Economic times are tough all over the world. The pandemic hit low-income and middle wealth earners alike with lost jobs and a struggling economy. Creating revenue streams can be one way to help you and your family out of the deficit created by the worldwide shutdown of businesses and loss of income.
Here are 6 types of revenue streams you should create for yourself in 2021:
1. Rental Income
If you have an unused room or finished basement in your home, think about renting it out to someone in need. Do your homework by researching similar size rooms and living spaces for rent in your area. Then do background checks on possible tenants to make sure they are willing and able to pay each month. Another area that is always in need is storage space or car parking, which can also be rented out by the week or month.
2. Selling Retail Products
With sites like Amazon and eBay, you can sell physical items you find in your local stores across the states and around the world. Shopping online has become the normal way to get products these days. If you shop locally and safely, you will find great deals that you can then sell and ship around the country. The savings you gain by shopping locally will make up for the shipping costs and member fees for certain sites.
3. Offer Services
Think about something you like to do, or something you are particularly good at, and offer it as a local service. Families are always looking for someone to come in, and clean their home, organize their stuff, cook meals or run errands for them. If you are organized, you can offer any number of services for a reasonable price to make an income for you and your family.
4. Daycare Services
This is not for everyone, but if you have children or grandchildren, you may want to expand your sitter services. During this difficult time, many parents are in need of a break from their children who may be home from school for extended periods of time. Not all home daycares need to be licensed, however, you can charge more if you are certified with your local community.
5. Computer Services
If you are handy with computers, either fixing them or working magic with various programs, this could be an ongoing income. Virtual assistance is another offshoot of computer work that is in greater need these days.
6. Google Adsense
This is actually quite a simple way to make money once it is set up. Google will take care of giving you a unique code and tracking the clicks and sales from what you are advertising on your website. They match ads to what you are talking about in your blog or for what you are selling on your website. There is no upkeep or maintenance, but you may want to change the content or articles every month or so to keep it fresh.
A revenue stream can be a profit created by a business or money gained in a passive way, such as something that doesn’t take too much effort or time. The amount you make is up to the amount of effort you put in.