more than 57 million dollars till present date.
Inbox Dollars gives you a five-dollar bonus just for signing up. Adding more cash to your account will depend on your survey eligibility.
7. Join Survey Junkie and Earn Cash
Survey Junkie is another frontrunner in the realm of paid survey websites.
Unlike Inbox Dollars, this platform is entirely focused on monetizing surveys. You can earn either gift cards of preference or you can withdraw your money via PayPal.
Currently, Survey Junkie has more than 10 million members. They earn through surveys, questionnaire completions, as well as friend referrals. While Survey Junkie hasn’t made anyone a millionaire, it contributes to some nice, consistent side income.
8. Easy Money with SwagBucks
According to SwagBucks, members of the network have earned more than 355 million dollars in cash and rewards. Points can be earned via survey completion, daily polls and discovering daily deals. There are also paid videos, games and browsing opportunities every now and then.
Swagbucks has an excellent reputation and you can read numerous online reviews written by people who have been with the network long enough and who have generated a nice amount of side income every single month.
9. Earn from MySoapBox
While this isn’t the biggest market player, MySoapBox has managed to establish a pretty solid reputation for itself.
The website offers monetization through paid surveys, product testing and friend referral programs.
Members have to accumulate 25,000 points in their account before they could cash out for the first time. Once the first redemption is completed, there’s no minimum requirement and a cash-out can occur at any given time.
The good thing about this paid survey website is that it accepts members from across the world.
MySoapBox reviews are predominantly positive. The legitimacy of the opportunity has been confirmed and you can easily bookmark MySoapBox and make it one of your paid survey income streams.
10. Earn Money with Vindale Research
The final entry in the paid survey list is Vindale Research.
Vindale Research is another well-established and reputable player that most people interested in paid surveys are familiar with. This one offers somewhat better payouts per survey than other websites, a fact that makes it worth considering.
This paid survey website offers new members a one-dollar signup bonus. It pays in the form of cash – once you reach 50 dollars, you can redeem in the form of a PayPal transfer.
According to the website’s official presentation, Vindale members have earned nearly eight million dollars since the network’s setup. The platform has been around since 2005 and it offers a wide range of surveys for people belonging to different demographic groups.
Create Multiple Income Streams by Selling Stuff Online
If you’re not a writer and you don’t want to work as a freelance professional, you can sell things online for money.
You can easily create multiple streams of online income through ecommerce and selling items. Here are a few suggestions to consider in this field.
11. Sell Items on eBay
Do you want to know how to create multiple streams of income online by selling things? You should definitely start with eBay and build upon this endeavor.
eBay is a great choice for selling anything you no longer need. You can also sell collectibles, things you make or items you’ve bought cheap or in bulk.
To be a successful eBay seller, you have to establish your reputation and maintain a steady portfolio of items.
12. Sell Digital Products Online
Digital products like ebooks, courses, photos, videos, infographics, etc. can be sold via numerous websites and online channels.
ClickBank is the absolute leader in the world of digital product sales. You get access to multiple tools and while I don’t really like ClickBank for income generation, you should definitely explore it.
Selling digital products via your own website or blog is a much better idea. You’re in control of the sales and you don’t have to pay a commission to anyone.
Finally, when it comes to ebooks, you also have KDP https://kdp.amazon.com/ and other distribution networks like Draft2Digital. They give you access to marketing tools, convenience, as well as multiple book stores that will increase the scope of your reach.
13. Start a Dropshipping Business
A dropshipping business is the ultimate idea to test out if you want to make money through the sale of items.
When doing dropshipping, you partner up with a manufacturer or retailer. You don’t have to buy the products, seek for a warehouse and deal with shipping. Whenever your website generates a sale, your partner will deal with shipping and tracking.
In a sense, you’re an intermediary who finds the client and refers them to the wholesaler/manufacturer. You can learn a bit more about dropshipping in this excellent guide.
14. Launch Your Own eCommerce Website
If you make your own products or you have a good source of interesting items (locally-made, unique, handcrafted, etc.), consider starting your own ecommerce business.
You will have to deal with more than in the case of dropshipping – maintain your inventory, deal with clients, deal with suppliers, ship items, handle complaints, etc. Still, you’ll be in full charge of the process and the profit generation potential will be higher. This idea can easily grow into a massive online business that will help you make the largest share of your monthly income.
Create Multiple Streams of Income Blogging
To earn income online through blogging, you will once again have to engage multiple income generation opportunities.
15. Start Multiple Blogs
The simplest way to create multiple streams of income online is to have several blogs.
Each blog has its specific audience. Each one can attract a distinctive group of advertisers. Once you launch a few of those and you develop those, you can determine whether all of them are going to be profitable (and if you should drop one of the projects).
Stick to topics you know a lot about and make all of the posts niche, in-depth and informative. In the beginning, you will have to work a lot without seeing massive results. Eventually, the blogs will start offering returns.
16. Feature Ads on Your Blog
This is a great opportunity that’s available to newbies.
Google Adsense is one of the programs you can join to make a bit of income by featuring ads and banners on your blog. The more you grow your traffic, the more you’ll earn from hosting sites.
Eventually, as your blog becomes more popular, you may be approached by advertisers. When you reach this stage of blog development, you’ll have the freedom to negotiate the terms and conditions of the partnership.
17. Affiliate Marketing
Affiliate marketing is also dependent on your traffic but it can generate some additional income for your blog.
Your blog’s niche will determine the type and range of affiliate marketing opportunities that will be suitable. This is why you have to think carefully what you’re going to write about before launching a website.
You’ll also have to look for the right affiliate marketing opportunities.
One of the options is to get in touch with companies that have affiliate programs directly.
Alternatively, you can join affiliate marketing networks that feature hundreds of offers.
Both of these platforms have numerous affiliate marketing opportunities to choose among, some of them even suitable for newbies who’re still working on building their traffic.
Create Multiple Streams of Income through Your Social Media
Your social media presence can become another source of income.
18. Become an Online Influencer
Influencers on social media, especially Instagram, are paid by numerous companies to feature their products.
To become an online influencer and earn money this way, you have to build your audience. Advertisers typically want to see a massive audience that features thousands of people before approaching an Instagram or a Facebook “celebrity.”
Being a social media influencer can quickly become a full-time job. To differentiate yourself from the crowd, however, and get advertisers interested, you should consider the creation of a niche or a themed profile.
19. Start a YouTube Channel
YouTubers make money by hosting ads on their videos.
The niche and the traffic will once again be determining for a YouTube channel’s income generation potential.
This is another passive stream of income that will necessitate a lot of hard work in the very beginning. You have to choose the right theme and the format – will you be sitting in front of the camera and talking? Will you be doing how-to videos? Animations? Interviews?
Consistent uploads will be needed to grow your audience and keep it interested.
20. Do Affiliate Marketing
You don’t need your blog to make money through affiliate marketing.
Some affiliate programs allow referrals through social media publications.
You can feature links in your Facebook, Twitter, YouTube or Instagram posts. Don’t overdo it, however. Feature products and services that your audience will appreciate. Otherwise, you risk making your posts way too spammy.
21. Offer Social Media Management Services
People who have sufficient social media marketing and profile management knowledge can offer such services to clients.
Many companies are looking for social media managers who will do content curation and who’ll interact with the audience.
You can find social media management jobs via the platforms themselves, as well as through freelancing websites.
How to Create Multiple Streams of Income Online: Additional Opportunities
Apart from these main categories of online income generation opportunities, there are numerous other strategies you can try. Here are a few additional income streams you may want to add to the mix to ensure a sustainable income.
22. Invest Money with Acorns
Acorns is a budgeting app that allows you to invest spare change from the purchases of essential items you need.
When you sign up, you will get a five-dollar registration bonus. Obviously, this is the first amount you can invest in your Acorns portfolio.
The good thing here is that you don’t need investment knowledge to get started with Acorns. That’s the job of the software.
23. Shop on Ebates, Get Cash Back
Ebates is one of the biggest websites out there allowing you to save money on the everyday essential items you need to buy.
Here’s how it works – Ebates has an extensive partner network. When you shop from one of its partners, you’ll get a specific percentage of the sum you spend back.
Currently, for example, there’s a two-dollar cashback offer on eBay purchases, a six percent cashback offer on Barneys New York, five percent cashback on Amazon purchases and a four percent cashback on Bare Necessities purchases.
24. Invest in Real Estate Online
Here’s another good investment option you may want to test out – CrowdStreet.
CrowdStreet is a commercial real estate crowdfunding platform. It pools funds from investors together, financing commercial real estate projects and offering significant returns.
According to the official CrowdStreet presentation, the hold period is two years and the extended interest rate (XIPR) is 31.7 percent.
The minimum investment amount here is 10,000 dollars. Thus, the opportunity is a more advanced one but the risk is low. Join CrowdStreet today to see significant returns from commercial real estate.
How to Create Multiple Streams of Income Online: A Few Final Tips
Even if an idea is proving to be incredibly profitable right now, you should never be 100 percent reliant on it for the generation of online income.
Always have a plan B, a plan C and a plan D.
It’s easy to start your own online business and to test different monetization ideas because no investment will be required or the sum needed to begin will be small.
Do your research before getting started to determine the niche’s monetization potential and to size up the competition. If you see lots of projects and businesses similar to yours, you may want to tweak the idea and make it even more specific.
Finally, don’t overdo it.
Spreading yourself too thin will prevent you from putting enough thought and effort into the individual concepts. You need one main gig and a few (easier) side income generation opportunities. You may feel tempted to do everything but you’re not going to be successful this way.