Extra Streams of Income in Trying Times

I was thinking today about how I have added extra income to our stream in good and bad times and wanted to share with you what has worked for me.

The best way to source extra income is to use your influence. What does this mean? Use the contacts and relationships you have established to refer them to complimentary services that they can use. Here is a recent example that was proposed to me:

A Mortgage Brokerage Company asked me to refer anyone that I knew that was looking to refinance or for a new mortgage. They said they would pay me at least $250.00 just for sending someone to them and they write a mortgage. I think everyone knows someone who needs a mortgage or is refinancing, so why not contact a Mortgage Broker and see if they will sign a referral agreement with you. Yes, please have a written agreement not a verbal one!

A Realtor friend also knows I know allot of people and will give me a “gift” for a client that uses him. This can be cash or I suggest a gift card to your favorite store or restaurant. Gift cards are not taxable as income here in Canada (no gifts are usually) and this is a way that you can go for dinner or buy something without using your own money.

Here’s a big one for you. I have heard this past week, no kidding, two Companies I had dealings with that have merged and partnered with competitors to share costs and the market. Even a couple of years ago this would be unheard of. Why not contact Companies you know and see who their competitors are and see if you can broker a partnership between the two for a fee? How about just introducing them for referral fee and let them work something out? This will take some work but hey, nothing ventured nothing gained and could be quite a nice pay day for you.

I understand you are not all in business but I am confident that we all have imagination and contacts that can lead to a generation of income even in this economy.

To your future,

Larry J Clark