8 Tips For Creating Multiple Streams Of Income As A Single Mom – A single mom who owns her own business can certainly be considered to be one of the most fortunate and lucky women in the world.
Today, more than ever, there are countless opportunities available to single moms who want to create multiple streams of income in order to make ends meet and provide the absolute best life possible for their families. Below are some tips on creating your own multiple streams of income.
8 Tips For Creating Multiple Streams Of Income As A Single Mom
Make money from what you already know how to do – If you’re passionate about photography, start a photography business. If it’s cooking, open a restaurant.
There are so many choices, you just have to pick one and run with it! Teach others what you’ve already learned to earn an income.
Whether your skill is music or tutoring, use your talents to make some cash on the side. Use that cash to build up your primary business idea as a single mom.
2) Create digital products
Making and selling digital products is a great way for single moms to create income on their own schedules.
Digital products, like eBooks and online courses, are easy to make and inexpensive to sell.
You don’t need a fancy studio or team of employees; all you need is an internet connection (and maybe some coffee). In other words, anyone can do it.
If you want to become a digital entrepreneur, search for tips on how to start selling eBooks online. And when you’re ready to jump in completely—creating your own product and earning royalties.
3) Build online courses
Create an online course, and you can sell it to others. This is a great way to build multiple income streams. You are in control of your product and you even have a say in who buys it.
You can run marketing for it, and use social media to get people excited about what’s coming. You don’t need to worry about shipping or taking photos or any of that other mess.
If you’re worried that no one will pay for your online course… Well, take off those naysayer goggles!
Get out there and try it for free before writing a single word of your ebook or video series because chances are, people have already paid thousands of dollars for information on how they can do what you’re teaching them so why wouldn’t they fork over a few bucks?
4) Freelance from home
If you’re a single mom, freelancing can be a great way to earn extra income. You can make money writing articles, driving passengers with Uber or Lyft, doing freelance design work, and more.
But if you want to do any of these things, you must learn how to market yourself effectively before you begin.
If you aren’t tech-savvy, it can take some time to get up to speed on the latest marketing trends and strategies; but once that’s done, it’ll become much easier for you to get hired as a freelancer.
Meanwhile, there are plenty of online training sites that offer learn-at-your-own-pace programs—just make sure your skills are in demand (like SEO) so that clients will hire you.
5) Sell your stuff on eBay, Etsy, etc.
While it may seem daunting to jump into making money by selling your stuff, you’d be surprised at just how much of a market there is out there.
If you have items around your house that you don’t need or no longer use, look into selling them online on sites like eBay or Etsy.
Just make sure to do some research to find out what similar items are selling for and set an appropriate price point!
The additional benefit of selling things online is that you can create a store for your unwanted goods, and when someone buys from you, they buy direct from your own website rather than via eBay or Etsy.
6) Invest in safe stocks or bonds
While it is important to diversify your investments so they aren’t all in one place (after all, a stock or bond is only as safe as its parent company), don’t be scared away from quality companies.
Historically, stocks have returned an average of around 6% per year—and that doesn’t include dividends. Make sure you look up how much your particular companies pay out annually.
An index fund will usually pay higher interest than other options, but again, make sure they are not losing money and are a viable long-term option.
That being said, if you are looking for safer options, consider buying bonds! Bonds tend to be very safe investments and can play a big role in helping to create multiple streams of income for single moms with kids.
7) Offer services in your community
Running a side business as a single mom can help you build up some extra cash, but more importantly, it can also give you purpose.
Consider offering services in your community, whether that means taking care of household chores for someone else or cleaning out their garage.
You could even offer to babysit once in a while and spend some time with someone else’s children.
Not only will you be helping others and bringing in some extra income, but being out of your house might give you an opportunity to de-stress and get away from those late-night cravings!
8) Do Overtime at Your Work Place
Working extra hours at your job is a quick and easy way to earn some extra income. However, if you are currently working full-time, it might not be possible for you to take on any additional hours or there might be a limit to how many overtime hours you can work per week.
Doing some overtime at your current job could help you boost your paycheck without having to find additional work elsewhere. If you have already reached your company’s maximum number of overtime hours, however, then it’s time to look for ways that could earn you money outside of your full-time job.