Don’t pull all your eggs in one basket is smart advice. In fact for entrepreneurs it’s a genius recommendation because if one revenue stream falters and that’s the only one you have, your financial situation can plummet (while your stress levels go sky high). Of course, as an entrepreneur, it’s likely that you are already pushed to breaking point with daily tasks. Luckily there are some ways of diversifying that don’t take up too much time and effort. Read on to find out how busy entrepreneurs can diversify their income stream.
Passive income products
A fantastic way that entrepreneurs can diversify their income stream is to create a passive product. One that needs to be produced once and then can be sold repeatedly.
Of course, the entrepreneur is already at an advantage here, because they will have specialist knowledge in a particular area. Whether it be it setting up a business, a website, improving productivity, or even in a specific field such as tech and IT.
Therefore it makes the most sense to focus on these subjects and create ebooks, guides, and even video tutorials that can be accessed from a central website once a fee has been paid. Thus resulting in an income stream that has the potential for a high return with only minimal effort.
Invest in futures
Another smart and quick way that business entrepreneurs can diversify their income stream is to invest in futures. The futures market is all about buying up contracts to provide a particular resource at a certain price, the contract itself having value and so being able to be bought or sold on.
Of course, it sounds a little complicated to the uninitiated, but with tools like this futures charting software now available, it is much quicker to make trades and track the performance of your particular futures stock, as well as ones that you have your eye on. You can even get some software that will work from your smartphone, making this the perfect choice for diversifying income streams, especially for busy entrepreneurs that need to be out and about doing business all day!
We’ve all heard about flipping houses, and many entrepreneurs do engage in this, but as anyone will tell you its time and effort intensive activity. Happily, there is another option that may suit the already time pressured entrepreneur and its flipping websites instead.
Essentially, it works in the same way, it’s just you are putting your money into virtual real estate rather than physical property. The idea being that you buy up web addresses at low cost that have a high possibility of being needed in the future by other businesses. Then you can sell them on or flip them for a high price because businesses need clear and easy to remember website addresses for their marketing.
Of course, the key here is to understand what exactly companies will need in the future, but this won’t take too long to research and find out. Therefore this method is indeed a much quicker way of adding to your income stream, than taking on run-down properties to renovate.