The definition of job security varies from person to person. If you are a career traditionalist, you may prefer to look for a job, get hired, and receive a regular paycheck. There is nothing wrong with that, and is the preference of many people. Unfortunately, in today’s world with an uncertain economy and an ever-changing business environment, there is no guarantee that just because you have a job today, you will have a job tomorrow.
In addition to that, many jobs are based on demand, which means that regular, consistent pay is not always in the cards. Call centers are a growing industry, but if projections for any given day or week do not support the number of employees scheduled to work, you may be given FTO (Forced Time Off – with no pay) For other jobs, you may have to invest time and money in order to be trained how to do the job, with no guarantee that you will ever find a job to match the skills you paid to develop.
On the other hand, if you have an entrepreneurial outlook on life, you may choose to build a home-based business online. In that scenario you usually have to be willing (and able) to live without a steady income steam for awhile. There is often a steep learning curve involved and a period of trial and error as you get the business off the ground. A smooth-running, profitable business takes time to develop.
Having said that, if you can afford to travel this path, there is much to be gained – including tremendous satisfaction and a nice profit. You can choose any niche you want (certainly one that interests you) and your earning potential is limitless.
Secure your business by creating multiple streams of income. NEVER put all your eggs in one basket – especially in the online world. It is not uncommon for a particular business model to become the victim of changes made by Google and others. When this happens to one facet of your business, you want others to keep on pumping. In order to achieve that kind of security with regular employment, you would have to exhaust yourself by holding down two or three jobs.
Multiple Streams of Income
Brainstorm with yourself or others about your interests. Narrow it down to a few (10 to 15). Be sure you have enough interest and passion about your choices to keep you interested over the long haul. Then, choose two or three that stoke your fire the most – enthusiasm is critical. It could be parenting, pets, paintball, health, dating, etc.
The next step is to select a business model that you would like to explore and possibly implement. For example, if you are like me and love to write – you may want to consider some of the following:
- Start a blog about your chosen niche topic and promote affiliate items (eBooks and tangible products from Amazon).
- Launch a ghostwriting business through a freelance site (e.g. eLance)
- Create content and sell it to multiple buyers with a license to use the content as their own. Promote and sell through your own PLR (private label rights) content site
- Establish a membership site for the purpose of educating consumers about a topic of great interest to you (and to them). You charge a monthly fee for access to your content and interaction with you. You can offer various levels of membership with paid options such as advice and input on their problems and even one-on-one coaching sessions.
Now you have four income streams that you can consider based on a single talent – your writing skills. Just imagine what you can create when you find and implement other business models and using other talents. The end result is that you never have to worry when one business model falters slightly in any given month.
For example, Google releases a new algorithm and traffic on your blog slows quite dramatically – also affecting your affiliate sales for the month. But . . . it is only a slight blip on the radar screen that causes a little concern, but not enough to panic. You know that your PLR store is continuing to do well day-after-day and your ghostwriting membership site is flourishing.
Because two of your income streams are steady and growing, you can calmly and efficiently get to the root of the problem with your blog and do whatever you need to do to repair the damage. Even if you choose to discontinue that particular model, it will not crush you financially. You can refocus your energy on developing a new model for an additional revenue stream.
Hopefully, it is clear how everything works together and you are looking forward to developing your multiple streams of income.
Join us next time for how to get started.
AUTHORS ALERT: BOOT CAMP: KindleIn30 Challenge