The Importance Of Multiple Streams Of Income 💶 💰 💷 | Success In Entrepreneurship 👔 | Ep 05
If you’re building a business or on your entrepreneurship journey, you want to focus on creating multiple streams of income. Basically, the concept of multiple streams of income is pretty self-explanatory, but it is having multiple ways of being paid, whether they’re big or small.
If you think of a traditional job where you have your wage coming in every month, if that disappears and you’re 100% reliant on it, that means you need to get another job. You need some other means of income, so you find another job.
Be a proactive entrepreneur!
In business, it’s the same thing. If your business was to collapse, you then will have to scramble to do something else. What we can do as entrepreneurs is be proactive with this! We can start to build multiple streams of income before it even gets to that point.
That is the main takeaway of this whole post! You need to focus on what actions you can take to start building your multiple streams of income.
For example, if you’re building on Amazon, Facebook, YouTube, or any other platform, you want to make sure you’re not 100% fully reliant on them, because if they were to change their Terms of Service or change any policy, your entire business may collapse.
You don’t want to be in a position where Amazon for example, may take away your account and that’s it, you have nothing to fall back on.
Shiny objects syndrome?
In my business, I understood that early on, that you have to grow multiple streams of income, and you can do this systematically and strategically. You don’t want to adopt shiny objects symdrome and try to do everything at once because nothing gets done.
What you want to do is start a business income stream, build that up, and then systematically start to extract yourself from that business so it can sustain itself and grow. That will allow you to then focus on something else.
What I recommend if for you to diversify as much as you can so if you’re solely reliant on one platform right now, the next income stream will be something else.
Think longer term and what your next income stream could be. Don’t compromise your main business as it stands, but keep in mind this concept!
I started outsourcing myself from Amazon as my starting point and started building my brand, which has allowed me to coach people and build online training courses like Online Arbitrage Mastery. If any one of my streams were to disappear, I would have other means of income and this is what it’s all about!
Comment below and let me know if you’re currently building multiple streams of income in your life and where you are in the life cycle of your business! Are you still heavily focused on building your first business or can you start focusing in on building something else?
You want to create as much wealth as possible with your cash flow and income streams, which you can then invest into other means! This is where it gets really exciting as an entrepreneur!
Are you backed up by multiple streams of income? If not, why not? Let me know in the comments! 🙂
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