Regardless of your current career path, employment status, or life path, you can follow these proven steps to create multiple viable streams of income that will make you rich and get you living the life of your dreams.
We are focusing on getting rich through viable long-lasting income streams you set up for yourself.
These proven steps constitute a formula I call The EDCS Process. It encompasses the whole process from discovering what abilities and ideas will produce money, to converting it to a business, building a business system and bringing in the money.
Here are the proven steps to create multiple viable income streams:
Step #1 – Explore
Explore your skills, talents, abilities, and ideas. Somewhere in the mix are elements you can convert to viable income streams, either on a part-time or full-time basis. Go through a process of reflection and analysis to determine your skills, talents, abilities, and competencies. Get them all out into a map.
The second element in this step is to generate ideas for business. Do this by brainstorming and generating ideas. These can be ideas you have had previously that you remember, those that lie in your subconscious, or those you come up with during this exercise. When you take a close look at these two elements (your abilities and your ideas) you will find raw material that can be processed and refined to create a money making machine.
I usually favour mind mapping to generate ideas because typically when you ask people to go through this exercise they write lists; lists of ideas, lists of skills and talents, etc. Generating ideas in lists limits your ability to go beyond the norm and tap into your brain power. Visual thinking is the best way fuel creativity, maximize the power of the brain, and help you explore unconventional routes and thereby produce truly innovative ideas. Mind mapping is a visual thinking tool that helps you generate ideas and analyze information. So for this exercise, please use mind mapping. You can download free top of the range mind mapping software here.
Step #2 – Determine the Use Value
Determine the use value of the configuration of ideas, skills, talents, abilities and business ideas you have generated in Step 1. Take the time to do this exercise. Do determine the use value ask yourself questions like: how does this help people? What problem does it solve? How does it make life better for people? How does it help people and organisations achieve their objectives? How does it advance life?
It is important that you understand and establish the use value for people or organisations because obviously you will give them a use value for the money they will give to you. You will have to communicate this use value clearly to them in Step #4. Understand all the elements of the use value and in a way you can communicate and demonstrate.
Step #3 – Create a Business System
Take the use value you have established in Step #2 and create a business system around it. By creating a business system around the ideas, you can use your time to work on the business without necessarily having to work in the business. In essence you do not have to become an employee of the business but you create an income stream out of it and it enables you to create multiple income streams. You get the picture?
A business system is methodical procedure or process that is used as a delivery mechanism for providing specific goods or services to customers. Expressed simply it is the process for making money. It is where you take the idea or concept and create a step by step process for the business operations.
Document it and create a flow chart. This ensures that you can either do it yourself or other people can do it. It also polishes the process in a way that can be communicated should you choose to sell the business idea at this stage and cash out.
Step #4 – Start Selling
Having completed step 3, you should start selling. Get the word out and start prospecting potential customers. Depending on the nature of the business you can choose different advertising and promotion methods ranging from word of mouth, online, flyers, etc.
Anyone can learn sales and marketing. To help you in your sales efforts, building your business, prospecting for customers, making sales, and building your brand I highly recommend that you register for a convenient online professional development programme where you can learn various aspects you require at your own convenience and at your own pace. Knowledge is power. You can learn in a week concepts and processes that would take other people six months or more to figure out. Get started with an online professional development programme taught by tutors with real business experience.
These are four proven steps to creating viable multiple streams of income. With these steps you can create multiple income streams. Having read this article you will realize it is not a get rich quick method, each step requires your effort and attention. Best wishes as you start now to create multiple income streams.
Jesse Ford is a developer, author, and publisher. His interest and expertise is new thought, spirituality, personal development, and utilizing your inner power. Visit www.reachforhappy.com to get more information, tools, and resources that can guide and help you to create a brighter, happier, and more fulfilling life.
Op-ed pieces and contributions are the opinions of the writers only and do not represent the opinions of Y!/YNaija.