The Action Plan When You Lose an Income Stream

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You’re just like me because you’ve got multiple streams of income going into your bank account each month. You like the idea of having a variety, and the cash from different angles makes you feel more secure. You’ve got many projects going on, of which some bring in good money and others have potential in the future.

But things change.

When one of your income streams stops for whatever reason, it’s time to get busy. You need to replace it and you need to replace it quickly. It may be a crisis situation or it may be something that you just had to pull the plug on because It was holding you back in some way. Regardless of why you’ve ended up here, we need to get back on track.

No need for tears; we need to get cracking and get into a comfortable position again.

This is the plan of action you need to take.

1. Assess the damage

How much money did this income stream bring in? Put an exact figure on it, so you have a benchmark of the amount you need to recover. Once you have a number to work from, it really makes things easier to make decisions.

2. Review your budget

Take a step back and have an objective view of your outgoings and decided whether you need all of them. Perhaps this income stream ending means that some expenses are going to leave with it. (When I left my job, my weekly food spend went down majorly, as did travel costs). Check it out and adjust in any way you need to.

3. Review your other income streams

Have a look at the other things you’ve got going and figure out whether there’s room to increase those to make up for that lost cash. Even you don’t think there’s any way to squeeze more money out of it, consider whether it’s time to drop other projects too. Focus on a future in which you make best use of your time.

4. Take time out to plan your next move

Consciously step away from all the things you’re undertaking for a little while. If you can afford to, give yourself a couple of days or even a week to put the brakes on and figure out what’s best for the future. During this time, you’re probably going to have to face some hard truths about the things you’re engaging in and whether or not you should continue with them.

5. Look for inspiration

Find inspiration in people you may know or may have come across online that are known to have multiple income streams. If they’re open about what earns them the most/most consistent income, it may be worth taking a page out of their book for your next move. The inspiration can easily push you away from something you’re doing as much as it can draw you to something new, which is why it’s always worth checking what others are up to.

6. Make your next move

Now it’s time to get back on track. Don’t expect things to fix themselves straight away. You may end up having a few false starts before you crack it, but you know where you’re aiming to get to, and you’ve sidestepped all the distractions that would have held you back in your way. Now do your thing.

Shout if you need any inspiration.