For small business owners and aspiring entrepreneurs, diversifying income streams is a key strategy to enhance stability and open up growth opportunities. You can be a Budgeting Boss or a P&L Pro, but if you don't have enough money coming IN, the rest of it really doesn't matter. That's why it's dangerous to put all your eggs in one basket. Having just one product or service can leave you vulnerable to changes in the market and industry disruptions. (Remember COVID?)

In this post, we're going to explore ten effective income stream diversification strategies that can provide your small business with increased financial security (and a bit more breathing room for you). They may not all be applicable to what you do, but even incorporating one or two can make the world of difference between omelets for breakfast…or egg on your face.

E-commerce and Online Sales

With everything going digital these days, establishing an e-commerce platform can significantly broaden your customer base an...

Freelancing. Contract work. Solopreneurship. Whatever you call it, it’s on the rise. The old American dream is dead, and more and more people are turning to alternative solutions for economic stability. In fact, it’s estimated that nearly 45% of the population has some sort of side hustle…and that number is expected to grow.

As perpetual champions for the small biz owner, we love these numbers. We think everyone should - and can - own some type of business. (We wrote a book about it, that’s how much we believe it.) From part-time side hustles to passive income streams, the possibilities are endless.

But with those possibilities come problems, and if you don’t treat your business for what it is…a business…those problems are really going to put a cramp in your journey to financial independence, particularly when it comes to finances. 

With that in mind, here are five common problems entrepreneurs, solopreneurs, contractors, freelancers, side-hustlers, and new business owners ...