6 Effective Ways to Manage
Multiple Passive Income Streams

Having multiple passive income streams is an excellent way to diversify income sources. But having more than one passive income stream can strain any unorganised entrepreneur.

How can I manage multiple income streams? You can manage multiple income streams by prioritizing, eliminating, batching, automating, outsourcing, collaborating and reviewing your processes. Managing multiple streams of passive income requires some skill and knowledge on the best management practices for your business. 

This beginner’s guide covers some of the best management practices for multiple passive income streams. The points discussed below can apply to almost any type of passive income business or idea covered on our site.

1. Prioritize

Prioritization is an important factor when managing multiple revenue streams. According to Forbes, business owners can be more effective planners by applying effect and impact ratings when ranking their income streams. An entrepreneur can distribute resources, energy and time efficiently if they set their priorities right, possibly boosting productivity and income. For instance, you can use the Getting Things Done methodology as a way to plan and execute what needs to be done. 

Analyse your revenue streams to see if there is a way to further improve high yielding streams, or boost lower yielding streams. For example, if you notice that specific YouTube videos are your main earners for that passive income stream, consider making more videos about that topic. You may make creating that one video a priority over making multiple low revenue videos.

Setting priorities is one of the first ways you can manage your passive income streams better. You can also consider batching tasks to better prioritize work, especially if you are considering automating and outsourcing.

2. Eliminate & Batch

Batching tasks is as important as documenting and eliminating those that are not important. We cover this extensively in the video below and in this article on our site about how to make your business more passive. It is key to organise your work by batching tasks and projects that need to be accomplished to ensure your revenue streams remain as passive and as lucrative as possible. If you find that there are things on your to do list that are no longer worthwhile, then eliminate them. Always make sure that your processes are useful before trying to automate, delegate or outsource them.

3. Automate

Automation is a good management choice especially when you have multiple streams of income. Forbes considers that automation tools such as AI will be very important contributors to the global economy in the future. Estimates suggest that automation practices (Including AI) will contribute more than $15 Trillion by the year 2030 (source).

For instance, you can use AI tools such as chatbots to help you automate your customer care obligations.  Such AI tools can be very helpful in generating leads, promoting your products and responding to customer queries. Your clients can access automated processes at any time. This creates convenience and helps to build trust. Automation can simplify your daily duties and ease your workload. You also reduce operating costs, delegate repetitive duties to AI and other automation tools.

4. Outsource

Outsourcing is a very effective practice for small businesses and to help ensure passive income streams effectively remain passive. In 2019, the global outsourcing market was worth over $90 billion (source). You can use outsourcing firms to help cut operating costs, reduce workload and process important information such as payrolls, accounts, and more (source). This can be especially helpful when you have to manage multiple sources of passive income. For instance, print on demand consists in outsourcing services where printing companies collect and fulfill orders on behalf of businesses. 

The choice to outsource may depend on the passive income sources you have, importance, priorities and if you have on-premise staff. Bloggers can outsource their work by hiring quality ghostwriters from Fiverr, Upwork, D.T Writers, and established ghostwriting agencies. Outsourcing can easily be mis-managed so ensure you are outsourcing things that actually provide value for your business or will effectively boost your passive income streams.

5. Collaborate

Teamwork and collaboration can help delegate tasks, free time and boost creativity. For instance, if you have staff or remote workers, you can request they work as a team when dealing with complex passive income projects such as web design, 3D printing, or YouTubing. This can help you accomplish tasks much faster including sharing knowledge and creativity. Teamwork helps to establish rapport and coordination between team members. Working as a team can be fun, engaging and has plenty of benefits for you and your business. 

6. Review

Conducting reviews is important and can be done at any frequency. This provides deeper knowledge and analysis of operations and KPI’s. Setting time aside to review your processes can also allow more time to study market trends.

Conduct reviews to help identify and identify issues or opportunities for your passive income streams and implement them. Reviews can help you form better plans for the future. For instance, you can schedule review plans for your passive income streams daily, weekly, monthly, quarterly or yearly. For the most part, reviews are a very healthy management practice. One of its major benefits is that they can help reduce risks. A review may not always solve problems, but it can help identify them.

Check out this article to learn more about how to make your business more passive. Also check out this article if you would like to see more passive income ideas.

Related Questions

What multiple passive income streams can be managed together? Most passive income ideas can be combined to form passive income portfolios. Some of the most popular combinations include print on demand and eCommerce, blogging and affiliate marketing, niche sites and eBooks, etc.

Why is it important to manage multiple income streams? Managing multiple passive income streams is important for a number of reasons. The practice can help improve processes and save on costs. You can also establish better control measures for existing income streams and new ideas.

Are there challenges in managing multiple passive income streams? Managing multiple passive income streams does have its challenges. Each management plan has its weaknesses, simply take the time to recognise which yours may be. Combining two or more effective management strategies and adapting them to your specific business can help reduce risks.

Disclaimer: The information contained on this Website and the resources available for download through this website are for educational and informational purposes only and are not intended as, and shall not be understood or construed as, professional advice. Results mentioned are not guaranteed. Starting a business or an online business always involves risk and demands a lot of time. The success of your (internet) business depends on your hard work and skill. We do not guarantee any business or income. It is also imperative that you consult a tax and/or legal professional in your area to ensure you comply with local, or nation-wide rules and regulations that pertain to your area before you join a peer-to-peer platform or start a business with the purpose of making money. Consult our Disclaimers page for more information.

Beginners Passive Income

Passive income for beginners. Ideas, guides, motivation, inspiration and everything in between.

Affiliate Disclaimer

Beginnerspassiveincome.com is a participant in affiliate programs designed to provide a means for sites to earn advertising fees by advertising and linking to their sites and is compensated for referring traffic and business to these companies. There are no extra costs to you if you sign up to any service through an affiliate link. Please refer to our Disclaimers page for more information.

Content Disclaimer

This blog does not provide legal, financial or tax advice and does not create an attorney-client or client relationship. We are not trained or certified financial advisors, and we are not your financial advisor. For legal, financial or tax advice, please contact a qualified professional in your area.We do not guarantee any business or income. Consult our Disclaimers page for more information.

Try Tidio Chatbots
5 Step Passive Income Blueprint
Our passive income blueprint provides five steps to financial freedom. From learning what passive income is, setting up your passive income goals, choosing your passive income idea, having what it takes to achieve your financial dreams, and then give back.
Outsource The Work
Plan Your Passive Income Success
passive income journal tracking

Plan your success to financial freedom over 24 months. Commit. Organize. Track. Grow. Build and execute your plan to replace your current active income with passive income.

Related Articles

Passive Income

18 Passive Income Ideas You Can Start in Canada

You can earn passive income in Canada from well-executed passive income ideas like blogging, podcasting, chatbots, eCommerce, niche sites, dropshipping, or print-on-demand for example. It is important to choose an idea you are passionate about or interested in learning because it takes skill, patience, dedication, and hard work in order to succeed.

Read More »
Passive Income

14 Passive Income Ideas You Can Start in India

Some passive income ideas you can carry out in India include eCommerce, gaming, podcasting, monetized chatbots, niche sites, dropshipping, and blogging. You can also participate in side-hustles like food delivery apps, flipping items on craigslist, flipping domains, flipping items on eBay and more. Learn more here.

Read More »
Passive Income

12 Passive Income Ideas You Can Start in The USA

Some excellent passive income ideas that can be done in the USA include blogging, podcasting, monetizing chatbots, eCommerce, monetized niche sites, dropshipping, print-on-demand, and more. You can also engage in side-hustles like food delivery apps, or peer-to-peer rentals. It all depends on what you are able to do and passionate about.

Read More »
Passive Income

10 Passive Income Ideas Without Investments

Not every passive income idea requires a large financial investment. Some passive income ideas do not require any investment and are fairly easy to start. Some can be done online such as gaming, YouTubing or starting a blog, while others may include AirBnB, renting out your things, ridesharing, or advertising with your car. Learn more here.

Read More »
Jobs

6 Passive Income Streams for Chefs

There are many passive income-earning opportunities for chefs. As long as you are passionate and knowledgeable in something (in the culinary world or otherwise), you can turn it into a passive income source. Passive income sources that may be ideal for chefs include blogging, podcasting, creating niche sites, selling eBooks, affiliate marketing and more. Learn more here.

Read More »
Passive Income

What Does Passive Income Mean?

Passive income is income that is earned without trading time for money on an hourly or per-project basis. Not trading time for money means income is not bound to a fixed rate or a 24h/day limit, thus lifting many limitations of active income. Passive income can, however, require a very large financial and/or time investment to set up. Learn more here.

Read More »
eBooks

How To Make An eBook [Video Guide]

You can easily make an eBook for free. You only need a Google account, a computer, and a stable internet connection and eBook content. Using Google Docs, you can create and format an eBook fairly quickly and easily. Learn more here.

Read More »
Audibooks

Audiobook Narration For Beginners

There are many ways you can improve your narration skills. Some factors that affect narration include your posture, vocal cord exercises, intonation, your interest in the content and what you consume before narrating. With the right posture, healthy diet, and preparation, it is possible to produce high-quality audiobook content. Learn more here.

Read More »
Side Hustles

17 Online Passive Income Side Hustles

There are tons of side hustle ideas you can undertake outside of your normal schedule or day job to earn passive income. Making passive income from a side hustle is not something new. Passive income ideas such as eBooks, eCommerce, podcasts, dropshipping, and stock photography can make for excellent side hustles. Most of these ideas are easy to start even for beginners. Learn more here.

Read More »
Jobs

9 Passive Income Ideas for Illustrators

As an illustrator, you can earn a passive income by sharing a passion via a passive income idea. Some ideas include print-on-demand, blogging, affiliate marketing, chatbots, podcasting or selling eBooks. Your choice depends on your interests and what you would like to share. You can combine ideas to create multiple streams of passive income. Learn more.

Read More »
Jobs

8 Passive Income Ideas for Real Estate Agents

There are numerous passive income-earning opportunities for real estate agents. Some streams include blogging, podcasting, creating niche sites, chatbots, selling eBooks, affiliate marketing, YouTubing and many more. With hard work, dedication, and skill, you can turn your passion into a passive income stream. Learn more here.

Read More »
Chatbots

How to Make Money Selling Chatbots

You can make an excellent income by creating and selling chatbots. One way of monetizing your blog is by selling it to a company/business or offering it to them for free, and earning a commission on sales from it. Many businesses are willing to buy chatbots to automate parts of their sales, support, and marketing processes. Learn more here.

Read More »
Chatbots

9 Ways to Make Money From a Chatbot​

You can make money from chatbots in a variety of ways. You can monetize your chatbot with affiliate marketing, eCommerce, advertising, lead generation, surveys, landing page, and sales funnel processes. You could also sell your chatbot to businesses to reduce customer support overhead. Learn more here!

Read More »
eBooks

How to Sell eBooks on Your Own Website

It is possible for you to create and sell eBooks on your website. eCommerce tools such as Ecwid make it super easy to sell products online. For instance, if you run a niche site on educational content you can create and sell eBooks about your niche topics and earn income through your online store. Learn more here.

Read More »
Jobs

6 Passive Income Streams for Lawyers

There are numerous passive income-earning opportunities for lawyers. So long as you are passionate or knowledgeable in something, you can turn it into a passive income source. Some easy streams you can earn passive income from include blogging, podcasting, creating niche sites, selling eBooks, affiliate marketing and many more. Learn more here.

Read More »
Ideas

10 Ways to Create Multiple Streams of Passive Income

Yes, you can create multiple streams of passive income by combining different passive income ideas. Online, you could combine affiliate marketing, blogging, YouTube, and Ad placement, and monetized chatbots. If you were running passive income businesses (brick and mortar) you could combine a laundromat with an ATM, self-service vending machines and more. Learn more here!

Read More »
Jobs

8 Passive Income Ideas for Massage Therapists

There are numerous passive income-earning opportunities for massage therapists. Some streams include blogging, podcasting, creating niche sites, Chatbots, selling eBooks, affiliate marketing and many more. If you are passionate about massage therapy, you can build a passive income stream to turn it into a passive income source. Learn more here.

Read More »