5 Great Reasons to Have Multiple Streams of Income

December 6, 2017

One of my favorite TED videos I’ve seen to date is Emilie Wapnick’s Why Some of Us Don’t Have One True Calling. 

She asks the audience how old they were when they were first asked, “What do you want to be when you grow up?” and then asks the audience whether or not they’ve ever experienced any anxiety with answering this question.

I laughed because this was true for me in so many ways. I’ve never felt like I could answer the ever-so-popular career question; not because I didn’t have any ideas, but because I had so many. 

Emilie proposes that there are thousands of us who are what she calls ‘multipotentialite’ — or someone who has many interests and creative pursuits. And she proposes that we don’t have to limit ourselves to just one identity when it comes to our careers.

This resonated with me personally, but unfortunately most of us still tend to think in one-direction terms. I’m here to tell you that it doesn’t have to be that way. 

Take a look at five great reasons why you should have multiple streams of income and why you don’t have to settle for the “one” career for the rest of your life.

1. The internet has made it easier for us now more than ever before.

We all know how powerful the internet is these days. It doesn’t take long for something to go viral or be shared thousands of times over if it’s unique, shocking, innovative, funny or just plain “out there”.

Although social media platforms and search engines are extremely saturated with content by now, the companies or entrepreneurs who rise to the top in this digital age are the ones engaging with real emotions, people and world issues.

And the best part? Nearly all of it can be shared for free. 

Videos, apps, e-books, products, ideas. No matter what it is you plan to create, there are hundreds of avenues online that can help you spread awareness, generate leads, and provide services to those who need them — in an easy and efficient way.

2. Selling across multiple industries means more stability.

And I’m not just talking about the status of the national economy.

Every industry has its “seasons.” Consider taking advantage of a slower season for your current job and work on another source of income during these times.

Not only will this keep you from feeling bored with one job or business (since you’ll be balancing two or three across different busy seasons), but should an industry you’re working in go through a rough patch, you have other revenue streams to rely on.

It doesn’t just keep things interesting in your life, it’s smart. 

3. Do it for the enjoyment!

Who says we can’t be a professional in two or three fields? Why not be an insurance broker by day and a musician by night? Or a photographer during the summer and a teacher during the school year?

If you have more than one passion or interest, then by all means do them both!

It just may help you keep your sanity and well-being in tact.

4. You can broaden your skillset.

Have you always wanted to learn a certain skill? Did you ever dream of doing something more technical or more artistic?

Now’s the time to explore those avenues. Take workshops, watch webinars, sign up for classes.

Become skilled in another trade and you can begin to generate income from something other than your day job.

5. Multiple revenue streams can improve your customer relationships.

If you are a business owner, multiple revenue streams is extremely important. Not only will it help you generate profits by providing more services or selling more products, but you can also focus on a strategy that allows you to offer better service to those who have already purchased from you.

Especially if you have happy customers already, you can reap the benefits by addressing more concerns and challenges for them — keeping them happy longer and increasing the likelihood that they’ll refer your business to others they know.

Contact Hummingbird Collective for Marketing Assistance

Hummingbird Collective offers blogging, SEO, social media and other digital marketing services to small businesses and nonprofits in the Denver area and beyond. We love working with passionate organizations who are ready to take the next step in their digital marketing efforts. Reach out to us online for more information about our digital marketing packages, or call us at (720) 442-0772 to tell us more about your story!

  1. Vicki Entreken says:

    That’s my favorite TED talk too!
    It really stuck with me.


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