Just like you diversify your investments, in today’s world you should be diversifying your income as well. The emergence of technology and the Internet has made it possible too anyone to bring in more than one income stream.

According to Dorie Clark, Adjunct Professor at Duke University’s Fuqua School of Business,

“I think many of us – most of us – have one way we make money. It can be very risky. I’ve really come to believe, and have done a lot of research over the years, that one of the best ways that we can create real, legitimate professional stability for ourselves is by choosing to cultivate multiple income streams”

So how do you turn that great idea into an income generating side gig or business? Here are a few ideas from PitchThreeSixty:

  1. Think of a business idea that solves a problem. The problem could be a solution for a problem that is personal, systematic, convenience, etc.
  2. Start the project. Projects are great because they can be small or big and have a beginning and an end. You set small or big goals and you cal see the light at the end of the tunnel.
  3. Test your market. Start putting the project into the hands of consumers. Get good feedback and listen and then improve. This is called “Product-market fit” and helps you identify where to market your product or service and what your target market wants.
  4. Create a business model and charge for your product or service. There is no secret formula for developing a price, but basic principles of economics will help you to get close. Writing a business plan is always a good place to start and helps to flesh out the variables of your business model.
  5. Nurture your business and watch it grow! Sales and marketing are key here and even though you might the “creator” of your product, you now must be a marketing guru. Remember, word of mouth is the best marketing tool, so make sure to give great customer service.

 

Go to Inc.com for the full article and quotes from Prof. Clark.