new year, new income stream

I’m gonna skip the fluff on this one and just get right to the point — it’s 2022 — multiple streams of income, specifically residual income, should be a priority. Before the pandemic, Forbes released an article that stated 63% of Americans don’t have enough savings to cover a $500 emergency fund. $500 — that’s a low deductible on your insurance if you get into an accident and 63% couldn’t cover it? I don’t even want to know what that number is today.

“There are plenty of important benefits to creating many income streams to decrease your risk of having your main source of income suddenly dry up. Even if your alternative sources of income cannot cover your monthly expenses, they can at least help lessen the blow of a job loss or other unexpected expense.”

— (U.S. NEWS, 2020)

So what can we do? Well, you can get a second job that pays you hourly but you’re at risk of burnout because you’re going to end up trading more hours for dollars than doing anything you enjoy. Depending on if you have kids or not, it might end up costing you more to be away from the home anyways. The other option? Start a side hustle. Monetize social media.

The best part about a side hustle is that you can be an entrepreneur without having to leave your current job. I feel like so many people see these options as something you can only do if you’re in a position where you hate your job and want to leave it desperately. While that is the case sometimes, it’s actually pretty rare that someone starts a side hustle for that reason. Need an additional $100 a month? $200? $500? More? You can have it if you’re willing to put in the time and effort. Monetizing social media is where it’s at and in 10 years those who didn’t do it will wonder why they didn’t get into it and — even worse — they’ll say those of us that did are lucky even though we’d been telling them to do the same the entire time.

There are a few different ways you can monetize social media:

1) CREATE A DIGITAL DOWNLOAD YOU CAN SELL

This can be anything! Photo presets, a how-to guide, an app, a digital planner, whatever you’re good at. The best part about this is that once it’s created, you don’t have to do much to take care of/maintain it! It’s in a place ready to go for whomever is ready to purchase! Use your social media to advertise it and make sure you have a link in your bio that leads to it.

2) PARTNER WITH REWARD STYLE (LIKE TO KNOW IT)

Are people constantly asking you where you got something? Maybe it’s your clothes, shoes, home decor, makeup, etc. You can create an account with Reward Style and start linking your items through them! The next time someone asks you where something is from, send them your personal link and if they buy it, you’ll earn a commission! This is more of a tedious process, you have to track down the item, make sure the link stays up to date, etc. and it’s not the best-paying option either but it can be worth it if you’re constantly recommending items to people anyways!

Another option similar to this is to become an affiliate with your favorite brands (if they have an affiliate/ambassador program)! Like Reward Style, the pay isn’t usually the best, but if you’re talking about it and referring anyways you might as well give it a try!

3) NETWORK MARKETING

I know — I know, [insert your eye roll here] but hear me out. This is my personal favorite option and also the option people love to hate. Take the label away from it and break it down:

• You find a product you LOVE,

• you partner with that brand,

• you share the product you love with people you know and on social media (the same exact thing you would do with Reward Style or as a brand ambassador),

• you take care of your customers,

• you grow a team if you decide you want to,

• and you receive free mentorship on how to succeed (something the other options don’t offer).

Take away the bottom three and you’re doing the exact same thing all of the bloggers and influencers you follow on Instagram are doing, add in the bottom three and you’re taking what you have to offer to the next level with personalized customer service and offering the opportunity you’ve been given to those that may also need it.

Now I know, network marketing has a horrible rep, but listen, not all network marketing companies are created equal. Do your research on the company you’re wanting to partner with. Ask yourself, do I have to keep inventory? Am I required to pay a monthly fee? Do I have to place regular orders? If the answer is yes to any of these questions, it’s a hard no from me. You’ll also want to take a look at the compensation plan. Do they pay well? Is it worth it? What are the bonuses like? Are they compounding bonuses? Is there a booster program when I launch my business? Are there commission caps?

Finally, you need to answer YES to each of the following questions when you decide to partner with a company. Timing — is the company you’re partnering with expanding, and can you profit share with them? Competition — is the company you’re thinking of partnering with truly the best in their industry (don’t take a reps word for it, do your research)? Is the company offering products that are consumable? Is the company offering products that are necessary? Can you surpass the income/rank of those that have been in the industry longer than you (this is important because if you can’t, the opportunity isn’t as good as you think)? If you can’t answer yes to all of these questions, I would reconsider partnering with them.

If you haven’t guessed it, I actually chose to do all three of these options so I have experience in each. If you’re looking into just one, I’ll hands down recommend network marketing over anything else. It’s the best paying for the work that’s required and everything that’s included.

These aren’t the only ways you can monetize social media but they are residual and popular options!