Diversify your income streams for profit, with passion and purpose

Fact: the average millionaire has at least seven sources of income! Seven!

Which when you think about it, makes sense. If you want to earn a million dollars it would be easier if you have a few revenue streams rather than just one.

I know the thought of doing seven different things to generate more profit can seem daunting but I’m here to show you how it can become a reality if you put some smart thinking into the things you’re already doing.

HOW do they do it?

1. When I talk to my clients I get them to think about what they really want and what they are willing to really work for. That’s what millionaires do, they work on projects they are really happy to work on.

2. Next, I get my clients to complete something I call the passion and purpose activity.

Make a list of 10 things you’re really passionate about and 10 things you have been told you’re good at – find the things that work together. There will be many ways you can monetize those ideas. Some of these things you love or are good at might already be skills that you use in your chosen profession, so how could you use them outside of your 9-5 job to generate more money? 

3. Do the things that make you most excited! Do things that you would want to work on regardless of if you were going to make money off them, they will be the things you are most successful at.

How do they find the TIME to do it?

I know it might seem like a lot but I’m not saying you need to have seven careers to become a millionaire. I’m saying you can think about things that you already spend your time doing or assets you already have, and come up with ways to make money out of them.

Online is a great tool to use.

Are you someone that is great with words and loves writing, can you write a blog with your own unique perspective? Are you someone who loves making things, can you sell your products on Etsy? Do you have a spare room in your home you could put on Airbnb? Are you someone that loves driving around and listening to music, could you be an Uber driver a few hours a week?

Many of my clients have created Multiple Sources of Income. A perfect example of this is Sandy McLean The Outback Artist (http://www.theoutbackartist.com.au/). Sandy is an artist who has had her work exhibited in New York’s Agora Gallery. Originally she just sold her artwork. Now she also has a “Learn to draw” app, a gallery, art classes for both children and adults and has just launched a textiles range including cushions and scarves. She has taken something that she loves and is very good at and generated additional income streams into her business.

About your guest blogger: Karen Brook www.karenbrook.com.au is a leader, a connector, a facilitator, a motivator, an entrepreneurial expert, a results mentor and someone who is truly focussed on converting thinking intro results. She is passionate about ideas and helping individuals and companies bring their ideas to life, and make their dreams a reality. For the last decade she has supported business owners locally, nationally and internationally with their business development, branding and marketing through her programs and mentoring. She loves nothing more than to see individuals and teams make the quantum leap and do things they didn’t think were possible. Brook is also a published author and well known and respected international motivational speaker on bringing ideas to life – “Ideas and the energy of those who inspire them have the power to change local and global landscapes. Without people sharing their ideas there is no progress in the world.” says Brook.