Let’s talk about building multiple streams of income, because there is a lot of controversy on this subject.
There are some leaders that are saying NOT to have multiple income streams, that you should FOCUS on ONLY ONE.
Then, there are some leaders that are saying you should DIVERSIFY by creating multiple streams of income.
Which one of these philosophies is correct?
Multiple Streams of Income
I am going to share with you my thought process, because I am actually someone that HAS multiple income streams and has successfully built multiple streams of income. I know a handful of leaders that have done this, as well.
There are a lot of people that TRY to build multiple streams of income, and can’t make it work.
There was a leader on a hangout the other day that talked about building multiple streams of income.
The leader said, “You can’t chase two rabbits at the same time, and catch one.” This statement is 100% true. I am not discounting this leader’s comments, because I believe that we have to BE FOCUSED.
Focus is important, and you have to focus on one income stream. Once you are successful with one, you can diversify into other income streams. This philosophy resonates with me as well, because I think this is true also.
What I Learned from people About Multiple Streams Of Income
I’ve done it myself and with my team. We still had that same, laser–targeted FOCUS, but we put the income streams together in a systemized way. If you do it in a systematized way, it works.
That analogy that you can’t chase two bunny rabbits at the same time and catch one…
Well, you CAN chase two bunnies at the same time if they are tied together! All you have to do is catch one rabbit, and you have caught them both!
Philosophy Behind Building Multiple Streams of Income
Here are the 2 rules we apply:
- The products cannot be contradictory or compete with each other.
- The products have to be put together in a systematized way. For example, an individual joins our system, then they buy the auto-responder and other business building tools through us.
Brand New To Internet Marketing?
If you are brand new to internet marketing, you should not be building a system until you have achieved a level of success. We did not build our first system until we made $40,000 in one company. Once we had money, we started putting our success stories together and building our own system for our team.
The beautiful thing available to new people starting out today, is the ability to plug into an existing system and be successful.
If you are trying to build multiple income streams, I highly, HIGHLY recommend that you do it in a systematized way, otherwise you are going to go crazy.
If I had tried to build multiple streams separately, I wouldn’t be where I’m at, making the money I am making now.
My Advice on Building Multiple Streams of Income
If you don’t have a systematized way of building multiple streams of income, you need to stay FOCUSED on just one product until you are successful…
THEN you can venture out into other products and systematize it.
I hope you have found this blog post to be valuable…
Let me know what you think. I always want to hear the opinions of other leaders and people who are building their businesses. Tell me your thoughts by commenting below.
Multiple income streams with “The Prosperity Team”
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Mike Hobbs
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Thanks Dave
YES agreed Mike! You do it in such a seamless way that you’re not chasing a bunch of stuff…. you’re building ONE system with focus… which drips into complimentary tools etc… and one system builds a variety of checks for you… big difference!If you’re new… there’s nothing we can say that will prevent you from “doing it your way”… lol So try whatever floats your boat but remember this… if it is NOT generating results and you do NOT feel happy or safe or confident doing ONE or doing MULTIPLE deals… you MUST change and try another approach.I see many people try one way… and struggle… then just quit altogether… that’s a cheap cop out…Stay in there and find YOUR way… a way that fits you… (as long as its making money) cause you can get caught in the trap of “I like to do it this way”… and that “way” is not making any money…If it doesn’t produce a PROFIT, you are NOT in business… 🙂
I completely agree with you Mike.
If you think about it every retail outlet has multiple streams of income.
Each item is one stream of income.
Another example would be someone who provides a service say yard care.
One stream would be the care of the yard, another would be the fertilizer, another might be yard ornaments.
And each provider should focus on there area of service.
You would not offer yard care and hair care for instance.
Not saying that you couldn't be done, but it would be difficult to sell both those services at the same time. Where as yard care and yard ornaments go hand in hand. Meaning you already sold the beautification of there yard why not up sell with yard ornaments?
Thanks Paul! The most important thing I think we should all get out of this is the importance of building multiple income streams but also have FOCUS! Some people don't think you can have both!
@FrancoGonzalez Rock on! Ya it took me years to streamline it, but it is possible! With all the different trainings out there about this, I thought I would chime out with mine! haha
Hi your new office is looking good.
Thanks Mike for the post. I'd like to say it's always important to keep your 9-5 while building multiple streams of income, once the streams of income become passive, then you should leave the 9-5. The hardest part is creating the income streams though! Check out my view on multiple streams of income: http://yespassiveincome.com/multiple-streams-of-income/.