The other day on Facebook I noticed a great little conversation about Multiple Streams of income.
The interesting part, came in the comments.
What’s YOUR answer to this question?
This little debate has raged in hearts and minds since I joined my very first network marketing company and started thinking about how to build wealth for my family.
Over the years, with experience, my thinking has changed a bit on this question and I wanted to pass along some thoughts, in the hopes they might be helpful, especially if you’re just getting started on the Freedom Crusading journey.
Here’s the best answer to this question, that seems to most closely match the reality of what actually happens in life and business…
Are you ready?
Advice is given generally, and applied specifically.
Here are some of the differences that can make a difference in how people answer this question in the best way for themselves.
- Different business models
It’s super hard to give one answer to this question that applies to each end every person, doing each and every type of business imaginable.
This is why, after much reflection and experience, here’s what I say when people ask me,
‘Paul, how many income streams should I have?’
‘As many as you can manage well.’
If you’re brand new and just getting started building a business from home, just 1 business can be plenty to manage well (especially if you’re working a full time job and/or leading a family).
I would say focus on 1 major income stream at this stage with 1 exception.
If you’re done with your warm market, and moving into the marketing stage for more new leads, it’s good to pick a target market to focus on.
If you’re marketing to other people who already have a home based business (like network marketers) for example, it’s good to realize that some of them may be open to jumping on board with you, and others might just be in love with what they’re already doing.
If you can have a resource or 2, that helps them with their existing business (and pays you for sharing) you can greatly increase the amount of income you earn while doing the exact same work.
When I achieved my first $3,000 per month in residual income from home, exactly $1,500 was coming from the network marketing company I was building and the other $1,500 came from a marketing and lead generation membership I was sharing with the people who were happy with their business (but wanted more success).
This worked wonders for my income, and it wasn’t that distracting because both of these income streams played well together.
Another great benefit to having something helpful to offer your target market (aside from whatever your primary income focus is) is that you can step a little bit out of the ‘Salesman’ mentality, and a little more into the ‘trusted advisor’ category.
For me, actually helping people find things they want and need is much more enjoyable than ‘Selling’ them on my agenda.
One of my early mentors taught me,
People LOVE to buy, but hate to be sold.
Having knowledge or resources in addition to your primary income focus can help you create an environment around yourself that people are attracted to and can feel comfortable buying in.
A Very Important Income Stream To Consider
Investing is another income stream you can build WHILE you’re focusing most of your time on growing your business income.
My wife and I started investing very early. In fact, we purchased our first rental (a single wide mobile home) while we were still living in a single wide mobile home.
This brought in our very first passive income stream outside of business and it was AWESOME!
This is an income stream that does take some time, but it doesn’t take ALL of your time, which is great because it frees up the rest of your time to stay focused on your main business.
If you’re a leader and LOVE residual income, make sure you think about this with your MSI Strategy
If you are leading a team of people who are looking to you for leadership, one of the most important things you can provide is stability.
While it may be OK to promote a random tool or resource from time to time, you do NOT want to be jumping ship and giving the perception that your primary business focus has shifted.
This is because people will do what you do and distracting people, especially when they are just getting started, is NOT helpful for them, even if it makes you some cash.
And in the long run, if your goal is residual income, it can actually destroy your ability to create and maintain freedom.
Because whether people know it yet, or not, what they really crave, deep down inside, is something and someone to believe in.
If you can give them that, with your example of focus and consistency, it will build trust and loyalty.
Trust and loyalty translates to happy long term customers, affiliates and reps.
All of that translates into rock solid and stable residual income, which is the point for true freedom crusaders.
Remember to love people who get distracted.
Remember my short answer to the question ‘How many income streams should I have?’
It depends on so many variables that one person can never really say exactly what’s right or wrong for another person.
If one of your team members gets distracted or changes focus, love them – don’t judge them.
Give them the space to live their lives and make their own decisions.
If it turns out they’ve made a poor choice, it’s your love, loyalty and consistency that will eventually bring them back.
Be the change you wish to see in the world, right?
Your example is the most powerful and persuasive form of influence.
Paulo Coelho said…
I think he’s right.
But what do you think?
What’s your philosophy on multiple income streams? I’d love to hear your thoughts down below.
Thanks for reading and whatever you to, always go for your dreams!
PS – Here’s some good free marketing training with some of my best lessons on generating more leads & customers via the internet.
PPS – If you’re up for another lucrative residual income stream while having the chance to learn EVERYTHING I know about building a successful business from home, you may want to check out our company. (Most people agree, this is like NOTHING they’ve ever seen)