Diversified Incomes
Written by: Dorothy Scown, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
A major lesson coming out of the events of recent years is that we need more than one stream of income.
We all need to diversify and include several ways to generate money that can be ramped in the event of other changes, be they under our control or not.
The old adage of “don’t keep all your eggs in the one basket” has never been more relevant than now, and some coaches are advocating that their clients have around 10 possible methods for income generation.
So how does a life like that look? Those of us in business can feel overwhelmed with just one business let alone adding others to the mix. Time management will become paramount when running more than one business, compartmentalising and firm boundaries will ease the process, but first, you need multiple options!
Sometimes we are missing opportunities that are right in front of us. I was guilty of this just recently. Using my household as an example, we had been building up business concepts over the years and currently run 4 businesses, the larger of these is for sale so we will have a shuffle of priorities when that happens.
Our Agri business has been our main provider for the last 20+ years, the next highest producer is my coaching business, then we have a “Shopping Club” and finally The Opal Bowl with my husband’s beautiful artwork for sale (this is yet to be launched online). We add to these my book sales, and then there is the opportunity I was missing previously (but have amended) which was Affiliate opportunities with other businesses.
All of these can be ramped when needed, and you will need to look at opportunities like that for yourself if you are to retain a secure cashflow in the future. Lockdowns may continue to occur and the way people shop for nearly everything constantly changes.
Let’s talk about the most popular of side gigs for women, which is MLM opportunities! I have over previous decades opted for a number of these, Amway, Tupperware, Enjo, Postie Fashion to name some of them.
Can you produce an income from these? Absolutely you can, but is it secure and what are the mistakes I have made or seen others make?
In the companies I mention, you are a distributor, you hold stock and inventory so you have money invested. Now that works really well if you joined to access the goods at a great rate, however many join being told that they can make large sums of money which in my experience would take more time and effort than some jobs. So, for a side hustle and some discounted goods, they are a fantastic idea, and you can make a few bucks and hang with friends while you do it. Very few people are able to reach higher levels and make the kind of money that is often presented in the promotions unless they are all in and that is the only focus (that defeats our purpose here).
Things to watch for in those are
Pressure to buy more to hit a level (excess stock and cost)
A system that requires you to reinvest for new stock every month (see above)
Forceful “encouragement” to recruit to help upline to reach levels.
If any of these 3 occur, understand that the pressure will only increase! There are other options that have customer membership systems, not requiring regular purchases, these are great if you wish to purchase occasionally but if you wish to build a business system this lacks consistency in sales and lands you in the “call the customer to sell” with every new months promotion. So when researching this area, dig deep on yourself first,
What do you want from the product line?
Are they consumables that you already buy or is this extra money?
Dig deep on the company for longevity and that of the person introducing you.
What are some of the other alternative options out there?
We see a lot about Bitcoin and Shares, they require in-depth research, and I have seen people do well and do poorly out of both. Get educated if you wish to pursue these, there are many scammers drawing people into these, I have seen some very savvy people caught.
Affiliate marketing, what is that? Affiliate marketing is where you promote an associates product or service and they pay you for the sales made from your promotions. In the coaching industry, this is common practice but can be translated to other industries. If you purchase something through a link that I provide to an affiliates offering, then I will earn a commission.
You can make use of this concept in either direction, if you sell a product or service that can be sold by others then you can offer affiliate links, thereby increasing sales and paying commissions, or you can request affiliate links from those you know offering products and services, promote for them and earn commissions.
Dropshipping is another opportunity that does not take up massive amounts of time, this is a very broad area to look into as one can offer any product that can be found on the internet. Once again, get educated if you wish to pursue this concept, it is broad and you will need to test your markets, ensure your supply chains are reliable and that you are able to make enough of a mark up to make it worth your while.
You have some options to look at now, do your own due diligence before committing, count your egg baskets at the end, making sure they can be scaled or ramped up to ensure a reliable cash flow for your future.
Dorothy Scown, Executive Contributor Brainz Magazine
Dee is an author and a Master Coach with SMJ Institute. She has many years of experience in both the corporate world and entrepreneurship, that experience spans both bricks and mortar businesses and more recently online offerings.
Her book “Grand Plan Shattered? How to turn your life around after a crisis” takes the reader through processes to overcome massive challenges and emerge into new possibilities. Her coaching work echoes this as she expands her client’s horizons so they too can “live a life beyond convention”.
