Developing multiple income streams means balancing different tasks all of the time. If you’re not prepared (mentally, organizationally, etc.), it can quickly get overwhelming. In fact, I felt myself overwhelmed several times over the past year (just read my income stream report from November 2011). However, I’ve found several ways to cope and push through the hard times, and I want to share them with you!
Here are five ways that you can simplify your multiple income streams to make them work for you, and not have it be the other way around!
1. Stay Organized
The first step is staying organized. This can be a real challenge as you build multiple site, try to invest, or even own real estate. I’ve found this to be a big issue as well in juggling my multiple income streams. In fact, I’ve neglected several of my sites, and even been slow to react with my rental because of lack of organization.
The two biggest things I did to get organized were:
- Set a Routine
- Use Google Calendar
Setting up a routine was huge for me when it came to balancing my multiple income streams, especially because I also work a full time job while doing my side hustles. My routine revolves around my regular job (which get screwed up when things get hectic at work), but concentrates the bulk of my writing and website development to my days off. I also do a lot of work late once my wife is asleep (she tends to be annoyed if I take up “our time” together with blogging). I set specific days to work on specific sites, which also corresponds to my posting schedule.
The other tactic I use is Google Calendar. I try to put important dates and reminders in my calendar, and I sync my calendar to my phone so that I can always reference it. This really helps when it comes to working on my sites or dealing with advertisers.
2. Automate, Automate, Automate
The next thing that helps me simply is automation! I love it! I love it because I can’t always be around when it comes to managing all aspects of my businesses. I automate as much as I can.
For example, for my websites, I use Buffer to schedule out tweets and other forms of Twitter engagement. For Facebook, I schedule my posts the night before to show up in my feed when it is prime time. And now I have also been toying with IFTTT (If This, Then That) to automate even more of my social media and other things.
3. Outsource Where Possible
Finally, I’ve learned to outsource whenever possible, and I do so regularly for a lot of my business tasks. There are a lot of different things you can outsource, from writing, to accounting, to social media, and more. I personally outsource web design work, coding, some copywriting, editing, and some social media sharing. I know other bloggers who outsource more, and others who outsource less.
For me, if the value of me doing it is worth it, I try to keep at it. However, I’m terrible at some things – like web design. Yes, I could write CSS, but why struggle through it when you could have someone who is very good knock it out in a short period of time. Also, I tend to stop doing tasks I don’t enjoy. There are some strategies I use for social media that are tedious, so it is easier to outsource than to do it myself. I find it to be some of the best money ever spent!
4. Set Realistic Expectations
My next realization for simplification came to my expectations. I needed to stop setting unrealistic expectations. It is good to set stretch goals, but it is terrible to set goals you just can’t meet. If you’ve followed my Income Stream Reports, you know that on several occasions I’ve discussed times when I just didn’t meet my goals.
Along with having realistic expectations comes prioritization. I have several goals I haven’t achieved yet, like re-vitalizing a niche site that I’ve had just sitting dormant. And someday, I’m going to do it. However, I know that today is not that day…and tomorrow isn’t looking good either. My priorities just aren’t there. I’ve also thought about outsourcing it – may do that someday too!
5. Say No
Finally, sometimes you have to say “NO”. This could be in business, in investing, in real estate, at work. No matter what your income stream is, you may need to say no to keep it simple. I’ve learned over time that you can make money doing just about anything. And if you start doing something that gets you noticed, even in the slightest bit, people will offer you money pretty regularly. However, money isn’t always worth it.
Go back, look at your priorities, and ask yourself what matters: family, friends, personal well-being, etc. Money empowers some priorities, but it isn’t what defines who you are.
How do you keep your multiple income streams simple?