What are Multiple Streams of Income?
Have you heard people say they have multiple streams of income? What does that actually mean? How to create multiple streams of income that will pay you?
Let me tell you a little of my story so you can see how my evolution has taken place. I originally got involved in MLM or network marketing. I have to tell you that it can be a bit of a roller coaster ride. I love Direct Selling and the products I’ve represented. There are some truths about building your network marketing venture, that you may not be aware of. It takes time to grow a large organization and make an income that will support you and your family.
The percentages on what you will be paid are small, in a network marketing company that’s why you need a very large team to be able to make it. The long term residual income is what your reward will be. I have experienced this for over 20 years.
When I say it can be a bit of a roller coaster ride, many things can happen that can erode the income you’re building. This can be from the company side where there are problems or even from the organizational leadership above you or below you. This is not to discourage you, but to let you know that creating other income streams at the same time will benefit you as your business grows.
The reason I bring these things to your attention, is that when a leader or company tells you that you shouldn’t create multiple streams of income, it’s for their benefit not yours. You need to be looking out for your well being and the well being of your family.
There are many network marketing companies that have products that people want and will buy, even if they are not in that business. You want to be with a company where people want what you have. In the meantime, as you are growing your business, you can develop additional streams of income to help you and your family. I will be explaining more about the ways you can do this.
Leaders in your network marketing business may tell you they want your total focus. They will tell you, you can’t chase 2 rabbits at the same time. While this is true, .you can get involved in affiliate programs, that will assist you in building your business. You can take advantage of opportunities to widen your horizon and your income possibilities. Whatever you do, you need a business mindset and have the determination that you will succeed.
When you look at any business, the biggest component of success is traffic. If you don’t have enough people coming to take a look at what you have, you will not succeed. Being able to drive traffic to an offer is critical to your success. That way the people who want what you have, can find you. When you have traffic you can drive traffic to multiple streams of income and multiple businesses.
Some diversification can be in the form of affiliate offers that can come in the form of teaching and training. There are also affiliate programs for systems, good books and software. Even Amazon has an affiliate program. This can be another stream of income
Another way to create income is to sell things on eBay or Amazon. There are programs that will teach you how to drop ship from Sears, Overstock, Amazon and more. The old buy low, sell higher, is being done by many people.
Do you remember when you learned about the Gold Rush? There were people who got rich from the gold, but there were many more who got rich by selling the prospector’s tools for finding gold. That was the time when Levi-Strauss made their inroads in selling jeans. Prospectors needed good clothing that would hold up to the elements and Levi-Strauss jeans fit the bill.
Levi-Strauss made a fortune selling jeans to Prospectors. Prospectors also needed picks and shovels and other various tools.. Those entrepreneurs who filled a much needed niche became rich.
What do you think is one of the biggest tools needed nowadays for working online? It’s traffic. The common denominator to all of this is learning to market online. Learn how to create converting offers and marketing these offers will lead you to success. The primary focus is driving traffic. Get enough eyes on what you are marketing and the conversions will take place.
There is no crystal ball as to which companies will make it and which ones won’t. When you know how to drive traffic, you can do this to any number of different offers and different products and different companies. With any home business the focus has to be driving traffic. When you’re not making enough money in one business, you can add another business.
Your job is to make money for your family. One of the most important skills in online marketing is to learn how to drive traffic. You need to learn that skill and then it’s easy to diversify. As an example “Shark Tank” Mark Cuban, had an entrepreneurial spirit as a child. He made his first fortune as a salesman in technology.
He built relationships. Relationships are the cornerstone for success no matter what you do. Even when you learn to drive traffic, you will need to build relationships and trust. After his success as a salesman he decided to venture out and founded a company called MicroSolutions, which he later sold to CompuServe. He later branched out and started a company that streamed radio on the internet. He diversified and later got into Sports buying the Dallas basketball team “The Mavericks.” The reason I brought him up, is you have to start where you are before you branch out. Many successful people have more than one business to develop multiple streams of income.
What do you think the market needs as far as tools? In the online arena people need training on how to do things successfully online. They also need to learn how they can drive traffic to what they are marketing. Your job is to learn how to monetize what you do and develop several streams of income so that you always have income coming in from several sources. Stay focused and learn how to drive traffic, then you have more freedom and choices.
I’d like to introduce you to my partner Ankur, who will let you know about an opportunity to learn how to drive traffic as well as online training. Click here to learn more.
I am here to help you be successful and learn the skills that will help you become profitable and create the lifestyle you are looking for,
I look forward to assisting you.
If this has been helpful to you, I welcome your comments and sharing this with others.
The Revitalized and Awake Entrepreneur
“Help revitalize, your true purpose and know that there is So Much More to Come”
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