Diversifying Your Income Streams pt 1
What does diversifying your income streams or having multiple income streams mean? Well, it means you are earning money through more than one source. A stream depicts an abundant flow. Where as one source of income would be a drip of water.
The idea of diversifying your income streams can seem a bit overwhelming. You might even question how you can diversify your income streams as a virtual assistant. Not only is this a necessary part of business, it helps future-proof your business, and it’s fun!
You would never put all your eggs (investments) in one basket (stock). However, when you only have one income stream that is what you are doing in business. Particularly if you only have one main client. Although you might be in business for yourself that client actually holds the power because if she didn’t renew her contract or drastically reduced her hours it would be you in a financial bind.
One of the reasons to go into business for yourself as a VA is for more freedom and flexibility. How you continue to gain more is by being able to diversify your income streams.
Particularly if you charge hourly rates and your income is tied to the number of hours of you work, having passive income which is not at all tied to hours is crucial.
This isn’t just the idea that you’ll be sitting on beach somewhere sipping umbrella drinks while the money rolls in. Although that’s not a bad plan either! What about if you are sick? If there is a family emergency or some event that prevents you from working. How do you still make money when you’re not putting in the hours? If you are still in the employee mindset think of this as using your PTO, vacation days, sick days, family leave, etc.
Being a business owners definitely gives you more freedom and flexibility but it also comes with more responsibility. The exciting part is there are numerous ways to diversify your income and earn money when you are not working!
That’s the dream!
The Association of Virtual Assistants knows that whatever work you’re performing now to run your VA business there is more you can do diversify your income streams. You have a lot to offer. What you know is valuable.
When you join the Association of Virtual Assistants we’ll help you find those other income streams, set price points, support your launch, and tell others about your services. Take advantage of all the privileges and benefits that come with being a member of the AVA!