incomestreams

Melissa is a mother of 2, lives in Utah, and writes for a multitude of sites. She is currently the EIC of HarcourtHealth.com and writes about health, wellness, and business topics.

Most people at some point think that it might be to their best interest to get additional income streams. And there are as many ways to do this as there are people in the world. But, to that might come up in your focus might be caretaking or franchising. Those two options both allow you to take over something that other people have started to increase the value for them, but also get a return on your investment of energy.

Caretaking and franchising may come in the form of taking over management rights, or perhaps working with a franchise opportunity. More people are offering their services as a life coach these days, and that sort of falls in the same category. And then there are people who function as digital presence caretakers, essentially doing the administrative cleanup for virtual things like websites or emails.

Management Rights

When you take over management rights from an owner, you get a lot of power and a lot of decision-making ability. However, the actual things that you’re managing are generally owned by someone else. They are paying you because they trust you to take over administrative or even creative decisions about different types of property. If you’re good at what you do, you can make a pretty extensive amount of profit both for yourself and for the people that you’re managing. It does take a few different styles of skill depending on the type of management you’re taking over, but many people can operate on charisma and historical knowledge alone to turn a nice profit.

Chain Franchising

If you have the money to buy a franchise of something, that’s a huge way to get ahead in the business world as well. A classic example would be if you decided you wanted to franchise a Subway location. Everything will already be set up for you. All you’re doing is purchasing the brand and a way to get ahold of the raw materials, and from there it’s all profit to you.

Life-Coaching

If you’ve ever looked into life coaching, it’s a really interesting concept. People pass themselves off as having the knowledge to help you be the best version of yourself. This is not exactly a licensed profession, but it can be incredibly helpful for the people who find value in human connection. If you’re looking for a different income stream, putting yourself out there as a life coach may be a unique opportunity to spread good vibes and make money while you’re doing it.

Digital Presence Caretakers

And finally, there’s the idea of a digital presence caretaker. Lots of people know how to set up websites. Not as many people know how to maintain them. Most people know how to set up social media profiles or email addresses. But again, when it comes to keeping them cleaned up and functioning, they aren’t as good at it. You can offer your services to continually clean up their digital realms, and they often will pay you a lot of money to do it.