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Many of these are not available to everyone. Another route could be to start offering courses to people on basic electrics and how to stay safe with electricity.Īside from diversification, there are other ways to generate income known as the seven streams of income His core business may currently be private homeowners, but management companies often need additional tradespeople. Initially started by Sir Richard Branson as a record label, Virgin has since expanded into aviation, holidays, mobile telephony, and much more.Īn example of a good way for an electrician to find other streams of income is to work with property management companies. But that takes a lot of effort and expense.Īn excellent study of a company that has grown and diversified is the Virgin Group. The most potent diversification is into a completely new business sector. A flower shop can develop a separate wedding flower business, for example, or offer mail order. They expand their business operations into different sectors to generate new streams of income. It’s passive, as people can even buy products when you are asleep! Diversificationīig business has been diversifying its income streams for centuries. The passive income comes later as people begin to buy products from your store. The work at the beginning is to build the website, upload your products, and then promote them. In general, the work needed for a passive income stream takes place early on, and the income comes later.Īn excellent example of this is an online store. Although it says passive income, there is still work required to generate the revenue. Passive income is where the income is not directly tied to the work you do. Very simple and a direct connection between the work and payment. This is where you do some work or provide a service, and someone pays you for it. Your business is most likely using an active income stream. There are two types of income stream, active and passive. To manage this effectively, open a Penta Business Account today and benefit from automated accounting. Monitoring your income and expenses is essential. Hopefully, reading this short article will give you some ideas on different income streams. If you are a tradesperson, such as an electrician, it may be challenging to figure out how you can generate multiple streams of income. It can give your business stability and the opportunity to grow. Having multiple streams of income is a good way of safeguarding your business against a downturn in one particular stream.

Many small businesses have a single income stream, such as an electrician or plumber. Without an income stream, your business will fail.