Faith and Business 101: Multiple Streams of Income
The CEO of the company that I’m the administrative assistant for, Mommy Bag Marketing, Inc. has always promoted a work at home mom having multiple streams of income. In my own work experience I’ve found this to be very valuable advice!
Multiple streams of income just means that you have several ways in which you’re bringing money in to your household. (I find it very interesting that if you look at the Virtuous Woman verses in Proverbs 31 you’ll see she employs this strategy!) For every type of business there will usually be times of the year that will be more profitable than others. It also helps to have back up methods of bringing in money if one of your ventures doesn’t pan out like you’re hoping for. It also helps to have a few different things to work on, it helps me not to get burnt out spending all my time and effort doing the same thing.
As with the other aspects of working from home, this will all look completely different depending on you and your talents. For my boss it means she’s the CEO of our advertising business and sister site, and a published author. Before both of those areas really took off she also ran an “all things mint” Etsy shop and did other freelance writing. For another good friend it means being the owner of Mommy Perks, an online PR company, and also running her small Personal Child Stories business. For my sister-in-law it means offering voice lessons one day a week, and piano lessons another.
For me my multiple streams of income are my administrative assistant job with Mommy Bag Marketing, Inc., my Product Review and Giveaway blog: Wyoming Girl turned Coastie Wife, and my scrap-for-hire business. I also have random other little things, like being part of an online study group that gets me $15 in Amazon gift cards each month. Not much but when paired with my Amazon Mom program we’re talking 30% off diapers and free two day deliver which when I put that with my gift cards = free diapers for me! After a few months, even something as “little” as this really adds up!
The thing I’ve always loved about the ability to work from home is that it is only limited to your creativity and drive. You can do it as much or as little as you need to. You have the ability to start small, and grow as needed. Keep your eyes open, do a lot of research and asking around and discover what you can start doing for your multiple streams of income! One thing to keep in mind is to not bite off more than you can chew. MariLee recommends no more than 3 areas to really focus on and I completely agree, as one or two of them take off then you might need to drop the third one as well. You can do a mediocre job at a lot of things, or a great job at a few, when it comes to succeeding when working at home definitely keep that important principal in mind!
Copyright © Nicole Elliott, Moms of Faith, All Rights Reserved
Thank you for the mention, Nicole! I have also found that multiple streams of income are very helpful, namely for those of us working Online. When you work in a brick and mortar, you can work 9-5, M-F for the same job and a steady paycheck. Online, however, it’s much harder to sell full-time or to write full-time for pay or…whatever you choose to do. Spreading your talents around certainly makes it easier to stay busy, remain creative and also – to not get completely focused on one business, hoping it will cover all of your costs (which can be very stressful). Thanks for the post!