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How to Diversify Your Income Into Multiple Revenue Streams
This article originally appeared on Business Insider.
This as-told-to essay is based on a conversation with Grace Ryu, a 23-year-old content creator based in Houston. The following has been edited for length and clarity.
I quit my tech job in March 2023 to explore other income streams. My 9-5 took up too much of my time, and I wanted to focus on ways to make money while I was sleeping or traveling.
Chasing different income streams aligns with my personality — it satisfies my desire to explore and try as much as possible. If I grow bored with one area, I can shift my focus to another, and if one stream isn’t that profitable, I have others to fall back on.
Here’s a breakdown of my eight income streams, with earnings, difficulty level, and time spent each week:
1. Luxury picnic business
Easy rating: 9/10
Lucrative rating: 7/10
I run a luxury picnic business with my best friend and my boyfriend. We initially posted our products on Facebook Marketplace and school flyers and broke even the first week of promoting them.
We re-invested all that money into expanding the business model, like buying more equipment for group picnics. We’ve since worked with businesses like Kendra Scott, local hotels, and Texas A&M University.
We have a six-person team, so I no longer do the physical setup and tear down, and I only put in one hour a week. During March through May, October, and November (peak picnic months), I can take home up to $3,000 a month.
It’s easy and affordable to start and doesn’t require many skills besides having an eye for aesthetics. It’s also lucrative because profit margins are very high since there are little to no variable expenses.
2. Influencer brand deals
Easy rating: 8/10
Lucrative rating: 10/10
I’m a micro influencer, and I have a TikTok account where I post about my life, my streams of income, and product promotions.
Brands reach out and ask me to post a dedicated or integrated TikTok video. I used to make content for brands for free, but now I charge at least $1,000 per post.
I spend around one hour a week on brand deals. At first, making content and editing was hard because I had to get used to the software and apps. After doing this for two years, I’m very fast at it because I know exactly which clips to add and how to do voiceovers.
It takes time to build a following on a platform, but once you get to that point, it’s very easy to work with brands for sponsorships. I make between $1,000 and $2,000 per post for about an hour of work.
3. Affiliate marketing
Easy rating: 7/10
Lucrative rating: 9/10
I started doing affiliate marketing through Amazon’s influencer program and make anywhere from $500 to $2,000 monthly.
In my TikToks, I feature work-from-home essentials from Amazon and link them. Then, people go to my storefront and buy through the links, and I get paid a commission.
It takes about five minutes to apply for the program, but you have to have a social media profile that promotes content.
If you never post anything, you’ll likely get rejected. I have friends who only have a few hundred followers, but they make unboxing videos, so they were accepted.
Anyone can do affiliate marketing because it’s easy to start, but the money isn’t always guaranteed. It takes lots of time and patience on any social media platform for a post to go viral, which will bring in sales. Once that happens, money comes in fast over a few months, and it’s all passive income.
4. User-generated content
Easy rating: 4/10
Lucrative rating: 8/10
User-generated content (UGC) differs from sponsorships because it’s content for brands to use directly. I used to work with a lash company, which paid me to make TikToks, but I don’t post that content on my account.
I have a few retainer clients, which means I’m paid a regular monthly fee in exchange for a set amount of content.
I earn about $6,000 to $8,000 a month from UGC. It takes around eight hours a week and can be more demanding than other income streams. I need to craft videos that convert well in sales, which takes extra brainpower.
5. Pet sitting
Easy rating: 10/10
Lucrative rating: 10/10
I got into pet sitting as a side gig while working in tech. I started on Rover, an app that links pet owners with sitters. Setting up a profile and passing a background check is quick, and you can start earning as soon as you’re booked.
It’s ideal for remote workers like me — getting paid to hang out with cute animals is great, and I can still manage other tasks, like checking up on my picnic business, answering emails, or creating content.
In January 2024, I was pet-sitting almost every day, and I enjoyed it because it was such a relaxing job. The only downside is I didn’t get to travel as much since I needed to stay with the pets.
It’s an extremely easy side hustle if you understand pet care and behavior. Pets are super easy to work with as long as they’re not puppies — puppies are more work.
6. Airbnb arbitrage
Easy rating: 2/10
Lucrative rating: 4/10
Airbnb arbitrage is my least favorite income stream — I may be letting go of this soon because the Airbnb market isn’t as hot as it used to be a few years ago.
How it works is I rent a property from a landlord for $1,700, for example, and once my business partner and I get the green light to use it as a short-term or mid-term rental, we list the property on platforms like Airbnb and VRBO. We’re tenants but act more like property managers, and we then earn profits from these listings.
After splitting earnings with my business partner, my net profit is around $600 per month. Since we focus primarily on mid-term stays, which require less frequent turnovers, my partner and I spend about five to six hours monthly on maintenance and cleaning, typically at the end of each stay.
It’s my least favorite side hustle because the financial risk is the highest — you have to accommodate guest needs, and the work is not enjoyable either. After monthly expenses, I don’t think the payout is enough to justify the effort.
7. Selling digital products
Easy rating: 10/10
Lucrative rating: 4/10
I created a content creation e-book because I’ve had many people on social media ask me to coach them. Whenever people ask me about content creation, I direct them to my link so they can buy my e-book.
I sell it for $20, and each month I make $60 to $80. I don’t promote it that much since I only have it as a resource for when people ask.
Anyone with enough knowledge about a specific topic can create an e-book or digital product, so it’s easy to do. However, it does take time and effort to bring in sales.
8. Nannying
Easy rating: 8/10
Lucrative rating: 9/10
I nanny for a family that flies me from Houston to New York three or four times a year. I stay for two to three weeks and get paid $1,200 a week.
My day-to-day is very simple — I take the girls to school in the morning, and when I come back, I can make content or go outside and explore the city. When the girls come home, I eat dinner, play with them, and then put them to sleep.
The families I babysit for in Houston and the family I nanny for in New York are all amazing to me and compensate me generously, which makes my job enjoyable and easy. The hardest part is when the kids are sick because I have to be more hands-on. Aside from that, once you become familiar with their routines, it’s super chill.
I wish I had diversified my income sooner
Although building my income streams took a lot of hustling upfront, I wish I had started sooner. I went from making $8/hour working a labor-intensive job as a ranch hand to now making over $100,000 a year from only working around 40 hours a month.
For those who are considering creating more income streams, don’t be reckless or stingy with your spending. Be courageous in investing in yourself, a business idea, or in others. If your dreams don’t scare you a little, they might not be big enough.
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Cut Costs, Not Features with This Microsoft Bundle Deal
Disclosure: Our goal is to feature products and services that we think you’ll find interesting and useful. If you purchase them, Entrepreneur may get a small share of the revenue from the sale from our commerce partners.
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However, it does come with Windows 11 Pro, which includes the recent AI updates. Windows 11 Pro delivers a modern, intuitive interface with enhanced security features such as biometric login and Smart App Control, making it ideal for professionals who prioritize privacy and usability. It’s also equipped with tools that support multitasking, such as Snap Layouts and Virtual Desktops.
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If you need a productivity boost without eating into savings, take a closer look at this bundle.
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3 Trends That Will Change the Future of Entrepreneurship
Opinions expressed by Entrepreneur contributors are their own.
The most recent data from the new Global Entrepreneurship Monitor report reveals a powerful trend for the future of entrepreneurship.
Young adults, aged 18-24, had both the highest entrepreneurial activity and entrepreneurial intentions in the United States, according to the Global Entrepreneurship Monitor 2023-2024 United States Report. With similar results in 2022, this is not just a minor shift — it’s a fundamental change that could have lasting impacts on the economy and society.
I serve as the chair of the board for the Global Entrepreneurship Research Association, the entity that oversees GEM, which was founded in 1999 as a joint venture of Babson College and the London Business School. As the GEM U.S. team co-leader and a professor of entrepreneurship at Babson, I see firsthand the impact of the research created by the Global Entrepreneurship Monitor.
Here are three entrepreneurship trends from the new GEM report that are changing the landscape for the future.
Related: 21 Success Tips for Young and Aspiring Entrepreneurs
1. Young entrepreneurs on the rise
For years, entrepreneurship has been dominated by older, more experienced individuals, but this year’s report shows that the youngest adults are now at the forefront. According to GEM, 24% of 18- to 24-year-olds are engaged in some form of entrepreneurial activity, a higher rate than any other age group. What’s driving these young entrepreneurs is equally remarkable: They aren’t just starting businesses to make money; many are deeply committed to making a positive impact on society and the environment.
These young entrepreneurs make sustainability a key priority. They are more likely than entrepreneurs from older generations to build businesses with sustainability as a core focus — whether that means reducing their environmental footprint or focusing on social causes. This shift toward impact-driven entrepreneurship isn’t just anecdotal. GEM data shows a significant number of young entrepreneurs taking real, measurable steps to create businesses that align with their values. With sustainability as their north star, young entrepreneurs appear to be simultaneously pursuing societal impact as well as profits.
However, it’s not all smooth sailing. While young people are leading the way in starting businesses, they are also discontinuing them at higher rates than their older counterparts. The discontinuation rate for 18- to 24-year-olds is 15%, the highest among all age groups. This is not surprising, given the challenges of inexperience and more limited access to capital. Starting a business is tough, and sustaining one is even more challenging. But despite these hurdles, the enthusiasm and energy that young people bring to entrepreneurship are undeniable, and with the right support, this generation has the potential to drive substantial change.
2. Tech gender gap narrows
One of the most promising findings in the GEM report is the narrowing gender gap in the technology sector. Historically, tech startups have been dominated by men, but 2023 saw a record-low difference in the number of men and women starting tech companies. The gap has narrowed to just 1%, with 8% of women compared with 9% of men launching businesses in the Information and Communication Technology (ICT) sector.
This is a significant step forward and reflects broader efforts to support more women technology startups. Still, it’s important to recognize that while progress is being made, continued focus on providing equal opportunities is essential to ensuring this trend continues.
3. Optimistic outlook for Black and Hispanic entrepreneurs
Another highlight from the report is the optimistic outlook among Black and Hispanic entrepreneurs. These groups showed stronger confidence in their entrepreneurial abilities and lower fear of failure compared to their white counterparts. Black respondents, in particular, demonstrated high levels of resilience and self-assurance, which is vital in overcoming barriers faced in starting and sustaining businesses. This optimism is encouraging, but there’s still much work to be done in assuring ecosystems offer equal opportunities for all aspiring entrepreneurs, regardless of their background.
Related: I Wish I Received This Advice as a Young Entrepreneur
A promising future
Reflecting on the key findings of this year’s GEM report, it’s clear that the entrepreneurial landscape is changing in meaningful ways. The rise of young, sustainability-driven entrepreneurs signals a future where business is not only about profit but also about making a difference. These young entrepreneurs are launching businesses at a time when the world is looking for solutions to some of its most pressing challenges — climate change, poverty and economic recovery.
Yet, to fully realize the potential of this next generation, there must be more focus on addressing the challenges they encounter. Young entrepreneurs need access to the right resources — whether it’s funding, education or mentorship — to turn their innovative ideas into sustainable businesses. The narrowing gender gap in tech is encouraging, but we must continue to foster environments that support women and other underrepresented groups in entrepreneurship.
The GEM report paints a picture of an entrepreneurial future driven by purpose, diversity and innovation. But it also reminds us of the work that lies ahead in making entrepreneurship more accessible and sustainable. If we can provide young entrepreneurs with the tools and support they need, we will not only see more businesses being created — we’ll see businesses that are making a lasting, positive impact on the world.
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These Are the Top Side Hustles to Work Less, Make More Money
In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.
A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.
The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.
The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.
The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.
Quicken conducted the survey online, gathering responses from more than 1,000 Americans.
Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.
Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know
