During research for a recent post, I ran across a catchy phrase for managing freelance work – the octopus approach. This photographer set a goal to have eight income sources that each produced $250 per month. That gave him $2,000 per month to cover his bills and he wouldn’t be hurt too badly if one income source fell short one month.
This technique really isn’t that unusual. In fact, most home business owners receive income from a number of sources each month. Very few rely on a single client to support us.
I reached out our fellow home business owners asking them to share the unique ways they are using the “octopus approach” to grow their wealth and secure their financial future. I hope you find their stories inspiring and take a few ideas away for yourself.
Rose Tring, Developmental Special Instructor & Owner of AZ Media Maven
I work from home in order to have a flexible schedule for my 10- and 12-year-old boys. I have a “day job” as a contractor providing early intervention services for families whose child or children have disabilities or developmental delays. I started a media company three years ago to increase income. Recently, I launched a local business directory Web site and have begun writing freelance news stories for a local paper.
- Early Intervention Services
- Social Media Services
- Local Business Directory
- Freelance Journalist
Katie McDonald, Striking Content, Inc
I’m a self-employed, work at home mom. My primary source of income is earned through my copywriting company. I also own and operate an online directory for senior citizens, where companies that cater to seniors advertise. And finally, my most recent endeavour, which I hope to monetize in a greater way someday soon, is a blog that speaks about everything and anything motherhood and business.
- Online Directory
Craig Powell, 5 Block Radius
I transitioned to a home based business by providing outsourced software training for a company I worked for in Chicago.
Beyond that I have diversified income by advertising locally to provide computer repair & troubleshooting, social media consulting, and am launching a coupon magazine for my hometown.
Beyond that I check the classified listings on Craigslist often and have found a variety of random jobs that people need done in order to supplement my income. For instance, 5 days a week I go and pick up a crew of Amish workers who are building houses and drive them to their job sites. Random!
- Outsourced Software Training
- Computer Repair
- Social Media Consulting
- Local Coupon Magazine
- On-Demand Freelance Tasks
Gary Hayes, Phenomenal Vending
My main source of income is my audit consulting practice. However, I’ve also started a snack/drink vending business with my family, which is my partner’s main source of income. Additionally, I’ve started a blog and written a book in an effort to monetize my conversion to the Paleo Diet. Lastly, we’ve purchased a rental property.
- Audit Consulting
- Vending Business
- Rental Property
I make money through so many avenues. As a blogger, I make money from affiliate marketing, display ads, sponsored posts, and more. A few of my favorites:
- Affiliate Marketing
- Direct Ad Sales
- Ebates – I earn around $300 per month just referring people to this free service!
If you are just looking for a little extra spending money, don’t overlook the many legitimate online survey companies. Survey Chris reported earnings over $450 last October. He utilized several of the top opportunities to get there.