For most successful entrepreneurs, building multiple streams of income is the key to financial success and independence. You have to diversify your income to achieve a consistent cash flow throughout the years.
Let us take lessons from the story of Ramit Sethi and how he was able to build his massive income-generating streams. According to him, before you start building your streams of income, you need to consider some key points.
1. Attitude –
Your attitude over money matters. To many, money is just a piece of paper, especially if it’s just a $1 bill. To the prosperous, a one dollar bill is a seed which they can plant and turn into a money tree. Imagine setting aside 1 dollar a day. That will be 7 dollars in a week and $365 in a year. Let’s say you have more dollars to spare. You put aside $5 a day. That will be $35 in a week and $1,825 in a year. You can speed up the process by saving more dollars each day.
2. Consistency –
Saving and investing can be boring and difficult at times, but you can’t stop. You will reap what you sow in the future and you’ll be surprised at how far your dollar has gone.
3. Focus –
Start with a single stream of income first. Do not be distracted with new strategies or new business opportunities. Continue with what you started until you are able to generate a consistent income. Then you can add another stream of income.
4. Leverage –
Instead of adding a completely different stream of income, you can add a complimentary income stream by leveraging business that you already worked so hard for.
5. Invest –
The stock market can be overwhelming, but you can focus on these three tasks to make it simple: filtering, timing in and timing out. Mutual funds are a great investment and they are everywhere. How do you choose? Select the one that has the longest track record. Furthermore, the longer you invest, the lower is the risk.
6. Educate yourself –
Before you engage in a business or investment, you must arm yourself with knowledge. Learning about the particular business market will help you make an informed decision and plan better.
It is great to have financial freedom, but it does not happen overnight. If you decide to create multiple streams of income, build your initial income stream first. When you are comfortable with it and know how to handle it well, then you can start building your next stream of income.
You have to know your niche clearly. You have to know who to sell your product/service to, what solutions you can provide to your customers, what outcomes you can help your customers achieve and why they should work with you. You should have a signature strategy that you will apply on all your income streams to help your customers achieve results. Without a strategy, marketing your product will be hard and your time and energy will just go to waste due to frustration.
Once you have a clear marketing strategy, use it on your initial income stream and find ways to make it more effective. After finding the right formula, apply it to all your streams of income.
It is not true that building multiple streams of income can make you a millionaire overnight. You must have a clear focus and strategy that is consistent in all your streams of income. In addition, just because a new strategy is making a buzz in the business world does not mean your strategy no longer works. To ramp up your revenue stream, you should perfect your strategy and apply it on all your existing and future income streams.
To sum it all up, you should have a clear mind and a clear focus when you want to build multiple streams of income. Start with one stream of income, apply your strategy and learn from it. Get all the positive points, eliminate the bad points and apply your perfected strategy to all your income-generating endeavors.
If you know of other ways on how to create multiple income, please share it on the comments section below. Share this article with your friends and start earning while enjoying the things you love most.
These steps are my starting points. Not just any starting points, either: these are my ‘back to basics,’ ‘work on when I have no idea what else to do,’ ‘got to keep with it’ tasks. 7 Things I’m Doing Right Now To Improve My Financial Situation