Multiple income streams on the homestead make sense – don’t put all your eggs in one basket!
A few eggs here, an extra zucchini there, an article on milking goats, all add up.
Creating Multiple Income Streams on Your Homestead
Standing in my Old Order Mennonite friend’s yard, I looked out at the hundred acres of gorgeous farm land. Hay, crops, cows, and more – it was a wonderful sight.
But then she greeted a visitor who arrived for eggs, paying her just $2 for the dozen.
“Why do you waste your time on these little things that make $1 or $2 when you could be earning so much more with the farm? Don’t you make more from selling, I don’t know, a cow?”
She laughed and told me about how BSE (Mad Cow Disease) had decimated the Mennonite farms around them, with a lot of families losing their farms.
It was no longer safe to rely on just one volatile source of income, especially since the profit for each beef animal was very low. Instead, farms sold eggs, vegetables, took in sewing, or even sold thread and needles out of their kitchens. They built their household incomes around multiple income streams that seemed insignificant but added up.
She placed the two dollars in her little cash box, letting me see the tidy little pile. “I earn maybe $10 a day from eggs. During the growing season, probably $20 from fresh vegetables. A few dollars a week for pickles during the winter. In the spring, I sell some plant starts. It all adds up. Every dollar helps.”
Creating income streams of just $5 per day is a great way to secure your financial future.
Maybe $5 doesn’t sound like very much, but if you do the math, you’ll find it’s over $1,800 a year. Think about what would happen if you could set up one of these income streams each month in your spare time. By the end of the year, you could have multiple income streams – twelve altogether – all bringing in “just” $5 per day.
It can be intimidating to create and implement an idea that can make millions, but no one is intimidated at the prospect of making $5!
Following this process will get you well on your way to multiple income streams on your homestead.
Make a List of Passive Income Ideas
Make a list of ideas that will allow you to make $5 a day online.
It’s important to maintain a list of good ideas. Make an initial list of at least 25 items and attempt to add a few more each day. That way, you’ll always have a source of ideas that you can immediately put into action. Look around at what other people are doing and think SMALL. A few examples include:
Write an eBook and sell it on Amazon.com. Here’s mine – A Cabin Full of Food. A good friend of mine sells How Sew, Use, and Make Cloth Diapers
A Cabin Full of Food is packed with almost 1000 "Grandma recipes", the ones you thought were lost forever, and makes scratch cooking easy enough for even a beginner. Simple ingredients from garden or farm, simply prepared and preserved in your own home. Cook like Grandma, save like Grandma! Five star rating on Amazon - get your copy today in paperback or Kindle.More info →
If your ebook sells well, consider putting it into paperback format through Createspace and offering it that way. Again, I sell my cookbook that way, giving me another small but consistent source of income.
Make a video showing how to do something. It can be as simple as how to prune a rosebush. Post it on YouTube.com and make money via YouTube’s advertising program. While I don’t do that, one of my most important sources of passive income is advertising that you see when you visit my website. (Which means that I earn more if people like my writing and visit often!)
Feeling a little more tech-savvy? You could create a series of online courses teaching people how to do these things and sell them. People love online courses because they have lifetime access to the material and can go back and study it any time they want. You don’t need a huge idea. You just need to teach one thing that people want to know.
Do you sew? Don’t think about big ticket items like quilts. There are many people who would pay you $5 to hem a pair of pants or sew on a few buttons.
Make it known around your local area that you have eggs, or fresh bread, or herb bundles for sale. Maybe you make the best pickles in the county. Let it be known that you have some jars for sale and you’d be shocked how much people are willing to pay.
Build a website about your favorite hobby and make money selling related items on Amazon.com or your own selling platform. This blog started as a journal – I was recording what we learned, and the mistakes we made, as we became more self-reliant.
You can sign up at Amazon to make commissions on any items your leads buy from them. When you see me linking from here to products I recommend on Amazon and other sites, sales from those links are another small stream of passive income for our household.
Mighty Nest, a company I highly recommend, is an example. I got my Life Factory water bottles from them.
Sell your world famous apple pie recipe on a site such as Fiverr.com. Spend some time on Fiverr and you’ll be surprised at some of the ways people are earning money.
The list of possible ideas is nearly endless. Try to come up with ideas that require little time and not much initial expenditure. The whole idea is to get a bunch of these $5 streams going simultaneously, but just focus on starting one at a time so you don’t get overwhelmed.
Continuously ask yourself, “What do I know that might be valuable to someone else? How can I monetize it?”
Start Moving on the Best Ideas
Grab the best idea from the list and get busy. In most cases, it should take roughly 20 hours of work to put a single idea into action.
That might take a week or two, depending on your schedule and level of motivation.
Some ideas will take longer to implement than others. And some ideas might require more marketing time than others.
Avoid spending too much time. You never know for certain what’s going to work and what isn’t. Many ideas will fail to produce a single dollar. But several of your ideas will produce far more than $5 per day. The $5 average isn’t difficult to attain and you’ll soon have multiple income streams coming in.
Don’t Lose Focus
Stay focused on one project until it’s 100% complete. Many people think they must have a spectacular idea to make a decent amount of money. You actually just need a decent idea and effective implementation.
Someone somewhere is making $1 million a year retreading tires and someone else is doing just as well selling paperclips. In fact, I just saw an enormous sign next to a retreading shop that said “Retreading IS recycling.”
See your $5 project through until it’s fully implemented. Then start another and do the same thing.
Create a schedule for yourself. Avoid the mindset of just throwing whatever free time you have at your projects. Schedule your project time.
Gently Adjust Your Multiple Income Streams
Occasionally consider how you might adjust your completed projects that are already successful. A simple tweak might cause the project to do even better.
This isn’t really “passive income”, which a lot of people talk about online. Passive means that you have to do very little work to keep them going.
Selling my cookbook on Amazon, once I did the work of writing it, is passive income.
Maintaining my website is not.
But an ebook that sells when you’re sleeping, or customers who come right to your door for those eggs, is a lot less work and time than other sources of income.
Saving Is As Good As Earning
Think about some simple ways you can save $5 every day. Saving $5 is just as good as earning $5. Then, take that $5 and invest it.
It doesn’t require a million dollar idea to become financially comfortable. You simply need several five-dollar ideas that you can implement quickly and leave on autopilot while implementing additional ideas.
That “measly” $5 a day really adds up. If you could implement 25 ideas that average $5 per day for each, it would total $125 a day. That’s over $45,000 per year created through small, insignificant multiple income streams! Get started on your $5 ideas today.