Juggling the responsibilities of a job and your brand new baby may seem impossible, but even harder is finding a new job or a new revenue source. Whether you are navigating to find additional revenue streams or landing a new primary revenue stream, here are some tips that may help you while you have a small baby at home. First, create a schedule and see how much time you can dedicate to this new revenue source. Plan to take advantage of nap times and when your baby is sleeping. If you have a traditional 9-5 type job plan for childcare or extra help. There are so many opportunities to create a new revenue stream, especially taking advantage of the digital economy. Here are some suggestions to consider.
Offer a service
Offering a service is often one of the best and easiest ways to earn an income doing something you love. Maybe you want to clean houses, start a daycare since you have your baby to care for already or help people with organizing. It’s totally up to you, and that’s the beauty of this option. Here are 13 home business ideas that let you work from home.
If you sell something, specifically through a third-party company, you may be able to build a passive income that way. But the caveat is you usually have to recruit people to sell under you. And, let’s face it; not everyone wants to hustle body wraps or candles to their family and friends. But some people do find success with MLM (multi-level-marketing), so I’m including this option.
Next, consider creating your product. Maybe you are very creative and can dream up some new product. Then pitch it to Shark Tank and become a millionaire overnight. We all wish, right!? Take a look at kickstarter.com for ideas and think outside the box to come up with a product that solves a problem you may have or improves upon something already existing. If you have an idea that’s aspirational, take a look at this fantastic free resource.
Then there is dropshipping, which is a business model that allows entrepreneurs to start an online business and sell products to their buyers without ever actually stocking the items themselves. Instead, when a dropshipping store sells a product, it purchases the item from a third party and has it shipped directly to the customer. What I like about dropshipping is that it provides a lower-risk approach for independent businesses to test out new product ideas without having to own and pay for the product upfront. Take a look at what Oberlo has to say about working from home and dropshipping.
Another easy way to get to market is print-on-demand (POD). “Print-on-demand services offer an alternative way to bypass the time, investment, and risk associated with managing inventory, letting you go from creating to selling custom products at a fraction of the cost.” Print-on-demand is a process where you work with a supplier to customize white-label products (like baseball hats or tote bags) with your designs.
Lastly, if you want just to take over an existing business, take advantage of the exchange marketplace.
Provide a course
Digital products are also huge these days. If you have a specific skill, you want to teach other people, setting up a web-based course through a website like Thinkific.com is an excellent way to get started. Check out this amazing offer they have right now to get the funding, support, and expertise you need to grow your business through online education, the $1 million growth fund.
Start a passion project
Find something you are passionate about, identify if there is a way to monetize that passion, and start small. Maybe you’re obsessed with homemade jewelry and want to sell your hobby on Etsy. Take a look at The Business of DIY: 14 Things to Make and Sell Online for ideas for your passion project. Or, perhaps you are well versed with Amazon or eBay reselling and want to earn extra cash finding rare and valuable products then reselling them for profit.
Lastly, you can start a blog about a specific topic you are passionate about, and maybe one day, your blog becomes popular, and you can bring in affiliate income from that.
The options are endless, and it’s totally up to you. The most crucial step to take now is figuring out your passion and not letting fear or anything else stand in your way.
In my experience, nearly all of the high net worth individuals I have met all have several different streams of revenue. So why not start working on your next revenue source now. Once you achieve your first new revenue source, why not start an additional business to create more net worth for your growing family.