As an online business owner, content creator, influencer, or blogger – however you identify yourself, you can generate income from multiple sources.
Not only do you need to navigate the different platforms where you can earn income, but you also have other methods of earning income. And, while having those sources of income is great, the key to success is managing multiple income streams without letting anything important slip through the cracks.
Mainly, you need to keep track of how much you’re earning and from where. With this information, you can accurately track your income and expenses – a necessity for tax time. But, you’ll also be able to see where and how you’re earning the most and spend more time expanding those particular revenue streams.
Now, how do you actually manage your multiple income streams? Let’s take a look…
The very first step to managing multiple income streams is investing in and setting up an accounting system. An accounting system or program will allow you to accurately track your income and expenses. We recommend QuickBooks.
By keeping track of your finances, you can get an overview of how and where you’re earning income and if that income is in fact, profit.
Although you’re one step closer to an easier tax season by organizing your finances, you want o take it a step further and direct all your deposits into a business bank account. You should use one account for all your income streams.
If you prefer to keep your income streams separate, most business bank accounts – mainly online bank accounts – will allow you to create multiple accounts within your primary account.
After you’ve gathered all your financial data in one place, you’re ready to start writing down your results. You want to write down where, when, & how much you’ve earned. Since this is primarily for your personal reference, you don’t need to be exact on dates, you can track month to month.
This can give you insights into trends from different income streams and where to expect a change – an increase or decrease – for the next year.
As a content creator and influencer, multiple income streams can be both a blessing and a curse depending on the time of year. While you have a lot of potential for earnings, it can be hard to navigate without preparation during your slower periods.
You should track your ad revenue for your platforms, your affiliate earnings from each program, sponsorships or promotional deals, and digital products or services you may offer.
With multiple revenue streams come multiple opportunities for change and improvement. To successfully manage your multiple income streams, you will need to keep and check your financial reports regularly.
The key to establishing and growing your business as an influencer or content creator is treating it like a real business – and real businesses need to track their finances to find areas of improvement.
Some reports can be generated using your accounting tool, others may require a bit more work. If you’re ready to start accurately tracking and navigating your multiple income streams as a small business owner and influencer, invest in our Business Savvy Influencer Course today!