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How to Diversify Your Income Into Multiple Revenue Streams

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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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Red Lobster Speaks Out on ‘Misunderstood’ Bankruptcy Filing

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Red Lobster Speaks Out on 'Misunderstood' Bankruptcy Filing

It may be the end of an era for beloved seafood chain Red Lobster, which officially declared bankruptcy on Monday after months of speculation and dozens of abrupt restaurant closures.

Now, the company is speaking out to loyal customers — and investigating the role that its shrimp supplier may have played in its demise.

Related: Red Lobster Suddenly Shutters Dozens of Locations Without Warning Employees, Begins Auctioning Off Equipment

In a letter posted to social media, Red Lobster thanked customers for their nearly five decades of loyalty and assured the masses that the chain wasn’t going anywhere.

“Bankruptcy is a word that is often misunderstood. Filing for bankruptcy does not mean we are going out of business,” Red Lobster wrote. “In fact, it means just the opposite. It is a legal process that allows us to make changes to our business and our cost structure so that Red Lobster can continue as a stronger company going forward.”

Red Lobster noted that companies including Delta Airlines and Hertz “emerged stronger” after filing for Chapter 11 (Delta in September 2005, Hertz in May 2020) and found ways to bounce back.

“Birthdays, graduations, anniversaries, and yes, weddings. We’ve been here for them all,” the chain penned. “Red Lobster is determined to be there for these moments for generations to come.”

Red Lobster’s downfall was a slow burn, primarily blamed on an $11 million loss in November 2023 due to the chain rollout of an “Endless Shrimp” promotion. The deal offered customers all the shrimp they could eat for $20, and it proved to be a bit too popular.

Last week, it was reported that stores had begun shuttering without warning around the country, with dozens auctioning off all of their furniture and equipment online and some employees claiming they were given no notice ahead of time.

In a filing on Sunday, Red Lobster CEO Jonathan Tibus called out former CEO Paul Kenny and Red Lobster’s seafood supplier and owner, Thai Union, regarding decisions made surrounding the “Endless Shrimp” promotion and that Red Lobster is “currently investigating the circumstances” around the decision to make the promotion permanent instead of limited-time.

Related: Endless Shrimp Deal Is Too Popular, Red Lobster Loses $11M

“I understand that Thai Union exercised an outsized influence on the Company’s shrimp purchasing,” Tibus wrote. “[Red Lobster is] exploring the impact of the control Thai Union exerted, in concert with Mr. Kenny and other Thai Union-affiliated entities and individuals, and whether actions taken in light of these parties’ varying interests were appropriate and consistent with applicable duties and obligations to Red Lobster.”

Thai Union completed its purchase of Red Lobster in 2020.



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UMass Dartmouth Commencement Speaker Gives Grads $1000 Each

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UMass Dartmouth Commencement Speaker Gives Grads $1000 Each

The best commencement speeches are often motivational and thought-provoking, leaving new graduates optimistic as they head into the “real world.”

But for the Class of 2024 at the University of Massachusetts Dartmouth, new grads walked away with more than just a wealth of knowledge — they left their ceremony with an extra $1,000 in their pockets.

Related: ‘There Is More To Life Than Work’: Bill Gates Delivers Emotional Message To Graduates About Learning To Take A Break

Last week, the founder and CEO of Granite Telecommunications, Robert Hale Jr., spoke to grads at the University of Massachusetts Dartmouth about their futures and shared a story about a time when his business suffered a $1 billion loss in just one day to explain the importance of perseverance through failure.

“It’s okay to fail,” Hale told graduates. “Life will give you challenges and if you take those challenges you’ll fail from time to time — don’t worry about it … don’t fear failure, understand that it’s just part of the process, and if you use that fear of failure to motivate yourself, you’ll be better for it.”

Then, as he wrapped up, he shocked the audience by announcing he was giving each graduate graduate $1,000 — but there was a catch.

“These trying times have heightened the need for sharing, caring, and giving,” Hale told students. “Our community needs you and your generosity more than ever.”

The students were given two envelopes with $500 each — one was intended for the students to keep for themselves while the other was for them to give to someone else in need.

Related: Sheryl Sandberg’s Advice to Grads: Banish Self-Doubt, Dream Bigger and Lean In, Always

“As the degree conferral was about to begin, Hale came forward and let the graduates know he had one more bit of advice for them. He told the eager crowd that for him and his wife Karen, ‘the greatest joys we’ve had in our life have been the gift of giving,'” UMass Dartmouth said in a release. “Hale let the Class of 2024 know that the two large duffle bags being brought up on stage by security were packed with envelopes full of cash.”

There were roughly 1,200 students in UMass Dartmouth’s 2024 graduating class.

Hale’s current net worth is an estimated $5.4 billion.



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Stay Prepared on the Road with This $80 Tire Inflator

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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.

Business travel is inherently risky because driving poses certain innate hazards. If you’re a business leader sending yourself, team members, or employees out on the road, the least you can do is equip them with the tools they need to operate as safely as possible and get out of a jam if they happen to run into one.

A great tool that’s designed to help fix flat tires, this HOTO Air Pump Pro Portable Air Compressor and Tire Inflator, is on sale for just $79.99 (reg. $119). Promised to be 85% faster than competitors, this four-preset air pump is made to be able to fill a tire in at most five minutes.

Running on a 12V pump motor, this fast-working pump features a powerful battery life that can charge as many as 15 under-inflated tires within a single charge. When you’re filling up, the pump also prevents you from overdoing things with its worry-free automatic stop that ceases operations when the proper inflation is met.

This fantastic tire pump can serve as a great safety tool for business travelers. It can also promote exercise and recreation when used to pump up sports balls and bike tires.

The versatility and quality of this small, compact device have added up to make it a hit amongst users and critics alike. It’s even earned a coveted nomination from MoMa Design.

Don’t forget that for a limited time only, this HOTO Air Pump Pro Portable Air Compressor and Tire Inflator is on sale for just $79.99 (reg. $119).

StackSocial prices subject to change.

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