Multiple Income Steam
I want all midwives to have choices, resiliency, and the ability to expand the services to their ultimate potential. Making those things happen takes time, money, and resources. The more multiple income streams a midwife can create in their business and personal lives, the broader the opportunities that will be available and accessible. If you want to open that amazing birth center, multiple revenue streams can make it possible.
If you want to retire early—perhaps so you can do international midwifery—this is made possible when multiple revenue streams are present. Too many people think that only the rich or those who come from a family with a sizable inheritance are able to have multiple income streams. Thankfully, this is not the case. It comes down to knowledge, relationships, and the willingness to learn how to create those income streams for yourself.
Doing so doesn’t have to be overcomplicated
When you look at classic directions to health, wealth, and happiness, clear themes are present: multiple income streams (some active, but more often passive), business ownership, and real estate investing. An example of passive income would be expanding your current midwifery practice to include a lactation consultant, doula services provider, childbirth educator, or another midwife offering services that aren’t part of your current practice menu. They then pay you rent and perhaps a set fee for shared services such as a receptionist, biller, or clinic assistant—who you were already paying.
Any midwife can do those things. We can start a birth center or community center where we own the property, have a property manager keep an eye on the tenants, and have income coming in each month. We can hire a team within our practices to start leveraging their knowledge and time to grow our practice revenue streams.
We can take a few nights each week to write a book, create an online course, or work on a business idea that has been gestating in our minds for years. Anything is possible. We all have the same amount of time. The thing that separates those who just dream from those who build their dream is what they choose to do with that time. Do you sleep in on your days off, watch TV during your downtime, or scroll for hours on social media, looking at everyone else’s life but not living your own? Or do you take that time as an opportunity to grow?
Think outside the box
Examine which unique talents and skills you have that can serve the masses. Plan carefully how to put these to best use in order to reduce the risk to your life and business. Are you ready to put in the initial time and hard work that will potentially create revenue for an unlimited amount in time? The more we can create different directions of money into our lives through investments and multiple business ventures, the more we can serve families with access to midwifery and build our own dreams for life!
Check out this great interview discussing the impact that side hustles can have on midwives: The Power of Side Hustles for Midwives – YouTube
Interested in more information? Take this online course about creating multiple income streams for midwives: Creating Multiple Revenue Streams for Midwives | Empowering Midwifery (teachable.com)