Vincy Workplace
May 11, 2007
Creating multiple streams of income

You’ve likely been groomed all your life to have specific goals: to finish high school, to go to college, to get a job, to settle down. But that path is no longer valid in today’s society. In fact, following that path only is a recipe for disaster, as it makes us dependent upon one employer for our livelihoods instead of empowering us with the freedom to dream and pursue multiple ways of making a living.{{more}}

What are multiple streams of income? Simply stated, this would be earning revenue from more than one source. Having multiple income streams is critical in the event that you lose a job or you decide you no longer want to work for a particular employer. If you don’t rely solely on that one stream of income, you have the ability to sustain yourself during a change. Multiple streams of income give you flexibility and options in life; you have greater control over your destiny when you have different ways to support your livelihood. Your grandparents’ generation did this commonly—by day they might have been laborers or farmers or teachers, and by night they might have operated a little shop or sold homemade bread to pay a few extra bills. Our young people should be encouraged to follow that path.

The rise in local tourist activity and the anticipated international airport in our area should be cause for many of our young people and those dissatisfied with their current careers to begin looking at options they can create for themselves.

Become an opportunity hound. This is the time to look at what other islands who thrive on a tourist economy are doing. Don’t copy what they do, but adapt it and make it your own.

Learn about the tourist. All tourists are not the same. The people who take cruises every year have very different needs than those who vacation on their private yachts. Many large cruise ships carry tourists who have saved all year to afford their trips. Other tourists don’t need to save, as their vacations are only a thought away—they just hop on their yachts and spend a few weeks, a few days, or even a few months traveling.

Don’t overlook the locals. Local people have needs, too. Everything does not have to be about tourism and don’t buy into the myth that locals are funny people. Think of the locals as being really discerning, knowing what they want and when they want it and how they want it. They have the right to not buy from you if they no longer like you. Your job is to create a need so that, whether they like you or not, they can’t do without your product or service.

Listen for complaints. Complaints are business ideas waiting to be born. If you are smart you would turn those complaints into cash instead of joining the masses and complaining as well.

Start with one idea. All you need is one idea, one income stream, to get started. Once you start, you can work your way up to five sources so that the day your boss at your primary job tells you your services are no longer needed, you can easily say thank you, have a great day, and leave. With multiple income streams, you will be all right financially and emotionally.

Karen Hinds President/CEO – Workplace Success Group, Toll Free: 1-877-902-2775; Tel: 1-203-757-4103
Creator of The Workplace Success Program (TM)