Tips for sourcing for a second revenue stream

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Getting a second revenue stream has become top of everyone’s mind, even those with what they consider a stable job. It is about the luxury of making passive income and the security that comes with knowing that you have something to back you up on a rainy day. While the idea is there, most people do not make the transition to actualization. One of the primary reasons is they are unsure of where to start.

The process of getting a second income that you don’t need to work consistently to get is in the initial stages time-consuming. The reason is you have to establish a working system where at a later date you still have the peace of mind that things are running smoothly. Even with that, you still have to establish what works for you. Below are some steps to help jumpstart the process.

Come up with ideas

If you are unaware of the alternatives available with regards to things that provide a second revenue stream, turn to resources that will help enlighten you. As you do that, aim at keeping an open mind as it is likely that most things will sound unfamiliar. A tax lawyer would perhaps be better versed in it than if you are a nurse or content creator at a creative firm.

Equally, don’t just look at the traditional stocks, bonds and real estate that people gravitate toward. Instead, focus on what you think you’re good at and can turn into a side hustle. It is crucial that you not second-guess yourself. Some of the best ideas that made people wealthy started with hesitant execution as the owners were unsure if anyone wanted the services.

See what’s viable

Once you have your list, narrow down to things you can actualize. Focus on things you can start with minimal investment but have growth potential. What you eventually settle on should be something you can do yourself or hire someone to do it for you. In one case, you can start a side hustle, and in the other, you can hire a stockbroker. Be honest about your skill level to avoid losing money.

If you are starting your ventures, find out first who would pay for your services. Skipping this step can prove fatal in the future; assuming that people want your products without adequate research is setting yourself up for failure. Equally, look at your ability to deliver on the services. At this point don’t be surprised to realize that you might need a partner.

Take the leap

Have a few people who can help ascertain the viability of what you’re about to do. Once you get a go, don’t sit on the idea. Be bold enough to step out and find your first client. The ideal place to start is in your immediate network. They are best to help you build a portfolio and get referrals. There are several channels, from freelancing boards, social media, reaching out to friends and family, talking to acquaintances. This initial phase can be intimidating, but once you score the first client, it gets easier from there.