Don’t Put All Your Eggs In One Basket: Step Up That Side Hustle & Diversify Your Income For Sweet Financial Success
“Before anything else, preparation is the key to success.” -- Alexander Graham Bell
Looking to earn some extra bucks?
You’ve come to the right place - the air is filled with the sweet smell of extra income streams! It’s been a challenging time for all of us this past year, and money may have become a bigger concern. But we’ve got good news! There are many ways to diversify your income to create a steady income stream, hedge risks, and prepare you for any financial emergencies that might come along the way.
How can we diversify our income? Well, let’s ask ourselves: what are YOU good at? When thinking about starting a side gig or a side side gig, we want to turn our own assets into profits! That way, it’s easier for you to navigate and balance multiple streams of income because you are your own boss. 😎
Let’s get (side) hustling! We’re here with #expert panelists Ryan Foland (@ryanfoland), Jaime Cohen (@jaimbalaya), Marsha Collier (@MarshaCollier), and Stacey Kelly (@thestaceykelly), sharing their experience with side gigs and bringing you practical advice on how to get started!
Missed the Twitter Chat? Here’s a quick recap:
Q1: What does it mean to diversify your income? Why is having diverse income streams important or beneficial for you?
Ryan: Diversifying your income means not putting all of your eggs in one basket. For me, having a full-time job and a side hustle also makes it so my “career eggs” are also not in one basket. Think about it: you invest years into your career, but what if the world changes, or you get fired? I’m always one step ahead of the game with a foot in two pools. It’s like hedging my bets.
Jaime: Diversifying your income means building a system and not having a singular focus. When I graduated from college I spoke 4 languages, had 3 degrees, & couldn’t get a full-time job. This forced me to be creative in how I was supporting myself. In this economy, things change fast! A diversified income stream for me now means that no matter how things change I have [a] steady income. I’m constantly building toward a goal rather than scrounging.
Marsha: Extra income, no matter how small the stream is, makes up for the things you need to improve your life! A great start to diversifying income is saving and investing wisely. You'd be surprised how they add up in time.
Q2: Income streams: The more, the merrier! How many streams of income do you currently have & what are they? What lessons have you learned while developing additional income streams? What are some common misconceptions/mistakes about side-gigs? How can you avoid those mistakes?
Ryan: Currently, I have the magic number 3! I work full-time in higher education, am a professional speaker (keynotes and workshops), and am a brand consultant for a selected client base. The lessons I’ve learned about additional income streams are that they take time to grow, and there is a lot of grinding and building without income. You have to keep pushing and pushing. The money will follow.
Jaime: There is a misconception that side gigs are simply a way to make some extra cash. But if you’re building a business, side gigs can be small parts of an eventual bigger picture. You’re creating systems for a well-oiled machine that can eventually work for you!
Marsha: Your side gig doesn't have to net thousands! DO what you can.
Sell excess stuff in your house on eBay (without going deep into classes etc), it's pretty easy! Dip your toe in! Don't invest a lot of money & time in online classes until the side gig becomes full-time. Your goal is profits, not losses.
Q3: When time is a struggle… What flexible apps/websites have you used to make money in your spare time, and what was your experience like? What spare time side hustle was worth your time and effort?
Ryan: Love this question! I have so many answers. We all have the same amount of time, so the trick is to prioritize it. You don’t need an app or hack for that. If you don’t have the time, then your side hustle might not be as big a priority as it needs to be. Now for apps and hacks… To manage my time, I love using @trello boards. I can organize and break down the tasks, not only for my full-time gig but also my side hustle. And I can share the board with my VA and other contractors.
Jaime: In 2010/2011. I was among the first wave of individuals to use @fiverr. Initially, it was a lot of work for not much cash, and I was at the mercy of people who wanted perfection for $5 haha. This taught me a lot about efficiency and customer service. The side hustle that has been the most lucrative and enjoyable has been dogsitting through @RoverDotCom. I started to get myself out of the house when I was building my business & continued [because] I love it! It doesn’t disrupt my schedule, provides fun, & exercise!
Marsha: Consider using Google Voice for an extra business phone number. It’s free and easy to set up and your messages are texted to your mobile phone. Back in the day, aside from writing and speaking, I sold on eBay. My online sales put my daughter through University DEBT FREE! It CAN be done!
Q4: Speaking of time, finding the right balance is key! How do you manage your time efficiently so that you don’t neglect your main revenue stream or your side hustles? When and how do you know when to shift your focus towards one particular stream of income?
Ryan: Yes, balance is key, not only for your main stream of revenue but for your main stream of health! I use my calendar as the magic tool in my life. I schedule time for the main hustle, side hustle, and working out. I use @trello to create tasks, then estimate the amount of time it will take me to complete them. I book that time on my calendar, and then I live by that calendar. When I do this, I seem to find time for everything.
Jaime: Scheduling is EVERYTHING! #GoogleCalendar is my lifeline. In my world, if it’s not on my calendar it doesn’t exist. This even includes calls with friends/family. While it may sound extreme, with an ADHD brain, it’s what I do to ensure success! Rather than shifting focus, I try to create harmony. Each stream is part of my “full-time” job.
Marsha: Participating in social media takes time. Save time by sharing other's posts through an app like @Buffer AFTER you've read them to be sure they resonate with your beliefs (and your community). Your main revenue stream should come first - every day. After you've fulfilled those tasks, take time for side gigs and consider planning new ones!
Q5: If you’ve got it, profit off it! How can you create an opportunity to make extra income with something you already do anyway? How do you determine your most profitable and marketable skills/talents? How do you turn them into an additional stream of income?
Ryan: If you do something really well, something that others want to learn, then you can profit off of teaching them. You could build a course, but take it from me, those are hard to get people to buy. I find consulting is usually an easier sell. Because they get YOU. You determine your most profitable skill by looking to see what skills solve other people’s problems. Then to market it, start creating content around that skill. Leave digital “brand crumbs” and people can find you.
Jaime: This is how my side side hustle became full-time in 2 months. I was sharing content on @linkedin that resonated with a lot of people. They started asking if I could help all things communication and that turned into #TheRightWords!
Marsha: Think about what you do best. Not everyone is a good writer. Not everyone is good at video. Find your niche before jumping in. Be honest with yourself.
Q6: And SOLD!! *Cha-ching!* What are the best ecommerce platforms to use to make extra money if you’re selling services vs products vs reselling? What are the best tips to keep in mind when selecting items to sell and creating your listings?
Ryan: I am a big fan of starting your own store. In fact, I built http://stickfigure.store during the pandemic as a passion project. It is a side hustle where proceeds go to charity. It makes money for good causes. The best tip to keep in mind when selecting items to sell is by thinking of what you enjoy (and are good at) creating. For me, I love drawing stick figures, so I launched http://stickfigure.store
Jaime: I’m going to mention free platforms! For physical products #facebookmarketplace! At one point I was selling clothes & used @poshmark - really fun! But the time requirement is significant. I still use it now & then but it can take a year or more to make a sale.A9a. Ads are huge for services and products! For physical products, @instagram ads and @Facebook ads For services @youtube ads can be amazing!
Marsha: EBAY! I've updated my "eBay For Dummies" book regularly, and it’s in the 10th edition. I've sold over $350,000 on the site and you can too. It’s easy when you understand the basics of selling.
Stacey: Definitely starting my own [business] more officially & came from a place of deep service to them. Grew a lot professionally and personally.
Q7: Learning is always lucrative! What simple certification classes can be taken to produce extra income?
Ryan: If you are a speaker, one thing you can do is become a “Certified Virtual Speaker.” https://www.espeakers.com/speakers/certified-virtual-presenter/ I also got certified with Google Analytics so that I could better learn how to track and learn from my own site traffic. It helps me be more efficient with my content, leading to more leads and income.
Jaime: Use past experience as case studies! I became an expert in interviewing & salary negotiation when I couldn’t get a job for over a year. Worked with 100s of recruiters & had tons of interviews. It was a painful education but is now a major offering in my business!
Stacey: Learning is lifelong and always essential to [business] and personal growth. Hone your current skills or learn new ones = can be monetized even more.
Q8: How do you create an audience of potential customers that could benefit from your services? What technology do you use to make your audience/customers aware of new offers/services? How can you use social media to generate business opportunities and/or income?
Ryan: The best way to find an audience of potential customers is to know who your customers are. LOL. Really define who you can solve a problem for, then see where you can find them. The best technology is to leverage social media platforms where your audience is hanging out. You can search on each platform for keywords to find them. And on @joinclubhouse you can search using emojis.
Jaime: I always say, with a strong personal brand you’ll always be in high demand! Use social media to build an audience. If you become a trusted resource they’ll be open to buying from you. The platforms that have worked best for me are @LinkedIn, @clubhouse, and @instagram in that order! In addition to finding customers, I’ve built great friendships, which down the line have turned into business through collaboration or referrals! I also highly recommend @tiktok! Everyone I know using it has built an incredible audience and brought in a lot of leads!
Marsha: Build a community on social media! If you're working hard at your work and can't be online all day, your community will understand. Transparency and sincerity are what counts.
Q9: What tips or advice do you have for someone who is interested in diversifying their income streams but don’t know where to start? What problems are people in 2021 facing that one can provide solution(s) for as a foolproof side-gig?
Ryan: My first tip for diversifying your income stream is to decide what you want to do. Sometimes that is the hardest decision. But once you have chosen, then you can worry about what to do. Once you decide you want a side hustle: Look at what problem you can solve, and how you can do it in a way that leverages your experience, strengths, and passions.
Jaime: Nothing is 100% foolproof. Understand this & you’ll better emotionally prepare yourself for the rollercoaster of entrepreneurship! What are the questions people always come to you with? This is something I’ve seen many people monetize! There‘s a woman who finds cool products on Amazon & made a business through the affiliate program by showcasing the products in a fun way on Insta & TikTok!
Marsha: Build a community on social media! If you're working hard at your work and can't be online all day, your community will understand. Transparency and sincerity are what counts.
A big thank you to our panelists for the golden egg advice to put into our basket! The lesson learned is that there’s no secret formula to finding the right side gig for you because everyone is different. We all have our own skills and talents, so we can start by looking within and harnessing the power we hold within ourselves. We wish you all the best on your journey to financial success!
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