The first time that I heard the phrase ‘income stream’ was when I was working at my ‘real job’ in a digital library. We had won the contract to operate a paper and digital plan room. We would be sent building plans through various sources, scan them, and keep them on file for contractors who walked in the door. We got paid for holding the plans on file. We got paid for scanning the plans. We got paid for administration of the plans. The powers-that-be were searching for more.
The Chief of Operations was a mellow sort of company man. He had a background at a much larger company, so he’d developed the ability to work with people and bring out the best in them. He asked me what other income streams could be developed within this plan room. I loved the phrase so much that I tucked it into the back of my mind for future reference.
My company didn’t pursue any of my ideas, but it was still enjoyable to come up with them. It was training for me to become more of a businessperson.
Income streams do not have to be wholly and completely separate from the other things you do. In other words, you do not have to run a laundromat, be a bookseller, consult about structural engineering, and be an administrative assistant. Creating income streams runs best when they are all part of the same river of thought.
If you’ve worked for any length of time, you’ve developed some expertise in your field. If you do something for thousands of hours, you eventually become an expert, right? But, that expertise doesn’t have to be used solely for that one business venture. Your attention can be split to generate new streams of income.
Generating an income stream does not necessarily mean that you have to create an entirely new product. For example, the company I used to work for warehoused rolls of paper for the machines that they sold. Roll paper is great to have on hand for ar as well as for those to-do listers who love to make charts. It’s excellent in many situations – not just for architectural and engineering purposes.
Think about the other markets who may wish to use your product.
We’ve all got different ideas about the products which we use. You have the whole world on your side when you decide to reinvent the product that you’re usiing. If you sell old hardware, for example, there are plenty of art themes that you can use with that, or you can use it as paperweights. Your creativity and your skills come inot play, but you’re up to the challenge.
Think about all of the different uses for your product, all of those uses which may be out of the box or outlandish. In there, you might have another income stream.
Repurposing is about using the product that you’ve got for the same purpose across different markets. Reinventing is about using the products for purposes that weren’t originally designed. Through these two methods, you can get a lot more products than the originals, without having to come up with a new product. Through this process, you can come up with many new income streams.
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Ten Ways to Translate Your Passion Into Additional Income at The Simple Dollar