I recently wrote about how job security has become a myth of the past.
In this article, I want to show you some alternatives so you don’t only depend on one single income stream, your salary.
I want to share 5 ideas that you can implement even if you are employed full time to create a bigger future for yourself and a whole lot more stability & freedom in the process.
At the end of the day, isn’t it all about freedom? Freedom to do what you want. Freedom to have peace of mind. Freedom to know you can conquer anything.
1. Consult or Coach
A great way to add some more stability to your career is to do consulting or coaching on the side. Make sure you do this on a topic that fascinates and excites you that people are happy to pay for.
That’s how I started out in my business.
Let’s say you are a business development manager and help your company expand to emerging markets. You could consult with businesses that plan to expand, share best practices (if you did not sign an NDA with your employer) and help them make the expansion a success.
You could also coach rising entrepreneurs in growing their business.
If you work in finance, you could advise other businesses on cost savings, investment projects or whatever you are best at.
It does not really matter what you do, there is always a way to turn it into consulting or coaching. Use your talents and focus on what excites you the most.
Many of my clients do this besides their job. They sometimes call it mentoring or simply consulting or coaching.
It’s also a wonderful way to get to know other high achievers. It generates massive freedom because you are no longer dependent on one single company.
If you continue to grow that side hustle, you can quit your corporate job and do this full time if that’s what you enjoy doing the most.
Doing the coaching or consulting is most certainly not the hardest part. It’s getting some clients on board.
For that reason, I have create the Communication Excellence Workbook that will help you get very clear on what you can do for them that is based on what they want. This makes selling yourself so much easier.
2. Sell Information Online
This is one of the models that I love the most and that I help my client implement.
Entrepreneurs do this all the time. It’s something I practice in my business and you can do this in your career too.
It can be anything from an ebook to an online course to software. The sky is the limit.
Here are some ideas:
- A fiction book
- A how-to guide on your expertise
- An ebook on your best practices or case studies
- A home study course
- A paid podcast (Morningcoach is a great example)
- A video course (Like Master Your Career that I have just launched)
- An online assessment tool (like Strengths Finder)
- A software app
If you are a management consultant, put your best practices into a book. This is something some of my clients have done and I’m helping them leverage that resource to build a bigger and more leveraged business.
If you are in business development, share what worked best and what failed in form of case studies.
If you are in sales, you can share your expertise and help other sales professionals get better.
If you are a software developer and passionate about communities and tribes, build an app that helps people find likeminded communities and connect with each other.
There are a million opportunities for you, no matter what you do.
Ask yourself these questions:
- What am I an expert at?
- On what topics do people always ask me for help?
- What am I fascinated about?
- What topics excite me the most?
- What issues annoy me that I would love somebody to solve?
Look for the patterns in your answers.
Then pick something, choose how to deliver it from the list above and create something useful and valuable that the world wants.
3. Assemble Masterminds
I have not talked about masterminds that much by now. Maybe I should because they have become a main reason for my continuous success and progress.
A mastermind group is a gathering of people who pursue a similar goal. That can be to grow a business, get out of corporate, raise money for a cause, win a marathon, lose weight or whatever that goal may be.
These people meet preferably every week, physically or digitally, and exchange ideas, feedback, goals and achievements. Many times, it’s a mix of those things.
I am part of 2 mastermind groups at this moment and both add tremendous value to my life. There are 2 practical reasons and 1 emotional reason why I am in these groups.
The practical reasons are because they provide accountability and feedback. This is crucial for me to move at the pace that I want to.
The emotional reason is to belong. Being an entrepreneur can be isolating. Even though I talk to many people throughout my day and meet people all over the place during my business development days, it can still feel like a lonely journey.
By talking to my peers, other entrepreneurs with big goals, I get a sense of belonging, which we humans need.
This is your chance to assemble a mastermind group and develop a new income stream with it.
If you know that you can add that much value to people’s lives, please, charge that much. However, you can also start a bit smaller.
Here are a few things to consider:
- Who in your industry or profession would benefit from getting together regularly to work on common goals?
- What’s a possible Return on Investment the members could get?
- How much would you pay for being part of such a group?
- How many people could you gather who would pay to be part of such a group?
- Where could you get to know more people like that?
Think about the CEOs, politicians, non-profit leaders, high-tech entrepreneurs, top athletes or whoever you would love to bring together who would benefit enormously from each other.
It does not matter what you do right now. It matters much more who you love hanging out with and who you know already because you don’t have to be the “expert” in that group.
You don’t have to teach anything, it’s about establishing a peer group.
If you have a natural talent to bring people together, this model is perfect for you. You are going to love it and at the same time create a leveraged income stream that can easily turn into a full time income by itself while giving you tremendous freedom.
4. Host Live Events
This is something I’m doing myself too. I don’t separately charge for it because, right now, it’s part of being one of my clients.
I regularly organize get-togethers with my clients so they can network with each other and discuss big ideas. Some great things have developed from it like partnership offers and joint venture collaborations.
I also host paid workshops like Grow Your Business Strategically on 27th September in Zurich, which is another great way to create a new income stream.
Live events can have many different formats. It can be networking among high achievers, a workshop, seminar or even a conference.
It’s up to you what fits you best.
Here are some examples of paid and free events that you could spin some ideas off:
- Swiss Entrepreneur Association Events
- Business Excellence Network Switzerland
- BSCC events
It does not have to be a huge conference as you see. It can be an exclusive gathering of hand-picked people you know.
It can even be a gala dinner with special guests or a keynote speech from an influencer in your industry (maybe even you?).
5. Become a Relationship Broker
This is something that has been on my list for some time to launch. The reason I have not launched it as a paid service is because I naturally do this for my clients all the time.
It’s more like a bonus that I offer to my clients without telling them about it.
However, you could do this on a paid basis. There are plenty of industries where people make a fortune with relationship brokerage. I’m currently working with a client who is developing a relationship brokerage business.
Think about startups and investors. If you connect a startup, that is looking to raise $1 million in fundings, to an investor and the deal happens, you can possible get $20000 to $50000 in commission from such a deal.
Or let’s say you know some senior executives at Coca Cola and Sony.
Now, Sony launches a new display that can be used as the label on PET bottles and at the same time display ads.
You think this is a brilliant idea and introduce some people to each other which leads into a $100 million deal. If you can do this once a year and only take 1%, that’s some good pocket money.
You can also do this with donors and non-profits.
The sky is the limit as long as the introductions provide massive value for both sides.
Any kind of organization that is looking to grow or expand, which is probably most of them, can benefit from such introductions.
Now, pick one way to start building multiple income streams in your career and create massive freedom for yourself in the process.
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