Working with No Fixed Office, you can quickly begin to see the potential with what you are working on. You are no longer stuck working in a single place, and as such you should not be stuck working on a single project. Where this can really shine is the ability to work on multiple projects that can all offer opportunities to generate another income stream.
Having multiple income streams can really be one of the best ways to become financially stronger. Because you are gaining income from multiple different places, that all will generally vary of their own accord, independant of the others. You are creating a way to build income that is more secure than just a single stream that might be what you would expect from working in a job, or running a business from a fixed office.
Creating multiple streams of income while something that is often talked about it not something that is always easy to do. However can be easier when you have no fixed office. This is because you are not required to focus on the one thing all the time. It gives you more creative space to freely develop a range of different products and services. While it would be pretty much impossible to go into nay sort of detail on all the possible options, i just really want to give you some ideas today, on potential area’s that you can look.
So where do we start, well the best place is what your current business is. That is if you have one. But a business generating a profit, is your first stream of income. This for many reading here may currently be your predominate or only source of income, however of course you do have to start somewhere. Although a business may be classed as a single course of income for yourself, that doesn’t mean that the business itself may not have multiple sources of income itself. This could be through multiple product ranges, or different services or such.
So then you wonder, what other options are there. One option is to take a look at your hobbies, maybe you make hand made jewelery, that you have just given as present’s to friends and family so far. It may be a potential area that if people like the jewelery that you make, you could look to start selling it on a market stall or via the internet on your own website or even eBay. This may start off as a small thing, just selling the odd item or two to friends, and can really take as much or as little time as you can give it.
Another option could again come from a hobby, maybe you really enjoy photography. You could take a lot of photo’s of places or things that people could potentially use for their website or other graphic design needs. Then you can join a stock photography website that allows you to post your work, and have people purchase it and you receive a royalty for each photo each time it is downloaded. Again something that does not use a lot of time, and can be something that you do in your spare time on a hobby that you enjoy.
A third hobby might be writing, you may enjoy writing, and be able to apply this to writing something about a topic others may enjoy. Maybe you think about it and decide to write a short e-book on how to get started with Hand made jewelery. You can include information on the tools you need, the different types of jewelery that you can make and some simple step by step’s for a couple of different designs. Then sell this via a website. This could easily expand to offering the tools you may need, as well as the products to make the actually jewelery, becoming a couple of different income sources in itself.
Finally there are a number of options depending upon how you are positioned that could give another source or two of income. One option is if you have savings in the bank, ensure they are in an account that maximizes the interest you are receiving or a term deposit is another option. You can also look at making some investments in shares which may return some income in the form of dividends. If you have the finance available an investment in property may also be an option, which would return a rental income. These are just three other potential sources of income, of course they all depend somewhat on having a potential source of money to invest.
As you can see creating multiple sources of income needs not be something difficult. It does not have to involve a lot of time, and the money that you make does not have to be the sole form of income that you survive on. However combined the income can provide a very good point to start from, in adding even more income streams.