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Alternative streams of income.

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Why is it necessary?

No job is secured these days. A lay off or cut down in employee strength can be expected anytime. Hence, if you rely on one income source alone, what would you do if there is a temporary stoppage of work?  When you have different sources to earn money at the same time, you have multiple sources if income. By doing that you are making your financial future more secure.

We need multiple sources of income because, if you look around you’ll see that the cost of living keeps increasing every year. Prices at the grocery stores, fuel costs, cost of medical treatments, everything is becoming costly and hence, you have to think of adding new ways to earn money. Should one source dry, the other one will save you.

But not all of us need to think on these lines. People who belong to high income class need not think seriously about having a second source of income. Whether you need to try a different source of income depends on your financial position.

What could be that second source of income?

Anything! You can start a small business or open a shop. It depends on what kind of skills you have. For example – If you have excellent command over language, why not try content writing? That something you can do from the comfort of your home. How about starting a blog and sharing some ideas? Know to play a musical instrument? Why not start a music class at home?

How to get started?

First, look at where the opportunities are. The opportunities are going to be different for everyone, depending on your skills, network of friends, business connections and most importantly, what you find interesting to do.

For example, if you know how to cook, may be you can think of the following options-

  • Write a book on cooking.
  • Open a coffee shop
  • Take cooking classes
  • Do television shows
  • Write about recipes in magazines
  • Compete in reality shows like ‘master chef’
  • Open up a large catering unit
  • Arrange birthday  parties
  • Open a web site and sell recipes
  • Write a blog on food and nutrition.
  • Specialize on one item like cakes or oil less cooking.
  • Make a collection of traditional recipes country wise or culture wise.
  • Sell homemade sweets.
  • Run your own eating joints in big malls
  • Run a franchise of big brands like KFC or Domino’s.
  • Be a food and nutrition consultant.
  • Take up sub contracts of large food chains.

So, basically you have to sit and think ways to build a source of income. The options are many. It’s for each one of you to decide based on your skills and confidence.

 

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