HOW TO BROADEN YOUR INCOME STREAM

Dear loving readers and visitors,

I am sure some of you may have heard of the saying that going gets tough, the tough gets going. This is very true especially during recession, people from all walk of lives are more inclined to look for additional means and ways to broaden their income streams so as to maintain their lifestyle.

Append below are the commonly means:-

1. Working at weekends

Working at weekend may offer you a new mean of increasing your income, it also open new opportunity for you to acquire new skill. However it is worthwhile not to over work and lose the meaning of life.  Life is more important than money.  So, strike a balance.

2. Networking

Networking is another way to enhance your value.  Networking with like minded individuals,  not only helps motivate and inspire each other, but also facilitate collaboration with others to achieve your mutual goals. Through networking, you may pool your resources together to market your skill or expertise to a larger crowd.
3. Affiliate Marketing

This is another popular means of marketing whereby you are required to establish a website or a business blog to advertise your business to a wider audience in the hope of generating more income. One thing good about affiliate marketing is that you are allowed to market third party's products on your webpage. The success of this is very much depend on how much traffic your website is able to attract and how attractive are the product. 

4. Rationalise your monthly Expenses

Always remember a small leak may sink a boat. Similarly if you don't contain your expenses, they may cause you to work extra for the wastage. One way of rationalising your monthly expenses is to look at cheaper alternatives to get your routine work done. Thing like using cheaper mode of communication,  car pooling and etc.

The recession has pushed us harder to think of better means and ways to be more effective and efficient, both in personal and business aspects. So, enjoy the ride. You are rest assured to be a better person.

5. Improve ourselves

For those who are unemployed or stuck in a job that leads you nowhere, then it is advisable for you to learn a new trade or a new skill so as to enhance your market capability. Pursuing  a professional qualification can also help you  to enhance your earning potential. You may take up courses that offer online learning where you can study at your own pace and home.

6. Turn your hobbies into business

You may turn your hobby into business using internet. What you need to do is share your hobbies at the same time offering your services or expertise to your readers and visitors. You may also use your blog to dispose off the thing you no longer require. You may then use the proceeds from your sale to acquire new products for your new collection. This will refresh your collection.

7.  Seek for Government grant

There are lots lot of incentives or grants given to individual or entrepreneur who has ideas to generate new employment in new fields where the country is keen to promote. This is also another means to finance your capital outlay in the hope to generate income for yourself and create new employment.

Thanks for your time and effort. See you again and look forward to hearing from you again.

James Oh