Looking for second income stream ideas? Having multiple sources of income is the key to wealth and long term success. Ideally you should have 5 sources of income. Having multiple sources of income ‘future proofs’ your success. A single income source makes you become very dependent on that source. Having many streams means you are building independent wealth. If any industry or stream of income fails, you have four more to back it up.
Second Income Stream Ideas
The internet is probably the best source of income streams and offers an option which is available to anyone. All you need is a laptop and an internet connection – something most people have or can get, without much trouble. Building a source of income from the internet is within most people’s reach. However, you need to go about it in a systematic way. There is a lot to learn and it can be easy to become overwhelmed.
Second Income Stream Ideas – Different Methods of Online Earning
There are also many different methods of building an income stream online. According to your natural abilities and interests, you can go down any one of several online routes.
- Drop shipping company – You can build a website or even operate from e-bay. Drop shipping companies let you organize sales and outsource the product delivery to a drop shipping company. You earn commissions from sales. Have a Google search for drop shipping companies.
- E-bay shop - If you already have a business or service, consider adding an online shop to reach a larger audience and extend your existing business to a greater area.
- Affiliate Marketing – Affiliate marketing lets anyone build an internet based business selling someone else’s products.
- Buying and selling – You can start by selling things from your house on ebay. Take a look at this article how to buy and sell for profit on ebay.
Second Income Stream Ideas – Flexible Income
The problem with many part time jobs is that they don’t offer you the flexibility you need to juggle your life on your terms. An online income gives you that flexibility. However, you need to be careful you’re not being a ‘busy fool’ online or else you can end up with a time consuming hobby which doesn’t pay that well. Ideally you should get a mentor.
An online business mentor will guide you to spend your time in the most effective way. Spend time on money producing activities online which have the potential to create passive income in the long run. Choose the right business model which gives you back time once you have set the wheels in motion.
Second Income Stream Ideas – Don’t Trade Time For Money
The information age we are now in has brought a lot of opportunities with it. However, unless we can change our thinking towards the information age, and away from the industrial age, we will always be stuck in the model of trading our time for money. In the information age, we can use technology and systems to leverage our ability to make money, even when we are not working:
- Websites can sell products on autopilot: see autopilot cash system
- Email marketing platforms can send thousands of emails at the same time (automatically)
- Products can be sold and accessed without having to physically be there.
Most people have now experienced buying something on the internet. It’s easy. So easy in fact that it’s putting physical businesses out of business. However, given this new reality most people are not aware of how they can use this new technology to create better and more flexible lives for themselves and their families.
Second Income Stream Ideas – The Magic Of Digital Products
An online business can bring together the magic of digital products and the power of online marketing.
Digital Products – can be accessed remotely and downloaded instantly. This is great for both buyers and sellers. Buyers can get cheaper items delivered to their door and buy from their phones from almost anywhere. Digital products like forums, membership sites and downloads can be delivered on autopilot and are easily accessible from anywhere.
Online Marketing – Anyone can now use marketing which enables them to reach a global audience. This tactic goes hand in hand with digital products beautifully and here’s how:
Online marketing is now so sophisticated it knows what you have been looking at online and can remind you later on. Anyone can access this technology to promote products globally and automate much of the process. The real power lies in the ability to scale. Scaling an online business is far easier than scaling a locally based business. With a local business you have a limited audience.
Second Income Stream Ideas
Access all the tools and training needed to build a flexible online business from scratch.