The Importance of Supplementing Your Income

Weekly Sunday Thoughts: May 24 & 31, 2020, 11:03 AM EDT

The Plight of being Independent Contractors, Solopreneurs, and Freelancers are always challenging. Many times, it appears we are spending more money than money is coming in from our products or services. That is why it is essential to learn to put your eggs in more than one basket. Many research studies have shown that supplementing your income can help with increasing wealth. It is also vital to note venturing out in a smaller project allows one to promote the primary businesses with the side or secondary companies.  I wanted to explore some of the best practices that can help someone to supplement income by not compromising the main business.

Vitug (2020) explores the various ingenious ways I, as a small business owner, can recommend to others on how to supplement our incomes to increase our wealth.  The best part to supplementing income will help in a variety of ways, including reducing debt, building emergency funds, or saving for raining days. One can enjoy building his or her main business, and adding a supplement income will surely help with living financially well. The top three of the long list of opportunities of supplementing income that I found to be a high starting point include; a blog about a person’s ideas and passions, making YouTube videos and tutorials, or starting a podcast and share insights or interview experts within a specific industry.

Blogging about ideas and passions is a great path to take with supplementing income. Think about the services or products of the business. What better way to get my love (passion) out there than blogging about the services/products? Starting a blog is super easy, relatively inexpensive, and smooth as choosing a hosting provider to get started. As the blog grows, the real revenue comes through paid advertisements. The more traffic or hits the blog gets formulates to more opportunities for revenue growth through paid ads.

Making YouTube videos and tutorials are another excellent method of supplementing income. It is also an excellent avenue for someone to get services or products of the central business to a broader audience. It is a win/win situation in that one is advertising his or her primary services while monetizing on paid advertisements from your videos. It does not hurt that millions of people watch videos daily, not only for entertainment but for educational purposes. Making video content also allows one to shine his or her services or products by offering dynamic content that appeals to the masses.

Starting a podcast and share insights or interview experts within a specific industry is a third example of supplementing income. Podcast are top-rated in today’s social media technological world. Vitug (2020) explains how “starting a show isn’t difficult but creating a quality podcast can take time” (para 5). I would recommend starting with a weekly 15 minutes podcast so that one can get comfortable with the process of recording and interviewing.  One also needs to think about the various software and equipment required to get the ball rolling. Vitug (2020) recommends Skype for interviewing, using Audacity (free software), and using an iPhone ear jack with a microphone. Vitug (2020) also explains how many podcasters “use the Blue Snowball iCE Condensor Microphone or the Audio Technica ATR2005 USB microphone for better sound quality” (para. 6).

Regardless of which of these suggestions, someone decides to go with, conducting further research is necessary. The rewards and outcomes will be beneficial to the income as well as the main business. If you are enjoying our weekly blogs, please leave a comment below. If you have any suggestions, comments, or concerns, we would like to hear from you.

– Isaac Davis, Jr., MBA, HIFE CCP, The Small Business Guru

References

Vitug, J. (2020, May 14). 45 creative ways to supplement your income and make money. Retrieved May 30, 2020, from https://www.phroogal.com/creative-ways-to-supplement-your-income/

Please follow and like us:

Leave a Reply

Your email address will not be published. Required fields are marked *