Creating Multiple Income Streams as a Small Business or Freelancer
Oh look, we’re talking about money – again. While thinking about your finances in a cost-of-living crisis doesn’t exactly make for light-hearted Friday evening reading, for many of us right now, it can be a constant worry.
In a new or growing business, or if you work as a freelancer, it’s good not to have ‘all your eggs in one basket’ as they say on Love Island, especially while the economy is depressed. The reality is, not everyone can make one product that’s an instant sell-out, and while it’s likely that you may have specialised in your practice while studying or first launching your business or freelance career, it won’t be enough to sustain you long term. Having multiple streams of income has gone from being a savvy hack to an increasingly essential element of emerging businesses, particularly those in the creative industries.
And in fact, the average millionaire has several sources of income, so aiming high likely means expanding. Whether you’re a freelance creative working in commissions-based work or a business owner launching the next new it-product, below we share our advice and experience setting up multiple streams of income.
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