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6D Entrepreneurship

29 Jul, 24

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This article is for anyone interested in creating multiple streams of income both active and passive income. Today, I have 10 income streams and I’ll be sharing what these multiple income streams are, which are active or passive income, and how you can do the same.

What Are Multiple Income Streams?

If you’re new to this, having multiple streams of income just means that you have income from several different sources.

For example, if you have your normal 9-5 job and Etsy store that you manage, then you have two different ways of making money; therefore, you have multiple streams of income. 

But Why Should You Have Multiple Income Streams?

The most important reason to have multiple streams of income is if one source of income stops or is eliminated you can rely on another source. There’s always a safety net to catch you if anything were to go awry. 

This is the beauty of having multiple streams of income.

Wealth & Wanderlust

Hi, I’m Vanessa! I’m an American Expat in Germany and I help people become location and financially independent on Startup business bureau! Here’s how I’ve created multiple income streams to support my family and life abroad. 

My 10 Streams of Income

Currently, 4 out of 10 of the income streams are things that I can passively manage, and the other 6 are more active forms of income generation. 

Active Income

  • My full-time 9-5
  • Social Media
  • Leading Travel Excursions
  • Workshops
  • Content Creation/Videography
  • Writing for Publications 

Passive Income

  • Etsy Store (Passive)
  • Master Classes (Passive)
  • Blog & Affiliate Links (Passive)
  • Investment Dividends (Passive)

The reason I’ve set up so many streams of income is to hedge myself against recessions and any financial setbacks that might happen.

If I get laid off, I can increase my effort with my active streams of income to make up for that lost income. My passive income streams are very low touch so they make me money in my sleep 24/7.

I can rest in peace knowing that whatever might happen, I’m ready to provide for my family and myself with my multiple streams of income.

I was able to build this from anywhere while I pursued my normal 9-5 in different countries around the world. 

Understanding Active vs Passive Income

So what’s the difference between active and passive income? It really comes down to how much effort and time each income stream requires. 

What is Passive Income?

Passive income is money you earn that requires little to no daily effort to maintain.

A few passive income ideas include: writing a blog, selling on Etsy, dropshipping, selling online or downloadable products, stock dividends, property rental income, etc.

If you use affiliate marketing as a form of passive income, you can actually monetize your blog without having to do a ton of work.

A great site to check out if you want to get started is Travel Payouts. When you sign up, you get access to an amazing portal full of different travel-related affiliate programs and their percentages in one handy portal.

What Is Active Income?

Active Income is money received in exchange for performing a service. Active income is always high-touch and requires regular effort to be put in. 

Active income includes a 9-5 job, hourly wages, tips, commission, and any other income from which there is active participation.

Most people rely on active income in order to fund their lifestyle. 

How to Create Multiple Streams of Income for Yourself

Building multiple income streams may seem like a daunting goal to get started with, but the key is to start with one task at a time.

Instead of splitting your time across several different potential income streams at once, pick one stream and focus on making that profitable before moving on to something else.

Here’s how you can get started.

1. Find Your Passion

There is no sense in pursuing something you have no interest in.

If your only motivation is money, the process will be tedious and you’ll appear disingenuous to potential customers because there’s nothing MORE obvious than money/clout chasing. 

Ask yourself:

  • What am I passionate about? What are the hobbies that I happily do for free already? What do I genuinely enjoy doing?
  • How can I monetize my hobbies and passions?
  • Is this a service or a product?

It’s my greatest privilege to help people make money and move abroad through digital products (like my ‘Move Abroad’ Master Class) and educational resources on personal finance.

Because I’m so passionate about these two topics, it’s easy to stay inspired and push forward year after year. Now you need to find your passion!

2. Understand Your Customer Base

Do you want to start a calligraphy business? You’re not limited to selling to customers that want to use your fonts or handmade goods.

You can also help other aspiring calligraphers start a business or service!

There are so many different ways to launch a business and have multiple offerings. 

Consider these questions:

  • Am I selling directly to my customers (B2C)? Or am I focusing on corporate and business-to-business services (B2B)?
  • Where do my customers live? What type of income do they have (high, low, etc)? What does their family unit look like? Married? Single? With or without kids?
  • What are the pain-points that my customers face regularly? How does my product or service help that?

Once you understand who your customers are and how you can make their life easier, you’ll be able to create products or services that truly create impact.

In my niche, I focus on financial resources for American expats abroad. For that reason, I provide helpful American expat tax articles, content on doing a master’s degree abroad, and more!

3. Take Your Business Online

Having an online business, product, or service is the best way to protect your income against economic stress.

Whether there’s a global pandemic or not, online business will continue to thrive against any odds because there is a never-ending supply of potential customers that you can reach.

In comparison, if you run a brick and mortar shop that resides in a physical location, you are limited to customers in the surrounding vicinity and there are also serious overhead costs to consider. 

4. Build a Basic Offering

Before you pour your life’s savings into something, be sure you test a basic offering or MVP (minimal viable product) to see if customers are even interested in this product or service!

When building an MVP, the goal is to use as little money and resources as possible to create an offering that makes money. 

Forget the website. Ignore the logo. What can you build with as little energy as possible that customers would be willing to pay for? 

Ways to build an MVP:

  • Create an online course on Teachable (free membership) and sell on social media (also free). 
  • Create a digital budget tool on Etsy and reach customers for free by ensuring your Etsy SEO is super effective. 
  • Launch a cooking blog, use free hosting from WordPress, and install Google Ads to see if you can make passive income from ad revenue. 

All of these ideas can be done with minimal investment and this should 100% be your first focus before logos, branding, and building a website.

4. Test & Learn

Even with my multiple income streams, I constantly test and learn to improve each offering.

I want to move faster and with fewer touchpoints, so I focus on creating scalable solutions that I can manage easily with my 9-5 job. 

I dial my effort levels up and down depending on my mood, motivation, and availability.

If I’m traveling, I’ll dial down the effort I put into my active income streams so I can relax and enjoy myself.

During the height of the pandemic, I put in 16 hours a day – every day – for WEEKS running workshops, building products, and creating content because I was restless. 

The point of creating multiple income streams is to give you freedom and flexibility. Some days I crush it, other days I’m chilling in my PJs for hours at a time.

The point is, it’s up to me. 

Daily Tips on Instagram

Want to receive daily tips on how to build multiple income streams? Then definitely join me on Instagram!

It’s a fantastic way to get direct access to me as I answer every single DM and comment. 

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Comments (3)

  • free article publication sites

    July 30, 2024 - 9:46 pm

    This is a fantastic piece! Your thorough research and engaging writing style make it a must-read for anyone interested in the topic. I appreciate the practical tips and examples you included. Thank you for sharing such valuable insights.

    Reply

  • Car Cruise Ohio

    August 1, 2024 - 7:05 pm

    I appreciate you taking the time to write and share this insightful piece. Your analysis is quite thorough, and I really enjoy reading your work. This article taught me a lot, and I will be using it again and again. You are doing an excellent job.

    Reply

  • Midwest Car Show

    August 2, 2024 - 10:44 am

    An informative and well-written piece. The principles are easily understood and applied thanks to your thorough explanations and practical examples. Thank you for taking the time to provide such detailed information. Your time and knowledge are much appreciated.

    Reply

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6D Entrepreneurship

You Need to Have at least 6 Income Streams!

6D Entrepreneurship is fully Done-For-You Business Automation & Management Services where We build you 100% hands-off done for you turnkey business.

During times of great change—being able to drive value is paramount. In the wake of recent societal, industrial, and technological disruption, business process functions, including operations, management, finance, supply chain, procurement, human resources, marketing, sales and customer services have been severely disrupted.

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Done-For-You (DFY) Business:

Our 6D Entrepreneurship program is carefully crafted to fill the gap and strengthen entrepreneurs like yourself to achieve the business objective.  

We become the working or founding partner to work as business operator and do all the ancillary work done-for-you by sketching a strategy roadmap, to help you organize for growth and scalability.

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What distinguishes us is our attention to detail, passion to succeed, dedication to perfection, and our ability to offer unsurpassed, creative and unparallel expertise, ensuring business growth beyond expectations.

Multiple Revenue Streams:

Our business model incorporates multiple revenue streams to diversify income sources and increase the potential for higher returns. We identify and develop various income-generating opportunities within your business, such as product sales, subscription models, licensing, or service offerings.

Proven Business Plan & Track Record:

Our expertise lies in developing and implementing highly effective business models that have consistently delivered exceptional results for our clients.

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Our business model is designed for scalability and growth, allowing you to expand your operations and capture new market opportunities. As your business grows, the potential for increased revenue and profitability also grows, resulting in a higher ROI.

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What is a Done-For-You (DFY) Business Model:

A “Done-For-You” business refers to a business model or service where all the necessary tasks, processes, and systems are already set up and managed by a service provider. It is designed to provide a turnkey solution to entrepreneurs or individuals who want to start a business but prefer to have the majority of the work done by experts. It is a turnkey solution that allows entrepreneurs to start a business without having to build everything from scratch.

Here are some key points to consider when describing a Done-For-You (DFY) business:

1. Comprehensive Setup:

A DFY business provides a complete setup, including a pre-built website, branding materials, and necessary infrastructure. It eliminates the need for entrepreneurs to handle technical aspects or design their own systems.

4. Training and Support:

A DFY business often comes with training and support from the provider. This ensures that entrepreneurs have the necessary knowledge and resources to run the business successfully. Support may include guidance on marketing, customer acquisition, and ongoing operational assistance.

7. Ownership and Autonomy:

Despite leveraging a DFY business model, entrepreneurs maintain ownership and control over their business. They can make strategic decisions, adapt marketing strategies, and manage growth according to their vision and goals.

2. Proven Business Model:

A DFY business typically follows a proven and successful business model. The products or services, target market, and marketing strategies have already been established and tested, reducing the risk associated with starting a new venture.

5. Flexibility and Scalability:

While a DFY business provides a ready-to-go solution, it also allows for flexibility and scalability. Entrepreneurs can customize certain aspects to align with their preferences and goals. Additionally, DFY businesses often have built-in scalability, enabling entrepreneurs to expand and grow the business as demand increases.

8. Time and Cost Savings:

One of the main benefits of a DFY business is the time and cost savings it offers. Entrepreneurs can bypass the lengthy setup process and the need to invest in infrastructure, product development, or extensive market research. This allows them to enter the market quickly and efficiently.

3. Streamlined Operations:

With a DFY business, operational processes are already established and optimized. This includes order processing, customer support, inventory management, and fulfillment. Entrepreneurs can focus on marketing and growing the business without getting overwhelmed by day-to-day operations.

6. Income Potential:

DFY businesses are designed to generate income from the start. The business model may include various revenue streams, such as product sales, subscription fees, or affiliate marketing. The income potential will depend on factors like market demand, marketing efforts, and the specific business model.

9. Professional Expertise:

With a Done-For-You business, you benefit from the expertise and experience of professionals who specialize in various aspects of business setup and management. These professionals handle tasks such as market research, product sourcing, content creation, and marketing campaigns.

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6D Entrepreneurship Model:

The concept of 6D Entrepreneurship refers to an entrepreneurial approach that encompasses six dimensions or stages of the entrepreneurial process. These dimensions include various aspects related to starting, developing, and scaling a business. The 6Ds represent six stages of entrepreneurship, each of which is characterized by specific challenges, opportunities, and strategies and the key factors that contribute to entrepreneurial success.

1. Discover:
The first stage of entrepreneurship is the discovery phase that involves identifying business opportunities, conducting market research, and exploring potential target markets or customer segments. This stage is characterized by creativity, curiosity, and experimentation.
2. Define:
In this dimension, entrepreneurs focus on designing their business models, value propositions, and strategies. It entails determining how the product or service will be created, delivered, and monetized that sets them apart from competitors.
3. Develop:
The develop stage involves building a prototype or minimum viable product (MVP) and testing it with customers to validate the business concept and gather feedback. This stage requires a focus on product or service development, testing, and iteration.
4. Deploy:
The deployment dimension involves launching the business, bringing the product or service to the market, and implementing marketing and sales strategies to attract customers and generate revenue. This stage requires a focus on customer acquisition, sales, and marketing, as well as building a strong brand and reputation.
5. Differentiate:
This dimension centers around establishing a unique value proposition and differentiating the business from competitors. It involves building a strong brand, creating a competitive advantage, and delivering a distinct customer experience.
The differentiate stage involves scaling the business and optimizing operations to meet growing demand. This stage requires a focus on operational efficiency, team building, and financial management to ensure the business can sustain growth and profitability.
6. Drive:
The final stage of entrepreneurship is the drive stage, in which entrepreneurs seek to create long-term value and impact by scaling their business and pursuing new opportunities. This stage requires a focus on innovation, strategic planning, and leadership to guide the business through ongoing growth and change.
The Drive involves growing the customer base, expanding operations, optimizing processes, and potentially entering new markets or geographies.

Success in each stage of entrepreneurship requires a combination of skills, resources, and strategies, including creativity, market research, customer focus, product development, sales and marketing, team building, financial management, strategic planning, and leadership. Entrepreneurs who are able to navigate each stage of the 6D framework effectively can build successful, sustainable businesses that create value for customers, employees, and stakeholders.

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We accept investors, aspiring entrepreneurs, and startups from all the domain and verticals of the market and create winning strategic partnership to accelerate businesses for disruptive innovation & growth.

We make strategic partnership with the business where the major business stocks remain under your name as an Investor, and we only hold Working Partner position in your business against managing your business.

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Our involvement in your business is segregated in below three steps.

Build – Plan the Business

Once the business is selected, we build it from the scratch and take care of all major aspects of business startup and launching. We invest our time, knowledge, and expertise in your business to ensure the foundation is properly established to take the load of its success.

Brand – Launch the Business

Once business is launched, we do all planning and execution to make your business as a Brand and create all necessary documentation, manuals, processes, policies, and procedures to provide standardization to our clients.

Boost – Grow the Business

Once the business is prepared and ready to generate revenue, we put it under our acceleration program to manage day to day operations and we keep monitoring the overall performance of the business and boost the growth and expansion.

Why Join 6D Entrepreneurship?

Investing in business automation projects is a way to increase your income without getting directly involved in the business. It provides substantial benefits to the investors, including:

Investment Opportunities:

Business automation offers investment options for people who wish to get a return on their investment without having to do anything, which is one of its main advantages. It provides a passive income opportunity for the investors where the consulting firm manages all business operations while the investor doesn’t have to get involved in any way.

Diversification:

Business automation projects provide an opportunity for diversification that reduces the risk of losses in other investments.

Professional Management:

Business automation provides access to the expertise of experienced professionals, which may not be available otherwise. These professional and seasoned firms know how to establish and run a business. Hence, without any trial-and-error routine, the business operations are designed and run in a smooth manner. This not only saves money and time but also yields better profitability.

Scalability:

Business automation solutions are extensible, meaning they can grow with your company as it expands, offering investors the chance of long-term profits.

People who want to expand their revenue portfolio but are hesitant to invest in new businesses due to a lack of experience or a lack of time have an excellent investment opportunity in business automation projects. Business automation offers individuals a fantastic opportunity to earn passive income without participating in day-to-day operations.

Why Work with Us?

Today’s megatrends are reshaping the world, creating abundant opportunities and essential threats. Technology, globalization, and demographics are the root of creating unprecedented disruption across all sectors.

We help businesses transform and evolve rapidly to seize the opportunities and help mitigate the risks that digital transformation creates. To respond to these new challenges, companies need to:

Customized Approaches:

We know that every company is different and faces its own unique set of problems. Because of this, we provide individualized services to cater to the requirements of each client.

Result Oriented Approach:

Our approach is results-oriented since we care about the success of our customers. Our strategy is geared towards enhancing the bottom line of existing enterprises.

Knowledgeable:

Our consultants have extensive knowledge in many different areas of business, such as accounting, marketing, operations, and strategy. Every project we work on benefits from our extensive experience.

Collaboration:

We collaborate to understand our clients' businesses and goals. We develop long-term solutions with our customers.

Client Satisfaction:

Our number one priority is the fulfilment of our clientele. The happiness of our customers is the key to our success.

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