How to Create a Second Stream of Income

by Gily Tenorio on October 7, 2011

in Personal Finance

These days it’s very difficult to budget your salary especially if you have a family. The price of commodities and services are continuously increasing because of inflation but the salary is very slow to increase almost stagnant.

Maybe you are looking for ways to add more income to your family so you can have more money for other things like going on a tour with your loved ones or build a savings fund for your kids. If you are working in a company, it’s a challenge to start another stream of income because you need extra time and money. The good news: it is possible and doable to make another income stream even you’re an employee,  OFW or any job you have.

1. Identify your available time and the money you will need

One consideration you need to think when starting a second stream of income is the time that you will spend to build your side business or part-time job. If you don’t have spare time for this, you cannot create your own income stream. Time is really important and so does the money that you’ll need in starting your venture.

I suggests for you to look and research for ways in which you can earn money without quitting your job. I made a list below of some income stream that you can start to make additional income for your family.

How To Make Money by Blogging
How to Create an Online Income

2. Be patient and know your resources and skills

You don’t need to be a tech savvy or computer geek to start earning money in the Internet. I also started with just few knowledge on how to make money online. I think one of the most important trait you should possess when you want to make another income stream is patience. You should be patient to read instructions, blogs, news and other things related to your venture.

I begun making money online by selling some stuffs in eBay way back in 2006. It is my first venture in creating second stream of income apart from my day job. I made some profit from it but not much because I only sell low-priced products but I’m satisfied with what I achieved. Today, there are lots of people selling stuffs in eBay or Sulit and you can also do it. You should study first which product will you sell and look for manufacturer for that product. If it is possible, you can also make it and then sell it.

3. Plan your venture

It is important to have a plan in anything, in life, family, work or business. One speaker I heard told that if you don’t write your plan, it is only a wish so make it a point to write your plan. You can write your plan in your notebook or if you have a computer and Internet, write it in Google docs so you can open and edit it anywhere you are. Make your plan simple so you can follow it without burdening yourself too much.

4. Carry out your Plan

After completing your plan, you should carry out as early as possible because time really matters. Don’t procrastinate since there are lots of distractions you will face in the future. You can set aside a short time every day to do your venture or side-business, an hour will definitely make a difference. If you are planning to sell something in eBay or Sulit, start to create your own user account now!

5. Make it sustainable

It is important to make your second stream of income sustainable for a long term so you must think of ways on how to do it with your available time and resources. Once you make it sustainable for a long time, it will soon give you a steady income that could earn more than your salary you get from your job. Sustainability and profitability are the things you should strive for your second stream of income.

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