Multiple Streams of Income Online
One of the questions that we get asked constantly is
“should I build more than one stream of income online”
The answer in our opinion is definitely YES. BUT …… and it’s a big BUT… when the time is right to do so (speaking specifically about multiple streams of income online)
When we first got started online back in 2010 we were taught from day one that we should always look to build multiple streams of income and to look for systems and platforms that had within them multiple streams of income. From this concept we trained on this model using our Three Legged Stool TM (Something we were already familiar with in our offline business)
Here’s something that we believe is very important right now when considering Multiple Streams of Income Online and which we want to share with you. One of your income streams (albeit not necessarily online) should be your current job, profession or occupation. The income stream which pays you money to support you and your family and/or lifestyle. You may be shocked to hear this but we hope that you see the sense of it.
In fact, many people will disagree with us on this count but we think it is very very important NOT to give everything up without gaining the skills and knowledge to help you succeed in your chosen endeavour.
Time and again we have seen people throw themselves into a new business without consideration for having a steady stream of income coming in (which in fact could support a new entrepreneurial adventure if you think about it with the right hat on). In actual fact, this is exactly what we did when we got started and we would 100% suggest that you do the same.
Our driving force to give up that particular stream of income (our successful management consultancy business) was our lack of time freedom. That being said we didn’t just throw in the towel and quit. We got started with our online business part time whilst still earning our principle income from our management consultancy business. We put aside some of that income with a view to it supporting us for six months when we were ready to say we were going online full time. Only when we were ready did we give notice to our clients and go full time online. Even then it wasn’t all plain sailing and there were times when we wondered if we could do it. You will almost certainly have these feelings at some time.
In fact we did exactly what we now teach – spend 2 hours a day building your business part time (this really is the minimum in our opinion)
The best kind of businesses to build into your multiple streams of income business are those where you can “earn as you learn” An ‘opportunity’ for want of a better word where you learn the skills you need as you earn an income from them. These are far easier to sell as well and at the end of the day it is sales which generate income.
When we got sent this video just the other day it put everything into perspective and we’d like to share it with you here – its about Multiple Streams of Income – and Dan Struzel, Vice President of Publishing interviews Robert Allen, author, speaker and entrepreneur.
We were fortunate enough to meet Robert Allen when he spoke in London at National Achievers Congress and have huge regard for his entrepreneurial success.
Robert H Allen Multiple Streams of Income
Summarising his strategy for building multiple streams of income there is one core component and that is your main stream of income (job, occupation, profession). In fact most households have two streams of income these days – both husband and wife.
It should be that income stream that builds what it called the “back end“. You then look for other income streams to build your “front end“. Ultimately, according to Robert Allen you want to have 4 – 5 income streams. You want to be looking to build a solid base of financial freedom through multiple streams of income that flow in without you having to be there (in person) every single day. Businesses that you can launch in a couple of hours a day to begin with and then manage a couple of hours a week WITHOUT having to detract from you job income.
In the current economic climate people really need to consider this approach and it’s good advice. Most people who are employed are fearful of losing their jobs and get locked into that ‘frozen’ mindset working away at it day and night giving their full attention to a job that more than likely is not going to last.
Opening up multiple streams of income also opens up your mindset towards the fact that you’re going to be responsible for YOUR streams of income (multiple streams of income) so that you are able to say there is never going to be a time when someone pulls a rug from under me – that my streams of income are mine – no one can take them away.
What you have to do is set aside time to move into that entrepreneurial mindset and if you are reading this the likelihood is you are entrepreneurial and many of you probably already own your own online business (even part time).
We hope that you found this valuable and Robert’s advice helpful.
Robert G Allen is the author of Multiple Streams of Internet Income as well as others in the series of multiple streams of income.
We would love to have your comments and thoughts on this subject.
Meanwhile we would like to share with you a couple of the businesses that form a part of our Multiple Streams of Income Online
The Six Figure Mentors & The Digital Experts Academy
For serious entrepreneurs who are prepared to invest, be educated and see that generating an income online is a long term sustainable business. Ideally suited to professionals seeking a digital lifestyle. With the marketing system of The Six Figure Mentors and the Digital Experts Academy product line you can earn a residual income for using and recommending the system and commissions from $1000 – $8000 for selling the products.
The Ten Ten Formula & Empower Network
For entrepreneurs who want to get started fast with a ready made website/blog. Members can become affiliates and earn commissions from $25 to $3000 on sales of the products (online marketing and education products)
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