Jared Pilon
If you are a small business owner, exploring additional income opportunities can be an important step when looking to strengthen your financial future. Recently on the Tax Talk Podcast, Joe Whitbread, agency manager at JSM Social Media, shared valuable insights on how entrepreneurs like you can uncover hidden opportunities and take those first confident steps toward growth.
Using new revenue streams to build wealth is a popular tactic that can be carried out effectively with help from accounting experts. Careful, assisted planning and steady guidance can aid you in expanding your business in a sustainable, achievable manner.
Confidence: The First Hurdle to Overcome
When it comes to branching out, a lack of confidence often stands in the way more than a lack of good ideas. It's not unusual to hesitate before trying something new. Fear of failure is natural, especially when responsibilities like mortgages, employees, and family come into play. But as an entrepreneur, it is important to develop the confidence required to make your business idea a reality.
Being self-assured does not mean being reckless, however. It means understanding that failure is part of the learning curve. Compare it to sports: every athlete experiences loss, but those moments of failure help build resilience. Entrepreneurship is no different. Your first idea may not be your final success, but each step forward strengthens the skills needed for the next opportunity.
For small business owners considering an additional revenue stream, accepting that initial setbacks are part of the journey can transform hesitation into momentum.
Treat New Ventures with the Respect They Deserve
Regardless of whether a new venture starts as a weekend project or a passion hobby, it is important to approach it with the same level of seriousness as your primary business.
A thoughtful plan might include:
Identifying your
core customers
Mapping out clear pricing and delivery processes
Setting simple, trackable financial goals
Even selling handmade goods at a farmers’ market requires packaging, preparation, and marketing skills that mirror those needed for larger businesses. Whether you sell a service online or physical goods in person, approaching the endeavour professionally from the start makes it easier to scale if opportunities arise.
Relationships Matter More Than Platforms
While today’s business world offers countless digital tools, technology has amplified a basic truth: strong relationships drive success.
Long before social media, the local coffee shop, church bazaar, and Chamber of Commerce were vital networking spaces. Today’s platforms like LinkedIn, Instagram, or Facebook are the modern equivalents. Posting consistently matters, but real growth happens when you use those tools to foster genuine relationships.
An authentic online presence—where your business values and voice remain consistent—has a lasting impact. It’s not about chasing likes; it’s about building trust, one interaction at a time.
Building a Brand That Can Grow With You
When exploring new income streams, it’s easy to focus only on the product or service itself. But it is important to remember that the brand behind your offering matters just as much. Customers often engage first with who you are, not what you sell.
Your brand isn’t limited to a logo or a slogan. It’s built through daily actions:
- Delivering on promises, big or small
- Treating every interaction, online and offline, with professionalism
- Being mindful of the messages shared on personal social media accounts
Small missteps online can unintentionally reflect on your business. In a world where reputations travel quickly, protecting your business brand—and by extension, your personal brand—is crucial.
Small Steps, Smart Strategies
The tools available to promote a side business today are vast, but you must use them intentionally. It is a risky move to depend solely on one platform or one approach. Instead, you should diversify your efforts based on where your ideal clients will likely be.
Strategies to consider include:
- Posting consistently where your customers spend time (eg, LinkedIn for B2B, Facebook for online shoppers).
- Attending local networking groups without the pressure to pitch, simply to connect.
- Using social media insights or simple metrics to track what content resonates.
- Involving family members, especially younger ones, in learning and supporting marketing efforts.
Families can work together on side ventures, with younger members learning real-world skills like video editing, branding, and customer engagement. These efforts help small businesses grow and teach valuable lessons about entrepreneurship across generations.
Growing Carefully and Confidently
While technology offers exciting tools, human connections and sound strategy determine success. Whether your goal is to earn a little extra income each year or to build a substantial second business, the same principles apply: consistency, clarity, and community matter most.
As a small business owner, it is easy for you to feel pressure to be everywhere at once. But long-term success often stems from doing a few things well, rather than trying to do everything all at once. A strong foundation built on clear financial goals, a steady marketing approach, and authentic relationships sets the stage for lasting growth.
Legacy Accounting LLP is here to provide financial expertise tailored to your business journey at every stage, whether you're growing an existing business or launching something entirely new. If you're ready to explore how an additional income stream could fit into your bigger financial picture, our team is ready to help you create a clear, confident plan forward.
Also, if you feel you could benefit from assistance managing your business’s social media, contact Joe Whitbread at Joe Social Media. You can reach Joe at or by phone at (403) 391-2553.
Want to hear more about this topic? Check out the Tax Talk Podcast
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