Do You Have Multiple Streams of Income?

Certainly a hot topic of the past few years has been the idea of having “Multiple Streams of Income.” It should be no surprise that in this economy what’s here today can easily be gone tomorrow and if you don’t diversify you could end up in a world of trouble.

Of course having multiple streams of income sounds great but how does a person go about executing this strategy and actually getting it to work?

Although each person’s situation will be a bit different there are a few basic tips that can get you started on the right path.

Tip #1 – Understand your options

There are literally hundreds of different ways a person can make money. Of course, as online entrepreneurs we want to focus on passive income opportunities that allow us to do the work once and get paid on it over and over again. Below are a few opportunities that work well for this.

– Network Marketing
– Affiliate Marketing
– Blogging
– Google Adsense
– Niche marketing
– Real Estate
– Stock Market
– Info product creation
– eBay

These are just a few of many different passive income opportunities and most of them are relatively easy to get started in.

Tip #2 – Start small – Create something profitable before moving on

Have you ever heard the saying, “Jack of all trades and master of none?” In other words you know a little about everything but don’t excel in one particular area. When it comes to the theory of Multiple Streams of Income, most beginners are coming at it from this perspective. Because of this, it’s important that a person takes small progressive steps towards success.

Pick one single project to concentrate on, and then make it profitable before you move on to something else. For example, if you decide to start with a network marketing opportunity, work at it consistently until it’s producing a nice residual income before you start branching out into an eBay or affiliate marketing opportunity.

Tip #3 – Diversify into different industries

For some reason I run into many different entrepreneurs who are involved with several different network marketing companies and think they are taking advantage of the “Multiple Streams of Income” concept. This is rarely ever the case though.

The truth is that you don’t want to open up different income streams that are going to compete with each other. Otherwise you just stretch yourself to thin that you don’t make money in any of your endeavors.

I suggest picking one network marketing opportunity to take advantage of and then focus on other industries like eBay, affiliate marketing or info product creation. This way you are diversifying into other areas that can compliment each other rather than take away.

Tip #4 – Use profits to create even more income streams

You might have noticed that I mentioned real estate and the stock market in my list of good passive income opportunities. Although you might not have the money to get involved with industries right away, it’s important to enter them at some point.

The best way to do this is to start small with things like network marketing, affiliate marketing or eBay and then set aside some of your profits in an investment account for future use. This way you can build your way up to even more income streams without using out of pocket costs.

In the end, taking advantage of the concept of Multiple Streams of Income has never been easier. The Internet alone can supply you with enough different income sources that you will never have to work a regular 9 to 5 job ever again. The most important thing is to get started right away, take small steps and be consistent. By simply doing those three things there is no telling where you could be 10 to 12 months from now.

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