Imagine feeling secure with the income you have and creating products and services that you love to offer. Imagine not being dependent on just one stream of income. Having that financial freedom is why a portfolio career or business is the new normal.

It’s something that we touched on in last week’s episode, “Why diversifying your revenue streams is a must-have.” In this episode, we want to unpack even further. Having more than one string to your bow and creating multiple streams of income is not just a nice to have in 2023 and beyond, but a necessity. 

Call it what you will, but one thing for sure is that the smartest thing you can do is not put all your eggs in one salary-dependent basket.

Why do we need to create additional sources of income?

The biggest financial reasons why creating additional sources of income is necessary today is because we’ve spent the last three years facing a global pandemic, lockdowns, economic uncertainty, inflation, and an impending, if not already underway, recession. Long gone are the days of nine-to-five industry jobs that last a lifetime, with unions and pension schemes that have got your back. 

This is a harsh reality that the working generation of today faces. And if you’re a parent who wants to take time out for your kids, or needs flexibility for family reasons, the situation is even more critical. 

The main reasons for having additional income sources

There’s another reason why diversifying your revenue helps you stay future-proof. We are all guilty of getting comfortable and letting fear or imposter syndrome stop us from being bold and putting a great idea out there. 

While the world around us is changing at such a ridiculously fast pace, creating an additional source of income by developing a knowledge-based product, you are forced to challenge yourself.

Just by doing this process, you are going to feel empowered, confident in your abilities, and thrilled when you make that first dollar. This is your first step in safeguarding your future, up-skilling yourself, and building credibility in your industry. Apart from bringing in additional revenue, this is just as critical for career women, as it is for female entrepreneurs. Because the businesses that have multiple offers and revenue streams are the ones that stay the most resilient during times of crisis.

Ways that you can turn your skills into a new stream of income

What are some ways that you can turn your skills into a digital product business and earn a new stream of income? You can create a course or membership teaching people your zone of genius and niche area of expertise. You can also offer consulting services or monetise your expertise through speaking engagements, writing opportunities, selling an ebook, or even starting a podcast or YouTube channel. 

The plethora of opportunities for you to turn your skills into income is endless!

These are the reasons why we believe that having a portfolio career or business is the new normal.
Affirm your unique skills and expertise with us! We can’t wait to hear about how you are diversifying your revenue! Please join our free GrowGetters Lab community on Discord where we share and help you track your experiments to help grow your biz. Don’t forget to sign up for our weekly GrowGetters Growth Hacks Newsletter which is jam-packed with tools, hacks, methods, and models to help you grow and scale your business or product.