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Let's chat shall we? Multiple income streams...let's get into it!
You may or may not be familiar with the stocks, but if you were investing in the stock market, you would diversify your portfolio. It makes sense, that way, if a stock falls, you dont lose everything.
Well, the same logic applies to online businesses. You dont want to keep all of your eggs in one basket.
What happens if people stop visiting your website for a week, which happens to be your only source of income? You dont make any money that week. But if you had other business ventures in place, the money would keep rolling right on in. This in turn, helps you make a consistent living.
You should establish multiple streams of income early in your online business career. When you're first starting out, if you can, try going for more than one opportunity, try for three or four, and dedicate time every day to each one. Again, this is if you are able, but if you've read my affiliate marketing guide, then you know you can start many of those opportunies at ZERO upfront costs. Dropshipping is also a great income stream and you can practically automate the whole business. Grab my Dropshipping guide to learn more on that
Your objective during the beginning of your career should be to build up these three of four opportunities so that they flourish at the same time and establish your multiple streams of income and form a solid income base. Once you have three or four streams of income up and running, you can begin to branch out and explore new options, increasing the number of streams you have.
The more streams you have, the better. That way, if one of them goes out of business or fails for whatever reason, you have plenty of other ventures to pick up the slack. At the same time, dont take on more streams than you can handle. You shouldnt be forced to sacrifice an established venture for a new one. If you make a conscious decision to do so for a larger income potential, thats great, but dont put yourself in a position where you are forced to make sacrifices.
Instead, find ways to make your multiple streams of income work together. They do need to remain separate, so if one of them fails, it wont drag the others down with it. But as long as you make sure they do not rely on one another, they can be used to enhance each other.
Having multiple streams of income can protect you and allow you to make more money with each venture.
If youre not careful though, things can get out of control and leave you struggling to keep up with all of your ventures. To avoid this business catastrophe, make sure that you follow a schedule. You have to be able to keep track of your multiple streams of income and devote the appropriate amount of time to each. If they get out of control, then you'll stop making money and may as well just go back to the office. If that happens, not only will you drop from multiple streams of income to one, but you wont be able to work at home, which is every online entrepreneurs dream! So, how many streams of income do you have? How many would you like to have?