What is a sustainable revenue stream?
Wow! so many fancy words patched together!
In simple words, it's a source of income that maintains itself, with minimum work, once created.
It can be a great way for you to earn some extra revenue!
Examples Of Sustainable Revenue Streams
Here are some examples of a sustainable revenue stream.
affiliate marketing (earn commission from companies when people buy their product through you, usually using coupon code)
invest in stocks
create an online store
host a short-term rental on Air BnB or Superhost
Once you put the hard work into creating it, it generates income for you.
Steps To Create A Sustainable Revenue Stream
Three stages that will lead you to a sustainable revenue stream are:
In this stage, you bring to life your idea of a revenue stream. It will require:
Time — Use your time efficiently in planning, building, and revising.
Money — You may need funds as an initial investment in starting the revenue streams.
Connections — Link with the right people to get more knowledge about current trends in your revenue stream. This will help your stream grow.
Once you're confident that your revenue stream is ready to launch, do it! Don't worry if it's not perfect. As you learn along the way, you can always revisit, tweak, and improve your revenue stream.
After building your income stream, you will need to work towards growing it. Here you may need to:
advertise and market through digital marketing
find new clients using your social and professional network
In this stage, you sit back and watch your revenue stream work for itself. You may have to do some small tasks to manage and maintain your revenue stream.
Patience, persistence, and choice of the right tools are the key to sustainability.
Rachel wants to start an income stream. She has very good writing skills. Which income stream would you suggest her?
What should Rachel do to use her writing skills to build, grow, and sustain a revenue blogging revenue stream?
Build — Rachel should build her own website where she can blog about a target niche that interests her.
Grow — She can grow her blog by having a social media presence. She can monetize it through affiliate marketing, where she can write promotional content for various sellers. She can also give space on her website for sponsors.
Sustain — She can be a guest blogger for media to promote her work. This will retain her presence amongst bloggers.