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Multiple Streams Of Income Is A GREAT Idea, But…

Multiple Streams of Income is a necessity for your business but it is very common that business owners try to earn from so many different income streams ultimately don’t get anywhere. The catch here is that you need to have a central theme or mission if you want to get the full benefit of all the income streams. Especially if you are just starting out please keep away from doing too many things at the same time. Remember trying to do different things at the same time is one of the reasons that most home businesses never reach the success they are meant to achieve.

When I say too many things, I mean trying to market a dozen products at the same time. You may argue that it is important to have multiple streams of income and yes I do agree with you. Only thing you need to remember is that you need to work around a central theme and the income sources are related to your theme.  If it is done correctly multiple streams of income can be very profitable while staying within a central theme. Have a central theme or mission.  

Multiple streams of income sound great and can be profitable if done correctly. This means that you are staying within a central theme. For example, if you are in travel business you can promote many products relating to travel like flight bookings, tours, accommodation, physical products etc.
What happens is that most entrepreneurs make the mistake of trying to create several unrelated profit centers? For example you will find home business owners try to start real estate, network marketing and Internet marketing all at the same time and never succeed in anything. The main reason is that they never get any traction or momentum going with non-aligned businesses and they can end up being multiple streams of failure.

Adding multiple streams of income to your business should be a process where you are growing your business from one stage to the other. What we witness in the home business arena now is that entrepreneurs go from one big thing to the other without having a central theme or not giving any thought to it even if they had one.

This wondering around is more apparent in online home businesses than off-line brick and motor businesses. For example if you have a garage servicing cars you are more likely to sell car parts rather than gym equipment.

While the Internet has opened up so many opportunities for home business owners, it is easy to lose your focus with all the information and products available to you.

In a nutshell, you must be crystal clear on your vision and goals and only focus on the opportunities and information that will help you achieve them.

If you are building a network marketing company think of having a system in place where you can have many income streams on the same funnel, so that you don’t have to focus on marketing many different products.

Find out how you can have over 14 different income streams in one system.

Remember focus means “following one course until successful”, so focus on your central theme and make your home business a success.

So, what are your thoughts on Multiple-streams of Income? Love to hear from you, please leave your comments below. If you found some value in this post please share with your friends and followers.


Yours in Massive Success

         

About the author: Damayanthi Jayasinghe is a Online Marketing Coach helping struggling online marketers to achieve their dreams and goals.

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{ 2 comments… add one }
  • Viola Tam March 3, 2012, 5:59 pm

    Hi, Damayanthi,

    I really like this topic as many people that I know are having multiple streams of income. What they have shared with me is that there still need to be FOCUSED effort. Many of the internet marketers that I know establish one income after another…and another.

    I agree with the idea of a central theme, or perhaps something like a cluster. For example, if you are in network marketing and is using the internet to generate leads, then adding related affiliate products such as Aweber, Magnetic Marketing, web-hosting services, etc make perfect sense.

    Personally, I am not a big fan of affiliate marketing but it is certainly a good strategy for addressing the cash flow issue.

    Viola tam

    • damayanthi March 4, 2012, 9:30 pm

      Hi Viola,
      You are so right, affiliate marketing is a good income source to keep you in business, only thing is that you need choose the ones that complements your main business.

      Damayanthi

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