How to Create Multiple Streams of Income: 8 Ideas for 2024

Side hustles are a hashtag-able thing these days. But why? Why are so many people cultivating multiple streams of income, starting small businesses from home and exploring passions and interests that carry them beyond the traditional 9-to-5? Perhaps it's for a bit of extra cash for fun stuff by the end of the month, or more realistic, it's because they need more money due to inflation and living costs rising. 

Either way, if you're looking for side hustle ideas, we have a few for you. Here are eight ways to create multiple streams of income in 2024—plus some tips on how to get started

What does having multiple streams of income mean?

Side hustle, passive income, being a solopreneur, embracing being multi-talented—there are a lot of terms and phrases surrounding the idea of having multiple streams of income. But what does it all really mean? The barest definition is simply that you have money coming in from a number of directions.

While you could have two traditional jobs, like one at an office and another at a restaurant, these days it's all about the image of that solo entrepreneur and not someone simply punching multiple time cards. It's about the pioneer spirit behind the endeavors that bring in the bucks.

The rise of social media and online marketplaces means there are more avenues than ever for building your multiple streams of income. People everywhere are diving in headfirst. You're now free to give your heart and your time over to that craft you love so much, the product idea you want to develop or the service you're dying to offer. Because you can make real money doing so. 

You can try a little of this, some of that, adapt your approach and try again—all with relative ease and fairly low risk. You can also build up your savings account and your resume along the way.

8 multiple streams of income ideas for you

There are many ways to diversify your income out there—especially on the internet. We've narrowed it down to eight ideas for different types of personalities and resources, ranging from simple, low effort side hustles to bolder business ventures.

1. Freelance

If you have skills you can offer companies or individuals, you can earn income by freelancing in your spare time. As a freelancer, you get to choose how much to charge, whether by the hour or per project, and arrange your schedule as you see fit. 

You could offer services like:

• Writing (for blogs, sites, and social media)

• Video editing

• Image editing

• Data entry

• Transcribing

• Translation

• Cover letter and resume writing

• Coding

• Programming 

2. Open an online business

We live in a time when people buy everything online, from clothes and shoes to makeup, accessories, and decor. Why not take advantage of that and start your own online business? The options are endless, but here are some ideas:

• Make an online store: If you have storage space and some money to buy from wholesalers, you can open an online store and sell products to a specific audience. Clothes, accessories, hair care products, makeup, and decor items are some possibilities.

• Sell handmade products: If you prefer selling original items, you can offer handmade products. Sites like Etsy are widely used by independent creatives who sell items such as canvas, poetry, birthday boxes, and knitted pieces.

• Sell print-on-demand items: In this type of online business, you create original personalized designs for items such as t-shirts, mugs, and tote bags, and partner with a print-on-demand service to handle the printing and shipping for you. This could be a solution for people who lack storage space or can't afford to keep an inventory.

• Dropshipping: Similar to print-on-demand, dropshipping is an online business model that doesn't require inventory. With a dropshipping app, you can build an ecommerce store and have items shipped directly from your supplier to your customers' addresses.

3. Become a bed and breakfast

If you have a big home and love hosting, explore turning your house into a bed and breakfast. You can totally do this part-time, booking guests only on weekends or during times of the year that suit you. This is an especially lucrative business idea to explore if you live in an area where tourism is a large part of the local economy. 

4. Teach online

Webinars and online courses are a huge market right now. Everyone in the world (or so it sometimes seems) is taking advantage of this opportunity to create a new stream of income by teaching online, since there are so many folks willing to pay for a little help getting there. 

Monetizing what you already know and love to share is also a really cool way to create a resource for other hustlers. Here are a few things you can teach online:

• Languages

• Digital Marketing

• Coding

• Programming

• Photoshop

• Video editing

• Advanced Excel

• Math

For language tutors, websites like italki and Preply connect tutors and students from around the world, and you get paid per hour. But if you prefer a more hands-off approach, check out platforms like Teachable and Udemy, where you can upload pre-recorded classes of any subject you like and set your own price for selling them.

5. Create content online

If you search for advice on how to create multiple streams of income in your 20s, creating social media content will likely be among the top suggestions. And while that's indeed a great source of extra income for young adults, there's no age limit to becoming a content creator. In fact, a new trend of 30+ content creators just started going viral on TikTok.

If you're able to establish and maintain an online presence with an engaged audience, you can develop multiple sources of income. Platforms like YouTube and TikTok monetize your account once you reach specific followers and view thresholds. In the short term, you'll have to work hard for not a lot of money, but over the long term, it will pay off.

Plus, you can secure brand deals for sponsored content and generate passive income from ads on your YouTube channel or through affiliate marketing. You know when an influencer recommends a product and shares a link for purchasing it? Every time someone buys from that link, the creator earns a percentage of the sale. That's affiliate marketing. 

6. Invest in real estate

If you have money to invest, consider buying available properties. House flipping is a well-known method of investing in real estate—and if you don't mind the responsibilities of being a landlord, you can also consider offering your properties as rentals. 

In the long term, you can reinvest the profits from your first rental property and grow the business by buying additional buildings. If you decide to take this route, consider working with a financial advisor to better manage your assets.

Sounds interesting? Here's our complete guide on real estate investing for beginners.

7. Rent your spare space

What do you have available in your home or on your property that someone would gladly pay for the right to use? The answer could be as simple as “space.” Parking space? Rent it out. Spare bedroom? List it on Airbnb. Sprawling property? Consider reaching out as a host to local events companies or even photographers. 

8. Explore passive income

The “set it and forget it” of multiple streams of income, building passive income is perfect for those with a hectic day job or who runs a few side businesses already. In addition to investing in real estate or partnering with brands in affiliate marketing, there are a few other ways you can earn passive income:

• Sell digital products (for example, e-books, spreadsheets, resume templates)

• Sell photography for stock websites

• Sell original music for royalty free stock sites

While it might take some effort upfront to create the content you intend to sell, once it's done, that's really all the work you need to do. 

Another way to generate income without actively working is by investing in stocks or high-yield accounts. It's best to begin with low-risk investments and gradually move towards more aggressive options as you gain experience and knowledge. 

Bonus tips on how to create multiple streams of income

If you've made it this far, you likely have a couple of ideas in mind to earn extra income. Before you dive in, here are a few tips on how to get started as a beginner in the side hustling world.

Don't give up your day job... yet

The full-time job you have now, the one with a  steady paycheck, is your first and (for now) main source of cash flow. You have to pay the electric bill, after all. Finding work you like, with a schedule that doesn't drive you crazy or drain your side hustle energy, is crucial.

Know thyself

Borderline trite but eternally true: Knowing yourself is the key to success, in business as in life. Before you jump into any particular side hustle, you need to know if it's even right for you. Because if you don't really dig it, you're just not going to have the energy to make it work. Besides, loving your side hustle is kind of the point.

Dream big, but start small

Whatever direction you explore when initially developing your multiple streams of income, remember that it's OK to just start with what's in front of you, today. If you're more or less broke at the moment (happens), find a hustle that doesn't need a lot of seed money to feed it. Just start. Don't wait for “someday.”

Give it the time you have

Side hustles are usually gig-based, something you can do on an on-call or as-needed basis, like the writer who only takes on overflow assignments from a couple blogs or the Uber driver who only works Saturday nights. These let you find ways to make a little money here and there when you feel like it or as your schedule allows.

Explore side businesses

Turn your side hustle into a side business by booking more and steadier clients or jobs and marketing yourself by more than just casual word of mouth. Try a couple of side hustles before you do this. Find one you really enjoy and that also seems to be in demand in your area. This could be the one to build into a business.

How many streams of income should you have?

Answer one: as many as it takes to make what you feel is an adequate living. Answer two: not so many that you end up going crazy. Running yourself ragged is the very opposite of the entire point of having multiple streams of income. 

So, the sweet spot here is where you're making enough money to pay your bills and grow the savings account without being so busy that you don't get to enjoy this more un-tethered and less restrictive lifestyle. After all, what's the point of us as a gigging society gaining the freedom to ditch the cubicle if we don't also get to experience the freedom that's supposed to come with breaking that 9-to-5 chain?

Ask yourself: What do I want for myself? What do I want life to look like on a daily basis? What kind of schedule do I want, and how do I want to feel? Then take those answers, build your hustles and make that personal idea of happiness a reality. Because you can.