Multiple income streams as a work from home mum is in my opinion vital, especially when your running your own business(s). You may already have a hobby turned business going once you started having kids. You may be running a blog such as This Mum At Home. Either way, it's important to find a way to have multiple income streams coming in, when these ways of bringing in income are reliant on working for yourself and not someone else.
Why You Should Have Multiple Income Streams
Simply put - DO NOT leave yourself vulnerable and reliant on only one way of bringing in money. As a stay/work from home mum if you have a hobby/small business that's bringing in some needed (or even extra) $$$ and for some reason is unexpectedly shut down, you will be left with nothing to fall back on. What a stressful time it creates when you are relying on that money! I myself have seen many people (including myself at one point) in this situation. People are at a loss on what to do next. They are forced to start from scratch.
So what should you do? Save yourself some possible stress and look at what you can do to create multiple income streams either within your existing hobby/business or outside of it. View it as creating growth opportunities.
Things you should keep in mind when thinking of things you can do:
* What skills do you already have that you could put to use?
* Do you have to outlay any money? (If you do keep it as minimal as possible, you do not want to be at a loss or it defeats the purpose).
* How reliable/regular would the income be for you.
* Has anyone else out there done what your about to do and can you learn from their mistakes? (I spend time each week watching others in my areas of business to see what they are doing and what is or isn't working for them).
* Is there anyone you know that could help you get started or give you advice?
What ever field you are in there are always opportunities to grow and expand in different ways. You just need to have the drive to work and look for opportunities. Remember why you are doing this
My Multiple Income Stream Story
When I had Joseph in 2010 I 'fell' into having my photography business. It literally started out as a hobby, but soon turned into a serious business the more 'clients' I got. I was quick to realize if I wanted to be able to have the flexibility of being there as much as I could, raising my children at home, a photography business was an opportunity to take. The alternative was going back to a management position working for another company and having my child(ren) in daycare all day.
A few years in, pregnant with my second bundle of joy and business booming I realized it was near impossible for me to expand the photography side anymore than I had as there was only one of me! I could not take on anymore photo shoots than I was already doing. I could too only keep going to a certain point within my pregnancy and would experience income loss. I started looking into other things I could add to the business. I finally found something that could work.
In a world of digital delight I had taught myself many things in photo shop including creating digital products. I had spent years creating my sons birthday invitations and many for friends and family. It seemed like the obvious choice for me. So that's when I created Josabella Kids. A personalised digital kids invitations. A side business to the existing photography business. I firstly tested how it would go when I went on maternity leave and with its success I decided to pursue full steam ahead.
During my pregnancy journey I also created 2x This Mum At Home You Tube channels taking opportunity for income by becoming a You Tube partner and being paid for advertisement placements, product reviews and sponsorship. It doesn't at this stage bring in the largest amount of $$$, but it is growing and does again bring in something each month that helps!
Following this I officially launched the 'This Mum At Home Blog' in Spetember 2017. The blog is in connection with not only the YT channels, but my overall journey as a stay/work from home mum. I soon also started creating digital content for sale there, just like I had for the photography. Although the blog shop is in its starting stages it has endless product opportunities for instant downloadable products (instant downloadable products are the best you can produce as once you have created one you can just sell and the customer receives without you actually having to do anything). The blog also has many other opportunities for income with advertisement placements, sponsorship's, product reviews, affiliate marketing etc - read my latest blog income report.
Furthermore, I like to have what you call 'side hustles'. Side hustles are just other regular ways of making some extra cash at times. For example when I declutter my house and sell what I no longer need, mystery shopping for companies or doing odd jobs for others that need assistance for a short time. I have also used my technology skills in creating websites, business logos and related things for people wanting to start or grow their own at home businesses. Take a look at my list of '20 Ways To Make Money From Home' for a start on ideas you could do yourself.
The beauty of me having multiple income streams is if one income (out of my control) disappears then I have others still existing to fall back on (you never know when You Tube will change the monetization rules like they have again recently or your Etsy/Ebay store will get shut down). If I had only stuck to doing photos and not looked into other avenues for expanding my business, then I would have been without my business income for the entire time of my maternity leave after having a c-section with Isabella.
The Most Important Thing To Remember
Whether you are like me and a stay/work from home mum or someone that's just started your own small business, remember why you are doing what you are doing.
For me it's to give my children a mother that can freely be around as much as possible during their younger years. I want them to have opportunities to spend as much time with me as possible. I know I could never have done if I had returned to my previous management job working for someone else. I NEED my multiple income streams to be successful and work to give us all the opportunity for quality experiences together as a family.