Having multiple streams of income should be the goal of every entrepreneur. It is said that the average millionaire has at least 5-8 streams of income.
When choosing what avenues to go down it is best to have a genuine interest in the field that your income derived from and to also have a variety of passive and active income. Active being the tasks that require you to be physically active and present. And passive being the tasks that require little to no input from you.
If you have a service based business and you are looking to expand you are limited to the amount of reach you are able to have as your income is restricted to the amount of people you are able service. For example if you are a hair stylist, you are only able to style so many people within a day. If you do makeup you are only able to do a certain number of faces per day. So the question is how do I expand my reach further than the people in my chair? Create additional streams of income based on your initial stream. If you are a hair stylist the come out with your own hair care line, hair products, and hair tools. Do affiliate marketing for other hair tools companies and make money off the number of leads you bring them. Host beauty events quarterly, semi annually, or annually. The same goes for any service based business. Motivational speakers? Create a podcast and generate income through paid advertising while expanding your reach, come out with your own T-shirt line with positive phrases, create a journal.
Look at your work space, look at the items you use daily for your business, and look at those surrounding you and expand your reach. The possibilities are seriously limitless and we have the world at our fingers. If you’re looking to expand, YOU CAN! Brand yourself and push forward ♥️