In this issue, I’ll show you nine ways you can recession-proof your lifestyle by taking control of your income and earning more money online.
Chances are you already have online income streams - that’s great! But let’s not get complacent; you cannot afford to.
Having your own income has never been more important. You cannot rely on a job giving you security because your employer might just go bust.
With your own income stream, you can provide a comfortable lifestyle for your family and handle the rising cost of living better than those who rely on their paychecks or just have a single income stream. You’ll still be able to drive the car or heat your home in the winter no matter how high gas prices go.
Unfortunately, making money online still has a stigma of being scammy, and people are intimidated by setting up multiple sources of revenue.
You would think that recessions are the worst times to start a business or go all-in on being an entrepreneur. Does one of the following statements resonate with you?
If anyone of these rang a bell with you, realize that you are not alone.
Earning your own income brings you outside your comfort zone. That’s why so many never start and settle for a life as an employee.
Did you know that companies like IBM, General Motors, or Disney have been started during recessions?
You don’t need to have aspirations to grow that big. See them as proof that now is actually a great time to start a business because people are looking for new solutions to their day-to-day problems.
Let this quote from Mark Twain sink in: “Whenever you find yourself on the side of the majority, it is time to pause and reflect.”
Here’s how you can step out of the lifestyle the majority of people is living and start striving for not just a recession-proof income but extraordinary experiences once the economy improves again.
Don’t just chase money. Chase a lifestyle. There are examples of businesses that literally make five figures a month where you have to work only 10-20 hours a week.
How would you spend the rest of your time? Do you want the freedom to do whatever you want, or do you want to make millions? It’s your choice - and it will define what type of business you’re going to build.
For example, I have grown a six-figure freelance business that made twice the income compared to my last job. But I worked 50 hours a week.
I also have run virtual summits that made me multiple five figures. I only had to work 20-30h a week for roughly 12 weeks for one event - and I still get paid by people buying the replays.
You can do the work once and then let algorithms like Google or social media do the promotion for you.
Or you can trade hours for dollars (usually more profitable initially).
But without knowing what lifestyle you want to achieve in the long run, you’ll trap yourself in a business you eventually hate running.
To get started, I often tell people that consulting and freelancing are the fastest ways to build one or multiple income streams.
Here’s why: you get to work with your audience directly and learn firsthand about the challenges and problems you can solve for them.
Assess your experience from your job or from a passion of yours. What could you show people how to do, what can you advise them on, or what are you doing as part of your occupation that 99% of people have no idea about?
If you can’t think of anything (which I doubt), let me share my favorite nine business models to build online income streams with you now:
There are countless posts that break down these businesses in detail and teach you exactly how to get started. I don’t have to do that for you now. You can find these posts on Google.
However, what I do want to do is to open your mind up to thinking outside the box.
If you are already freelancing, what brand deals could you set up to promote the tools you’re already using to fellow freelancers? How cool would it be to have brands pay you for partnering up with them?
Or take membership businesses… if you’re already working with clients repeatedly (i.e. they come back to hire you or buy from you), could you set up a membership to add recurring revenue?
I’m co-organizing the Membership Success Summit with one of my personal heroes Pat Flynn as the keynote speaker. The speakers will show you how to build a profitable and recession-proof membership business. Grab your free ticket and join us live on Sep 29 - Oct 1st. (live-streamed, not “fake live”)
The good news is that you can build a business without working yourself into the ground. I’ve built my first business on the side of working in a 50h-week consulting role myself, so I’m talking from experience here.
Yes, you’ll have to cut out leisure activities like watching TV, chilling on the couch, or maybe sleep 1h less (get at least 6h, though).
There are no overnight successes in this game - consistency wins the day.
If you commit to spending 30 minutes a day to educate yourself about online business and then 1 hour a day to build yours, you’re well on your way to financial freedom.
Because online business models like the ones outlined above have compounding effects.
Blog articles rank over time if you got the SEO somewhat right.
YouTube videos do the same.
What you do once can produce results in the long run.
Ask yourself what new revenue avenues you can find and implement in the next 30 - 60 days.
And then execute on them! You got this.
Whenever you’re ready, here are three ways I can help you: