Multiple Income Streams

In today’s economy, even if you have a full time job, it is a good idea to create multiple income streams. What this means is having money coming in from a second job and/or other income generating ventures, such as selling handmade items.

I have three streams of income and my husband has two, with an occasional third. Of course, neither of us has a full time job so this is a necessity. I work 30 hours a week at the College library and this is my main job. I have a part time research librarian job that I work sporadically and I, also, get paid a small fee when I present Frugal Living to Accomplish Your Goals. My husband is an adjunct instructor for two local colleges. He also takes on the occasional editing job.
Having more than one stream of income can be a blessing when hard times come knocking at your door. Even if your handcrafted articles pull in $100 a month, it is $100 more than you had. If you get laid off from your job, you can work longer hours at your side business and maybe double that income.

What kind of side businesses can you engage in? Where are your talents and knowledge? Can you make jewelry? Sew? Arrange flowers? Build sheds? Sell your eggs? Sell books on Amazon? Babysit? Paint faces at parties? The list goes on.

Here are some links to articles on starting your own side business:

http://www.thesimpledollar.com/2009/04/11/50-side-businesses-you-can-start-on-your-own/ I love the Simple Dollar and Trent outlines some ideas for having your own side business.

http://divorceddadfrugaldad.com/2009/02/17/side-business-ideas-recap.aspx
I do not follow this blogger but he has a large following and these ideas can be helpful too.

Be wary of multi-level marketing businesses such as Mary Kay, Amway, Discovery Toys, etc. If you have something to sell, you will start with your friends and relatives. Selling to friends and family can change your relationship with them. I am not saying that becoming a representative is a bad thing but I am saying it can change your relationships.

There are plenty of articles and books on starting a side business. Read a few to get ideas on what the problems and opportunities are for the business you want to start and then start that business!