Best Ways To Diversify Rural Income Streams
Help Yourself Earn More Rural Income By Helping Others To Keep Your Streams Flowing!
If you are NOT planning to diversify rural income streams, your rural business whether online, homebased, etc. is risky and vulnerable.
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Depending on a single revenue source in today’s economy is extremely risky.
The coronavirus pandemic proved it!
It was unexpected and affected many types of businesses at the same time.
So it doesn’t matter how good your product, service or customer relationship is, you must diversify rural income streams.
This is why you should constantly read RuralMoney.com, which post timely and far-seeing articles about key industries and markets.
In doing so, you can consider how to improve your current products and services and who else to target for additional income sources.
A business is all about growth so a single income source is “foolhardy” because you should NEVER put all of your eggs in one basket.RuralRuralmoney.com
I realize that focusing your attention on your core product or service is your company’s mission.
But for long-term economic growth, you must think outside the “one-trick” box to explore other rural income opportunities (no matter how ridiculous they may seem).
Whether your business is large, small, homebased or online, you should be actively looking for new products, services and new clients.
You’re probably wondering how to diversify rural income streams.
Well, it’s not difficult and here are a few ways that I recommend to get you started thinking about how to do it easily, quickly and affordably.
Sell Your Products Online To Diversify Rural Income Streams
Let’s get to the nitty gritty.
Many micro entrepreneurs and companies are stuck in the mud when it comes to selling products online.
The key words I want you to focus on is “income” and “opportunity”.
It’s no accident that my slogan is: How To Make Rural Money With Rural Income Opportunities.
In order to move your product and service online to take advantage of income “stream” opportunities, there are many sites and apps for selling products.
Decide which one you want to start working with and stick to it until sales are rolling in, then repeat this simple process on another marketplace site and app.
The learning curve is fairly easy on these sites and apps that also SAVE MONEY because they don’t require web design and social media maintenance on your website.
Moreover, your products have an instant online presence with millions of customers!
So there’s really no hassle after you learn how each website and/or app works.
Instead of hassle, think “income opportunity” for additional rural income streams.
No matter what type of business you have, you can expand your sales and audience by creating additional income sources with a website (afflink).
Use What You Have To Create Multiple Income Streams
Use the resources you have to leverage your income.
Find ways to collaborate with other businesses and websites to increase leads and sales.
Don’t try to reinvent the wheel, look at what your competition is doing and market your product and services in similar and/or different ways.
Online Courses And Workshops
Package your industry… services into an online course or workshop.
My preference is a one-time purchase for your customers.
Through customer feedback, you can determine what your customers like about your products or services and how they use them to enhance their lives.
You can create videos on multiple subjects, such as how to uniquely use your products or industry tips.
For example, if you sell food, etc., you can create an online cooking class to demonstrate how to incorporate your product into meals.
Promote Other Products And Services With Affiliate Marketing
Promote other services and products through your own website, on social media or in person.
When one of your customers purchase other products you’re promoting, your business gets a commission.
The more products you sell, the more commissions you make.
Freelance What You’re Good At
But, don’t quit your day job!
In fact, offer the same service based on your knowledge, skills and abilities (KSAO’s) or hobby on a part-time basis and/or in your free time.
A few more ideas to get this started are:
- Lessons And Hobbies
- Resume Help
- Coaching And Consulting
- Social Media Management
- Bookkeeping And Taxes
It means you already have Real Estate.
Managing rental property IS for everyone if you have one of the above properties.
If you have one of these properties and they’re constantly vacant, then plan for occupants.
Start making repairs and learning how to deal with renters.
If you’re already an Airbnb host, you know how to deal with guests aka tenants.
It takes time to build up customers, but if you start on marketplace websites and apps, you stand a better chance of making sales immediately.
With that said here are some more ideas:
Anyone can become an author on Amazon.
In fact, I am.
All you have to do is write your eBook in a word doc, format for Kindle, and upload to Amazon’s Kindle Direct Publishing program.
The process is simple, however, making sales and getting your book to rank high is NOT easy.
Stock Photos Taken By Your Kids
There are so many places that you can sell stock photos for royalties.
If you’re a photographer or your kids are, this could be an excellent income stream for extra cash in the coffer.
Uber And Lyft Chauffeur
If you love to drive and are a safe driver and “people person” who don’t mind being called at 3am, then Uber and Lyft are for you.
All you need is a car and some spare time.
Just sign up with Uber… and start driving people around.
To maximize your earning and profit potential, you need to sign up for both Uber and Lyft and use both apps at the same time.
Uber Eats And Instacart
Pay your car note and have money leftover by taking advantage of earning extra money with your car to diversify your income.
You can also deliver groceries with a service like Instacart.
Or, if you don’t have a car, you can make money doing delivery with Uber Eats with other forms of transportation.
DoorDash is another delivery service that’s growing nationwide.
Get paid to pick up, dash out and cash out!
More and more restaurants are signing up, so get your hustle on in the “busiest” areas!
There are dozens of ways to diversify rural income streams, but I prefer the ones that are easy, simple and affordable to get started.
I tend to shy away from anything that’s complicated, has a steep learning curve, requires frequent investments like stocks, day trading, etc.
Rural Money’s best picks are the ones I have written about.
So choose one, learn it, promote it, and keep adding income streams.
Eventually, you will start to see exponential growth in your bank account.
Wrapping Up How To Diversify Rural Income Streams
Remember, the more you diversify your income, the more you’ll realize what a huge income opportunity it is.
The bottom line is this: If your core income stream fails, you have several more to take up the slack, and the possibilities are limitless.
Whether you call an income stream a side hustle, gig, side business or otherwise, they’re different ways to increase your income.
Try several of these diversify rural income streams to boost your business bottom line and never stop creating them.
Related Post: 8 WAYS TO INCREASE YOUR RURAL HOMESTEAD INCOME NOW