Going through school for all I know has never been so easy for many. Academic work stress, financial stress, and all. In this article, you’ll learn how to diversify your income streams as you journey through school.
Meanwhile, for an overview of what we’ll discuss in this article, see the table of contents below:
Sincerely speaking, many students find themselves twisted between going through school and not being able to meet up with the demands of going through the same.
Some are left with the only option of having to fend for themselves through it. In the first instance, I myself never had a very rosy walk through the school and that prompted me to start looking for ways to help myself. I started looking for answers to the numerous questions that came boggling my mind.
Some of the answers I found during my search are the things I want to share with you in this article. They have been tried and confirmed to be proven tricks that will help you diversify your income streams in school.
So, take your time to really read through to the end of this article
#1. Affiliate Marketing/Side Business
One of the tricks I discovered in school that helped me multiply and diversify my income stream was affiliate marketing.
According to Neilpatel.com, Affiliate marketing is the process of earning a commission by promoting other people’s (or company’s) products. You find a product you like, promote it to others, and earn a piece of the profit for each sale that you make.
So this is the trick; since there are thousands of companies that want their products to get to the eyes of many prospective buyers as much as possible, affiliate marketing is one way these brands can achieve their marketing goals, and you as a student can do it with ease. All you need is to stay focused.
A side business takes some hustle, but treating it as an entrepreneurial pursuit can pave the way for you to continue earning additional income whenever you need it. Look around your immediate environment Sand find the needs of the people around that you can meet.
Depending on your environment, students can start up by selling recharge cards, past questions, and other important books. You can also become a food vendor. It won’t be a bad idea if you start selling sporting items. You can make some cool cash.
I feel it is important you know what to budget for while preparing for school. See this article on Top 10 things that should be in my budget as a student
#2. Sell Products Online
Another trick that helps you diversify income streams in school is selling products online.
The internet is one place where you can get a large audience. With the increasing number of internet users, it is even much easier to sell your product online and make good money from it.
The internet allows you to sell any kind of product you desire. It could be products that you manufactured yourself or even software. The interesting thing is you can sell anything at all online.
As a student, you can set up a dedicated e-commerce website for this product or service. Alternatively, you can also sell it on an affiliate basis. You can create a market space online where your products will be showcased to prospective buyers. You can sell your products on other online retail outlets like eBay, Craigslist, Amazon Marketplace, Airbnb, Uber, Jumia and other online retail shops.
#3. Become a Freelance Writer
This is one of the easiest ways to diversify income and make more money while in school.
If you love writing like me, then you can easily diversify your income. This you can do writing for websites and blogs.
Yes, unarguably writing blogs can be a huge and daunting task, but if you have a flair for writing, then it will not be an issue for you. Freelance writers are paid pretty well for the amazing articles and content they are able to put up for the blog they are working for.
With the number of users on the internet, the internet is one place almost everyone relies on to get specific content. As many blogs and websites look forward to providing their audience with good content, the need for freelance writers will continuously be on the rise.
Blogs that are wishing to build links will often pay freelance writers to create good content to be published on other blogs and websites.
#4. Blogging and Content Marketing
Blogging is another way you can diversify your income. Gone are the days when people go to libraries or meet people to get information from them. With the coming of the internet and the help of search engines, information is just at your fingertips.
With loads of content on the internet every day, people now tend to depend on online content and resources that meet their needs. With the number of people that search for different content on the internet each day, blogging could be a really cool passive income.
It will be surprising to tell you that many companies in the 21st century are developing from blogs. Blogging can be a fast way for you to earn a great income while you add value to a good number of people with your content.
The interesting thing about blogging is that it gives you the opportunity to inform others with the content that you are most comfortable sharing, while you make money doing that.
It is easy to think that it is really easy to make money from blogging maybe because everybody is doing it. The key to making money as a blogger is consistency. The more you are able to sustain your blog consistently over a long period of time, that is when you will have higher possibility of making money from it because you will make your blog a reliable resource place.
#5. Creating online courses
Creating online courses is another trick how to diversify income streams in school.
Since people are constantly looking for great content online, then creating an online course can help increase your earning power, diversifying your income. It is easy for you to think that you can’t create a course, but that is not true.
Everyone is an expert at something that others really struggle with. So you can turn your knowledge into a resource that will help others and at the same time generate income for yourself.
There are many ways you can put up your course online. One of the popular ways is to make use of websites like Udemy.com. Some websites have millions of students and it will make it easier for your content to get to the eyes of interested people.
To make your online course effective, you can make sure you have the following content: video lessons, checklists for completing steps you recommend in your video lessons, small eBooks to supplement the lessons, and audio files for people on the go.
If you are an international student looking to study in Canada, see the Full Guide on how to get an international student loan in Canada
#6. WordPress Development
Learn how to build WordPress websites, and sell them. That’s another proven trick on how to diversify income. It was cheap. It’s easy to do. And it can take less than 20 minutes to set up. You can make a lot of money from this because more than half of all small businesses still don’t have a website.
If you have the technical skill that is required to design a website, then you could make a real income from designing websites for individuals and brands. With the continued growth of the internet, web design has become a good income source for anyone with the skills.
These days every brand and company look forward to growing their online presence so as to connect directly with their customers. Having a website is a great means to achieve that, so that is why web designers are usually in high demand.
All you need to do is get the tech skill that is required if you don’t have one and market yourself to potential clients. Good web designers make good money designing websites for clients.
#7. Explore new opportunity
A new skill can mean increased income because you can do more things that can help scale up your income in school or opens you up to new opportunities entirely. Acquiring new skills sometimes has to do with time and trends. It is better for you to explore new opportunities by acquiring new skills to increase your income in school.
As some skills get outdated or irrelevant, new skills are becoming more relevant in today’s world. You should look forward to getting in-demand skills that can ultimately increase your income in school.
If you are interested in diversifying and increasing your income and sustaining the increment over a long time, then a long-term plan is what you should consider. Acquiring new and relevant skills can help you become even more employable, and make you perform your task better which will ultimately increase your income.
Below is a list of some in-demand skills you can acquire now;
- Web development
- Statistical analysis and data mining
- Digital Marketing
- Google Analytics
- Network and information technology
#8. Offer an Extra Service
After your day or after lectures in school, and you have some spare time, the next thing you want to do might be to offer a service of some sort. This service could be based on your skill set, your free time, and your hobbies.
A few ideas to get this started are:
- Home Lessons
- Social Media Management
- Playing musical instruments in churches, restaurants, and nightclubs
#9. Take a Paid Survey
Many companies are ready to pay you as long you can sit in front of your computer to help them take survey questions. This is one area that people are not really aware of.
It is one of the most convenient ways you can make money online and thus diversify your money. All you require is to register with companies and organizations that give survey questions and make sure you answer the survey appropriately.
This may sound really awkward to some people. Yes, I myself I never imagined it. The question that will come to your mind first is can I get paid to just take a survey? The answer is yes! As ridiculous as it may sound, it is a cool way you can make real money while in the comfort of your home. You are provided with questions, all you need to do is to answer the questions.
See websites where you can take paid surveys:
- epoll Research.com
#10. Partner with a Successful Business
If you know of a business that is looking forward to expanding its business and, or needs more funds, you can invest your money to support the business and become a partner. This is one way you can make good without stressing yourself.
It might be tempting for you to want to offer a loan to a business in need of capital, but instead of doing that, it is advisable for you to contribute your capital and be a part of the company.
You can take an equity position in the company, this way you won’t be involved in the day-to-day running of the business, but you will remain a silent partner that will take part in the profit of the business.
Frequently Asked Questions on How To Diversify Your Income Stream
Ones source of income simply means where they make their money from. For example, if you have a job, the company you work for is your source of income. If you have investments or savings that earn interest, then the interest (the bank) is the source of the income. If you are into real estate, then that is your source of income.
In the article above, I have listed out some proven tricks to diversify your income. You can take out some time to read again.
If you engage passionately in some of the tricks given above in the article, I bet you, you will make over $1000 a month. Sincerely, it may not come easily but if you stay on it, you’ll begin to see results. One of the ventures that can give you this kind of result is blogging and content marketing.
An average millionaire has at least seven different sources of income. So If you too want to become one, then you need to diversify your income now.
You see, there may be many other ventures you can exploit to diversify your income flow. These listed here are just a few out of the many means of diversifying your income. All you need in your quest on how to diversify your income is just a determination to succeed and then focus to push through. Take the big leap today and try out any of these tricks listed here in this article and watch as your income flow rises into the skies.
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