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When I quit my job my family expressed concern about me giving up my “stable” income. I’d had the same job for 15 years, so while it was rather consistent, it was anything but stable.

What if the company I worked for went out of business? I worked in auto manufacturing in Michigan, so that was certainly a possibility. Like a chair with only one leg, depending on a single source of income – even from a steady job – is a position I’m no longer comfortable with, and I don’t think you should be either.

In this episode, I’ll take a look at how and why virtual assistants can add multiple income streams to their business bottom line.

Today’s Tip

How much stuff are you keeping inside your head?

How many things do you do day-to-day that only you know about?

  • Where are your domain names registered and when do they expire?
  • How do you access your hosting account?
  • How can you get in touch with your clients?
  • What recurring bills need to be canceled?

Don’t leave your family hanging if something happens to you. Set up a business operations manual that contains all the information they would need to either continue or close your business, should they need to. If you need help to get started, you can get a copy of my business operations manual by adding your name and email in the form at the bottom of this page.

 

How Many Legs Does Your Chair Have?

When you think about being self-employed, do you think financial freedom and unlimited earning power, or do you think stress and constant money concerns?

If it’s the second, I’d be willing to bet that’s because your chair doesn’t have enough legs. In other words, you don’t have enough sources of income to smooth out the rough spots and keep the stress levels to a minimum.

In this episode, we’ll consider 8 ways virtual assistants can ensure they have several streams of income, including:

  • The one thing I decided early on I would never do – even though my husband thought it was a good idea.
  • Why you probably already have several income sources, and how they can work harder for you.
  • Some unusual income sources you may not even think of as, well, income.
  • How to tap into what you’re already doing to add more to your bottom line.

This Week’s Business Building Resource

If there was one thing that made me totally reconsider how I think and feel about money – and business – it’s this book. Rich Dad, Poor Dad, by Robert T. Kiyosaki is the story of a young boy and the two men in his life. One, his father, is the poor dad. Well educated and with a good job, Poor Dad is always struggling financially, and is busy teaching his son to do the same.

Rich Dad, the father of Kiyosaki’s best friend, dropped out of high school and went on to build a thriving business empire. He provides the two boys with incredibly valuable lessons about the power of money, and why most Americans are more like Poor Dad than Rich Dad.

I challenge you to read it and not discover at least a few life- and business-altering principles inside.

Links and Resources Mentioned in This Episode

Rich Dad, Poor Dad – Robert T. Kiyosaki

Your Turn

How are you finding multiple streams of income in your business? And if you’re still managing with just one or two, what can you do to change that? Share your thoughts in the comments, or click here to leave me a voice mail.

Finally, if you enjoy the Educated VA Podcast, I’d truly appreciate it if you gave me a review on iTunes. The more reviews and ratings I have, the easier it is for other VAs to find me. 

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