Three Streams of Income Every Entrepreneur Should Consider

If it don’t make dollars, it don’t make cents.

We live in a world that some may say is oversaturated with self-proclaimed entrepreneurs. The title is trendy and cool but the real proof is in the product/service the entrepreneur creates and the brand that defines its reach. That alone will separate those that just talk the talk from those that walk the walk. Once the business is thriving at a consistent rate, the entrepreneur’s next step should be to diversity their reach and expand their brand. We are all fans of multiple streams of income. Whether it’s Cardi B rapping ‘Money Moves’ in our ear or Jay Z asking ‘What’s better than one billionaire?”, the premise does not change. Get your coins! Every entrepreneur should consider adding these three streams of income if they have not already done so: speaking engagements, publishing a book and selling branded merchandise.

Speaking engagements are a realistic and very profitable stream of income. If you are shy and speaking in public is one of your least favorite duties, I need you to get over it. Take a Toastmasters class, face your fears and walk confidently to the bank to deposit your check. Understand that you have valuable information that people would pay to hear and learn. How do you actually start a business in the 21st Century? Is there a succinct way of filing paperwork with the state? How much capital does one need to launch a business and is an investor really necessary? Can you have a career and a personal life? Trust me, you know the answers to these questions and you never know whom you would help with your own personal experiences.

Publishing a book may seem like a daunting task and though it is not ‘easy peasy lemon squeezy’, the process is not that terrifying and it could lead to a substantial increase in your income. Once that book is published and made available on all online platforms, you have the potential to make a profit every day of your life without having to lift a finger. If that’s not motivating, I do not know what is, my friend. Start with something short. There is no obligation to write the next Harry Potter series. For example, my first book, Mind Control, is only 89 pages and sold out on Amazon within hours of its debut. Think about what you are an expert in, who your audience is and start writing. The toughest part is starting.

Selling branded merchandise should be a no-brainer. At your sold out speaking engagement, the participants storm to your merchandise table to sadly discover there is no merchandise to be purchased. How are they to commemorate the incredible occasion of hearing you speak for the first time if they do not have a t-shirt, wristband, cap or even bookmark to post on social media? This is also called FREE marketing. Give the people what they want and that is something tangible they will remember you and that life-changing day by. There are many online companies that specialize in producing branded merchandise but if you are like me, you may want to keep it in your circle and use friends and their referrals. Everyone should have a graphic designer in his or her circle and usually that graphic designer knows a printer or printing company where they get a discount.

All in all, never settle for allowing your business to bring you just one stream of income. The goal is multiple streams from just one source. This will take time in the beginning but once the tasks are complete, the bank teller will be flirting while checking your account. For more tips, tricks and trends please follow Mogul Millennial (@MogulMillennial) and myself (@JustinKey101) on social media.

Written by Justin Key

Profile photo of Justin Key

Justin Key, actor, author, entrepreneur, mathematician, content creator and speaker, is the modern day renaissance man.  Simultaneously coexisting in three industries, entertainment, S.T.E.M. and business, he has defied the societal odds to really live the life he has always dreamt without limits. Attributing his success to the shift in his mindset, he is on a mission to help as many people in the world as possible to do the same. As an innovative influencer, he has been featured in many publications, served on numerous panels and has delivered addresses and talks all over the world.

Leave a Reply

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