Forget “New Year, New You,” How About “New Year, New Income Stream!?” 🎉
It happens. You feel stuck, stagnant, and wishing for a change. The New Year rolls around and you wonder where it went! Again…!
If you want this coming year to be different, it could be time for a reset. It could be time to start creating that new income stream you’ve been thinking about.
I know what you're thinking – it's going to be hard work! But you and I both know, that life isn’t going to change unless you take action. Remember, the payoffs from introducing a new, leveraged income stream can literally be life-changing.
Just imagine rolling into 2023 with extra money coming in and the accomplishment of building something entirely for yourself!
A new income stream could be just the change you’ve been looking for. 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 (for passive income) to creating an online course (for leveraged income).
But wait! 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 for a new income stream
1. CLEAR THE CLUTTER AND CREATE SPACE TO FOCUS
Before you begin, let's make it easier to start. It’s hard to move forward if you’re carrying a lot of baggage – so before you embark on a new journey, spend some time clearing up the clutter from the last year.
At a bare minimum, you’re going to need a physical space to work on your new income stream. It's enough to start with a small desk in the corner of your bedroom.
It's true – research shows that it’s harder to focus when surrounded by visual clutter. So you really should have a good clear out. Create a tidy area free of distractions where you can get to work.
However, it's not just the physical clutter! Is it possible that you need to let go of some of your mental clutter too? This will help 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. Having this clear in your mind is what’s going to keep you hustling.
You know how hard it is to focus on your goals long term. How easy is it to just stay up late and watch Netflix? And how hard is it to get out of bed on those dark cold Winter mornings…
It's at these times, when you want to be reminded of your true goals.
Because that initial feeling of motivation you have in the beginning will get you started, but it won't last indefinitely.
Do you want financial stability? Are you hoping to leave a job you hate? Would you like to spend more time with your family? Are you wanting to take better care of your mental health?
Define your why, and write it down somewhere prominent.
3. WORK ON YOUR MINDSET
Isn't it just ALWAYS the case that when you start something new, life happens?
But it will probably surprise you to learn, that the biggest obstacle to your 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 when you're determined to succeed, you'll find a way.
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 TikTok? If you audit that time, you’ll probably be horrified at how many hours you waste.
There is no debating that downtime is essential for mamas. 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?
5. CONSIDER YOUR SKILLS
Ok, so 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. But once you've created a leveraged or passive (residual) income stream it will pay off, so literally! However, it will be easier if you have the right support.
Surround yourself with people who believe in you – people who cheer you rather than warning you off, and keep you motivated, not distracted.
If you don’t have people like that in your immediate circle, start by changing up your social media feed! Follow inspirational people who are doing what you want to do, growing leveraged income streams.
Are you a member of the email community? Allow me to be a regular reminder of what's possible, and let me show you how.