Having multiple streams of income is important for single moms. It can help them build their own financial security and live the life they want to live.
Many come from families in which money was never managed well and now they find themselves struggling.
Multiple streams of income can be earned through the means of a number of different businesses, as listed in this article.
Being a consultant as a single mom
Doing anything that’s outside the norm can be intimidating, and being a consultant as a single mom is no exception. But, if you’re reading this, you’ve already taken the first step—and bravo to you for that!
Being a consultant means being your own boss. And while that may seem scary, it can also be incredibly freeing. You’ll have the ability to make decisions about when you work, where you work, and how much you get paid.
We recommend starting small at first—pitching yourself to friends and family who fit your ideal client profile and offering them a discount on your services. As they refer their friends to you, your network will grow until you’re able to start charging full price.
At first, most of your clients will be other parents. That’s totally ok! In fact, we think it’s great—you’ll be able to relate on a level that people without kids just won’t understand. You’ll also be able to work around their schedules in ways that others can’t.
As for working from home? That’s totally possible too! Just make sure that when you’re working with clients, your children are taken care of—whether that means hiring a babysitter or asking for help from family
Start a side hustle
Side hustles can be a great way to earn extra cash. The best part about them is that you don’t have to put in more hours at your day job to earn the money. Plus, if you are able to make enough money on the side, you can even make your day job irrelevant.
For starters, why not teach someone else how to do something that you’ve learned on the job or in school?
Use your IT skills or programming skills and teach others coding languages like HTML and CSS. Or perhaps use your technical knowledge from working in any manufacturing company to train people on how they too can work as technicians.
The possibilities are endless, depending on what your skillset is. Some other options include:
- Taking pictures of houses for real estate agents
- Delivering groceries for an online grocery delivery service (like Instacart)
- Teaching music lessons
Find a side gig
Many single parents work full-time jobs while taking care of their families and raising their children. Unfortunately, the cost of daycare can make it difficult to afford to do so.
This is why many single moms are turning to side gigs to supplement their income (a side gig is a part-time job, freelance work, or another source of income). Some common side gigs include:
- Taking surveys for money
- Driving for Uber or Lyft
- Working as a babysitter
- Pet sitting
The quickest way to make money is to get rid of things you don’t need. It’s the ultimate “clean out your house” exercise, and you’ll be surprised at how much money you can raise in just a few hours by selling clutter.
Try these different strategies: Have a garage sale. eBay (or other online auction sites) or Craigslist. You can also donate items to thrift stores or consignment shops, which will give you cash for your unwanted belongings (usually in the form of store credit).
Or try pawn shops. Just keep in mind that if you are trying to make money fast, you really don’t want to sell something that’s not worth the effort.
Consider renting out a room in your home
If you have a spare bedroom in your home, consider renting it out. If you live anywhere near a college or university, this option can be especially lucrative as students are looking for housing and are willing to pay higher rents than others.
You could earn even more money if you live in a desirable area. A spare room is also great for long-term tenants such as professionals who need to be close to work but also want their own space, or someone who wants some privacy from their family and would like to save money on rent by living in someone else’s home.
Start an online store
Sure, online retail can be tricky to break into. But if you’re willing to work hard and are smart about your plan, it’s possible to launch a profitable store from scratch.
If you want to start an online store, the first place to start is to select your niche. In order for your business to survive, it has to target a specific audience.
You have multiple options when it comes to selling products on the internet: You can start your own website and sell products directly; or you can sell through an established platform like eBay, Etsy, or Amazon. Each offers its own benefits and drawbacks depending on what you’re hoping to accomplish with your business.
Once you’ve decided how you’ll be selling your products, you’ll need a way of getting those products into customers’ hands! A great way of doing this is by building relationships with wholesale suppliers who will ship items directly on your behalf – this is known as “dropshipping.”
This will allow you to ship orders quickly without having any inventory of your own, freeing up valuable time that would otherwise be spent packing boxes and making trips to the post office.
Get a part-time job you can do from home
Building multiple streams of income for single moms is not an impossible feat, but it does require careful planning. If you’re a new parent who’s returning to work and are interested in working from home, look for companies that hire remote employees.
- Get a part-time job you can do from home.
Working part-time is crucial if you want to balance the responsibilities of being a parent and an employee. The good news is that there are many part-time jobs out there that can be done remotely and allow people to set their own hours.
Some examples of flexible jobs include freelance writing, transcription work, and graphic design jobs, which all provide the opportunity to work when it’s convenient for you—and also save on child care costs.
- Make sure your kids won’t distract you during work hours.
It’s important that your kids don’t disturb you while you’re working from home or else they could end up being a huge distraction themselves!
To avoid this problem, try setting boundaries with them beforehand on where they should go during office hours so they know what areas not to enter into when mommy needs some alone time at home with her laptop computer.”
Make your blog profitable
So you’ve started a blog and have an existing audience of people who read your content. Maybe it’s about food, fashion, or fitness. Maybe you write about politics or parenting. Whatever the topic is it should be something you are passionate about. If you can turn that passion into a way to make money, even better! There are a few ways to do this:
Make your blog profitable
- Google ads – the most obvious and easiest way to create a stream of income with your blog is to put up advertisements on your site through Google AdSense and let Google serve ads that are relevant to the content on your page. You get paid based on how many times people click on those ads.
- Affiliate marketing – this is when you recommend products/services in your posts that you actually use or believe in and then include a link (using an affiliate link) where readers can go to purchase those same products/services for themselves (if they want). When someone buys using your affiliate link, you get a commission from that purchase.
- Sell products (or services) – do you have an original product like t-shirts, pants, bracelets or something else? Create your own online shop where readers can buy these items directly from you.
Work as a freelancer or consultant
Working as a freelancer or consultant can be very lucrative and doesn’t require the same level of expertise to get started. As a consultant, you’re usually hired by other companies to help them solve problems. While this might seem like it requires some kind of specialized knowledge, there are actually many different types of consultants:
- Management consultants analyze an organization and propose methods for improving its performance.
- Human resource consultants help businesses with employee problems and procedures.
- Marketing consultants help companies improve their marketing strategies.
- Political or legal lobbyists work for companies or organizations and try to influence legislation in their favor.
- Business analysts specialize in analyzing existing business processes to find ways to make them more efficient or effective.
It is important to have several ways to earn income as a single mom because you are relying on yourself to cover all of the household expenses.
Single moms often become stressed out and overwhelmed when they feel like they cannot make ends meet – so having multiple sources of income can help alleviate the stress by making you feel more in control of your life.
So just Start 🚀