Last week’s blog talked a bit about supporting yourself and your family via revenue streams versus “the traditional job model” that many of us have become so accustomed to. Many of you are eager to learn more about multiple revenue streams and today I’ll give examples and explain how you can make that happen for yourself.
As I’ve stated before, I truly believe our careers and personal lives are intertwined. It is really not possible to separate the two. Here are 4 real life examples of people “thinking out of the box” and changing not only their unemployment status or loss of income status, but changing their lives as those around them as well. Please note: some of the names in the following examples have been changed to protect the innocent:)
1. Annie the accountant: Annie was laid off last January. She searched and searched for an accountant job but, found nothing was out there. So she approached a high end temporary consulting firm. She now consults with two different clients at the firm; one of the clients 2 days a week, and another client 2 days a week. On Friday’s she works directly for her former clients, friends and family. Guess what? Annie now is making more money than her former “JOB” paid and she has lots of flexibility. Many multiple streams!
2. Sam the salesman: Sam sold financial leasing programs to CFO’s and CEO’s for the last 20 years. Then, the finance market collapsed. His industry collapsed. His company collapsed. Like everyone, he had lots of financial obligations and suddenly no job and no income. He proactively cut back on expenses but after a year plus of looking for a job–nothing. So, he had to “think out of the box” and did! Being a numbers guy who could sell to top level executives, he attained his securities and insurance licenses. He kept forward movement with lots of studying and hard work. As I’ve stated before, “no pity party here.” Sam is not peddling stocks across the table. He thought bigger. He is going into corporations (ie: using his C-level sales skills) and selling them various insurance programs and 401k products. He is also marketing financial leasing programs to those folks. He now has multiple reasons to talk to them and multiple sources of revenue. Good work Sam!
3. Molly the realtor: Molly, as I’ve written about before, is a successful realtor, but with the prices of homes and buyers continuing drop she proactively began to shift her focus and look for new ways to earn additional income. Molly now helps me with marketing and computer work, she walks a neighbor dog each day-and gets paid for walking – imagine that! She also makes business calls for her fiancé to help him grow his business too, paying it forward, in addition to maintaining her real estate business. These multiple revenue streams allow her to maintain the flexibility needed in real estate yet earn her additional income as well.
4. Larry the Lawyer: Larry has been a successful litigator for years. In his mind that is all he thought he could do. Wrong-oh! He didn’t quit but instead approached his firm to cut a deal. He kept his clients there and others in the law firm are servicing them. He receives a cut of the work given they remain as his clients. Now, Larry has lots of experience litigating and truly enjoys settling cases. He is now a successful mediator as well, because clients and judges trust him. He has morphed and designed his own career and is extremely successful because he has found his passion! He is earning more than he did as a partner, working less and loving what he is doing. This is a great example of moving gently down the multiple revenue streams. For, Larry did not upset the apple cart, he gently started designing his own new career path.
So I ask you…what streams can you create? Think big. This can be a time in your life when you look back a few years from now, and if you do it right, you could see this as a monumental turning point for you, for your family. Think about your hobbies, your passions, your skills. How many streams can you create for yourself? The options are endless.