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Creating Multiple Streams of Income

October 10, 2018

Wednesday Wisdom for women entrepreneurs, female business owners and small businesses

As I searched for hotels in the Big Apple for a business trip next week, I noticed every hotel was priced three times higher than ever before. Having become an expert in traveling to New York City where my two sons work and live, I noticed how high the lodging costs were from our past trips. My youngest son reminded me to try other lodging sites like Airbnb and Homeaway to find a place to stay.

I was surprised at how many people offer single rooms in their apartments and houses or even offer their entire apartment to strangers to have a place to stay. Knowing how much my sons pay for rent for their apartments (without any extra bedrooms unfortunately), I figure some renters are simply renting to make money and not offering their housing to be kind. It is a business to them.

Not long after my sons left the house, my husband wanted to sell extra items they left behind like a pool table and their bikes. Again, our younger son told us to put them on EBay to sell. The good ole garage sale concept for a couple high priced items might not work, he told us. We never dabbled into selling online like our sons have and thus learned another lesson from Generation Z.

Every day driving down my golden leaf road, I glimpse a farmer selling vegetables from his garden for half the price in grocery stores. I stop to spend my money with them instead of a corporation realizing they are businesses too. Why not put my cash in their hands as they sell their home grown products? They might need the extra cash.

Technology has allowed more than women entrepreneurs to begin and sustain money-making entities. House rentals and personal sales have turned individuals into profitable entrepreneurs using something they already possess to produce income. Is it time for you to supplement your revenue doing the same if you have a college education, holiday gifts or business debt to pay?

Today’s Wednesday Wisdom is to inspire you to think outside the box when it comes to making revenue. Just like some people work two jobs, entrepreneurs can produce multiple streams of income in a nontraditional way. Do you have a space others might want to rent? Are you a woman entrepreneur by day but artist by night creating art to sell to people online, holiday shows or farmer’s markets? Do you have a talent such as piano playing to teach someone else? In tight economic times or not, it isn’t unusual to make money in diverse ways.

I hope this autumn as you buy homemade apple pies, pumpkins or start shopping for holiday items at artist shows, you are inspired to think of other ways to make money with what you own or a talent you have to bring more money into your life.

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