Creating Additional Income Streams

Welcome this Article on creating additional income streams, This is Wayne and today I’m going to share what have done to create additional income streams.

Nothing I have done has been a get rich quick… I’m not a guru but what I have done so far has given me some freedom and a real taste of what life can be like so today I’m simply going to break down what I have done and how I have done in the hope that it may inspire you to create something of your own.

I do not believe that you can be financially free just from the plumbing, heating or any other trades business area, but what having a trade gives you is the ability to make good money. If you use that money wisely it can be a vehicle for you to utilize to create some level of financial freedom in your own life.

#FACT – the average millionaire has at least 7 income streams

 

There have been five basic principles a that I have used when creating my additional income streams…

  1. In a similar field to what I’m currently doing
  2. Not require 100% of your attention every day
  3. Be a real Passion for you
  4. Being Patient and persistent
  5. Option to be able to outsource the work in the future

What I have created so far has not always hit each of these principles but have acted as a guide when deciding what to do, hopefully, they will help you in choosing what you want to create.

The first additional income stream I created was selling carbon monoxide alarms!

I was contracting for British Gas when I first ventured out into self-employment and soon thought… WOW, these guys sell a lot of Carbon Monoxide Alarms!! I was not with British Gas for long but in the time I was, I realised that this must be worth there time as at every meeting we where being pushed to sell these things! So when I went fully on my own I thought ‘ I’ve got to be selling these’. I set out to find some decent items and managed to find the UK distributor for Honeywell Carbon Monoxide Alarms. I negotiated a reasonable price and order 50… Not a huge risk but still a risk as I had to shift 50 of damn things!!

#FACT – Majority of tradesmen are in the top 10% of income in the UK

 

The initial plan was to simply sell them to my clients day to day, but my wife was pissed off that I had ‘Wasted’ money so listing them online as well to get rid of them quicker, We sold around half online and the remaining to my clients. BOOM in less than a month I had shifted 50 so this reassured me that my instinct was correct. Within 3 months we were ordering 2000 at a time! My wife was responsible for picking, packing and taking them to the post office! she looked like Santa clause carrying these huge sacks down the road… She didn’t find it funny, but we only spent a few hours a week dealing with it all but the volume was going up so I started looking for ways to outsource it. I found that Amazon offered a solution to this, all I had to do was get them to Amazon in bulk and they would do the rest! Unbelievable we sold around £150k worth of units in 10 months!!! which made me a Net profit of around £30k, Yes that’s right around £30k net profit for a few hours a week work!

As with all good things it came to an end, Amazon started selling them directly which meant my sales dropped by nearly 90%… that game was over!

The next additional income stream I created was offering Service Plans to my customers, again I looked at British Gas and thought why are they so successful, I saw that service plans were a key part of their success. I didn’t have a clue how to do it properly at this stage but my Ready FIRE Aim mentality kicked in and I simply just started offering them… ( a great book on this mentality is Start Now… Get Perfect Later )

Over time this has grown and grown and now provides with a  great monthly income stream. This gives me some stability with my income, if you run your own business you will know the pain of cash flow, some months you have loads and other months you don’t. Service Plans provides a reliable steady income and if you are in the plumbing & heating industry YOU HAVE TO BE OFFERING THIS.

Email me to find out how I can help you with setting up a service plan income stream – info@waynebettess.co.uk

#FACT – Passive income is a condition of financial freedom

 

Another income stream I have is from a large Facebook Page. simple as that, I used a completely free platform to create an additional income stream. The page is focussed around Brexit, This was and still is a huge topic for society so I decided I would start a page and all I did was share memes and articles and stories that were in the headlines, It just kept growing and growing ( still is growing around 1000 new likes/followers a month).

I decided to create a very basic WordPress website which took me a few hours and embedded Google Ads into the page, I would then simply see what was a hot topic of news that day and write some articles on it and share to my facebook page to drive traffic to my website. The income is generated from the people seeing and clicking on any of the ads on the site. The best month was the general election, I made a net profit that month of over £5k for about 1 hrs works a day!!! As time went on my passion for it wained and I was struggling to create the articles so I looked to outsource it, I found a similar page that was doing the same and negotiated deal where he would do the article and share to my page and his and I would simply receive a 20% commision on the total income generated from the sites, at this point I was completely handoff. A completely passive income which over the past 18 months has averaged around £1k a month, all I do is check the stats to make sure the page is growing which it is, we currently have 176k likes/followers and reach 4-6 million people a month!!!

The young lad who I did the deal with is 19/20 years old, at university and make 4-6 k a month from is dormitory room!! CRAZY!!! The power that the internet has to make money is incredible, YOU need to find a way to leverage it for yourself.

So they are the three income streams I have created so far… they have all be passive incomes needed minimal input from me directly. I still have the service plans and the facebook page. That pays my mortgage and bills before I have even woke up each day, it a great position to be in, it has shown that there is a new way to make money… You don’t have to just work from 8 am to 6 pm every day just to make money. you can make money leveraging the tools of the modern world.

I really hope that me sharing what and how I have created additional income stream will inspire you to get out and create some of your own.

So the just to recap quickly, use these 5 principles to help you  get started

  1. In a similar field to what I’m currently doing
  2. Not require 100% of your attention every day
  3. Be a real Passion for you
  4. Being Patient and persistent
  5. Option to be able to outsource the work in the future

Remember you have to the work now to be able to leverage it in the future

 

 

 

 

 

 

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