Forget “new year, new you,” how about “new year, new income stream!?
If you’ve been feeling stuck, stagnant, or wishing for a change in the last 12 months, it’s time to drop the excuses and start creating that new income stream you’ve been thinking about.
Life doesn’t start improving unless you take consistent positive action towards making it better.
And while it’s going to take some work, the payoffs can literally be life-changing. Just imagine rolling into 2023 with extra money coming in and the accomplishment of building something entirely for yourself!
If a new income stream in the new year sounds like just the change you’ve been looking for, you need to keep reading.
I’ll share the essential early steps you need to take to give you the head start to make 2022 your year.
Ready? Let’s go!
New Year, New Income Stream.
First Steps Towards A New Income Stream
Creating a new income stream is exciting, scary, empowering and overwhelming, yet it’s something that everyone can do if they put their mind to it – including you.
There are many different ways to create extra income – from investing and blogging to creating an online course or writing an eBook.
But before you even decide what kind of new income stream you want to focus on, there are some essential steps you should take to set yourself up for success.
With a new year, this is the perfect time to take a little time out and get yourself in the right headspace to launch your new income stream in 2022.
Here’s your step by step guide to laying the foundations.
1. Clear the Clutter and Create Space to Focus
It’s hard to move forward if you’re carrying a lot of baggage. Before you embark on a new journey, spend some time clearing up the clutter from the last year – physically and mentally.
You’re going to need a physical space to work on your new income stream, even if it’s just a small desk in the corner of your bedroom. Research shows that it’s hard to focus when surrounded by visual clutter, so have a good clear out and create a tidy area free of distractions where you can get to work.
You may also need to let go of some of your mental clutter from the last year to make space for your new goals and ambitions. Journaling can be helpful or try starting a short and simple meditation practice to clear your mind and hone your focus.
2. Define Your Why
Defining your why is a vital part of creating your new income stream. This is what’s going to keep you hustling on those early mornings or late nights when you’d rather be sleeping or watching Netflix.
Motivation will get you started, but it doesn’t last indefinitely. When it runs out, you need to reflect on what inspired you to create a new income stream.
Do you want financial stability? Are you hoping to leave a job you hate? Do you want more time to spend with your family? Do you want to be able to work while you travel? Define your why, and write it down somewhere prominent.
3. Work On Your Mindset
When you’re building a new income stream, you will face external challenges. But I guarantee that the biggest obstacle to success will be you!
We often unintentionally self-sabotage by giving up, procrastinating, doubting ourselves, or suffering from imposter syndrome. Yet, we can learn to recognise and overcome these behaviours with the right mindset.
Try journaling, affirmations, or meditation, and read up on how to develop a positive money mindset to get ahead of those mental roadblocks. If you’re not sure where to start, try writing down your vision for the next year.
How do you want to feel? How much do you deserve? What are you open to? And what are your expectations for 2022?
4. Free Up More Of Your Time
Don’t have time to work on a new income stream? I know how hard it is to juggle motherhood, work, and home. But trust me, there is always a way to find time if you are determined to succeed.
Want five extra hours a week? Get up one hour earlier or go to bed one hour later every weekday and devote those extra hours to your new income stream.
How much time do you spend watching Netflix or scrolling social media? If you audit that time, you’ll probably be horrified at how many hours you waste. Of course, downtime is essential, but there’s a difference between taking an hour to relax and unwind and getting stuck in a two-hour negative social scroll. Claim those hours back and put them to good use!
How about your lunch break or your commute, when you’re waiting to pick up the kids, or going for a walk? Is there an opportunity for you to read a book, write notes in your journal or play a podcast during that time? As mothers, we’re great at multi-tasking, so put those skills to good use by upskilling while you take care of other things.
5. Consider Your Skills
Now that you’ve cleared the clutter, defined your why, worked on your mindset and carved out extra time, you can start thinking about what kind of new income stream you’re drawn to.
How can you draw on your current skills or how would you like to develop your skills? Do you have any experience that may convert into a side hustle? What are you good at?
Most importantly, alongside your skills, consider what you’re passionate about. Choosing something that you enjoy doing will make it easier to turn off Netflix or get out of bed.
Write down all your skills – no matter how random they may seem – and see what jumps out at you.
Are you fantastic at organising and decluttering? Maybe you can turn this into a new income stream.
Love to draw? Perhaps you could sell prints, sell your drawing services, or even teach other people to create art.
Are you great at financial planning, designing websites, or fixing cars? Why not create an online course to teach other people these skills?
6. Rally Your Support Team
Building a new income stream isn’t going to be easy. Though it will be easier if you have the right support.
Surround yourself with people who believe in you. In particular, people that cheer you on instead of warning you off, and keep you motivated, not distracted.
If you don’t have people like that in your immediate circle, don’t stress. You can find them online – starting with me. Leveraged Mama will always have your back, so make sure you stick around for encouragement and knowledge from someone who has been right where you are.
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