Multiple Streams of Income: Blessing or Curse?
Multiple streams of income seem to be an ongoing buzzword in the home business industry. Online businesses in particular tout the benefits of having “multiple streams of income”. Although there are numerous benefits to having muliple streams of income, there are also drawbacks.
It’s easy to lose focus and become scattered when trying to market too many things. Marketing is one of the top issues new internet marketers have, so when they spread themselves too thin in attempting to market more than one thing they dilute their efforts completely.
There are a few helpful guidelines to keep in mind when considering adding another stream of income to what you are currently doing:
1. Consider your existing business. If your primary business is not yet in “momentum mode” where you earn five figures per month and much of the work is automated, then it may be too early to consider adding another stream of income
2. Affiliate Streams of income. If you carefully choose affiliate programs, they can come good sources of income. You want to focus on marketing your primary business only, but as you do that you are building a list. If you choose affiliate programs that are interesting and helpful to your targeted list, then you can market them through autoresponder messages. No additional efforts on marketing are needed. This is a good option that doesn’t cause you to lose focus.
3. Your marketing funnel and business model. This is perhaps the most effective and efficient way to earn multiple streams of income. If your marketing funnel and business model of your primary business automatically includes multiple streams of income and they are built into the system, that is the most powerful way to earn multiple streams of income.
The best thing a new internet marketer can do is to have laser focus on one business. If that business happens to have multiple streams of income built into it, fantastic. If it does not, incorporating a few very good tools into your autoresponder series is a good idea. However, marketing seperate sites or doing affiliate marketing in addition to building your primary business will become daunting very quickly.
1
corrin
Monday, September 14th, 2009 at 6:55 am
I think that the key is efficiency.
corrin´s last blog ..We went to Disney…on Ice!
2
vein
Monday, September 14th, 2009 at 7:43 am
Multiple streams of income are a fact of life if you are in a long tail type of business.
3
Barbara
Monday, September 14th, 2009 at 3:21 pm
A very good and helpful article. Thanks for the advice!
Barbara´s last blog ..The “Greener” Approach to Healthcare
4
Karen
Tuesday, September 15th, 2009 at 9:43 am
The more streams of income, the more stress.
5
vein
Friday, September 18th, 2009 at 10:45 am
Not really, it makes me feel less stress because I don’t depending on one thing (boss, employer etc) to make a living.
vein´s last blog ..Mattel superverts "Barbie Girl"
6
Maureen
Friday, September 18th, 2009 at 6:25 pm
As long as they can be managed and you are maximizing your efforts it is great. However, it’s not always the way to go depending on your business and where you are at in your marketing knowledge…
Maureen´s last blog ..Multiple Streams of Income: Blessing or Curse?
7
Barbara
Friday, September 18th, 2009 at 7:34 pm
Stopping in to say “Hi” and thanks for the great advice!
Barbara´s last blog ..Relax With Barbara On Wednesday 53
8
ConnieFoggles
Friday, September 18th, 2009 at 10:38 pm
I’ve learned this lesson the hard way. Now I’m trying to focus on less and earn more.
9
Linda
Saturday, September 19th, 2009 at 11:53 am
Good advice cept I only have one business and I am just focusing on it!
10
Diane Scott
Saturday, September 19th, 2009 at 1:39 pm
Vein is correct, but I also heartily agree with Maureen. I watch too many people take on too many projects and fail miserably. The idea is to train yourself (or get trainin), accomplish one task successfully and build from there. Good advice Maureen!
Diane Scott´s last blog ..Government Money For Home Business
11
cady
Sunday, September 20th, 2009 at 3:22 pm
I agree with Diane. I think you can successfully have multiple streams of income if you make sure not to spread yourself too thin.
cady´s last blog ..29 Weeks
12
corrin
Tuesday, September 22nd, 2009 at 7:15 am
Just checking in to see if you have any updates! Have a good week.
corrin´s last blog ..Kitchen Scissors
13
Barbara
Wednesday, September 23rd, 2009 at 9:17 am
Just stooping in to say “Hi”!
Barbara´s last blog ..Relax With Barbara On Wednesday 54
14
[v]
Monday, September 28th, 2009 at 8:56 am
Time for some new posts
[v]´s last blog ..Somerset Witch project
15
admin
Wednesday, September 30th, 2009 at 4:57 pm
Hi V! You are so right
16
Barbara
Wednesday, September 30th, 2009 at 5:35 pm
Thanks for the great advice!
Barbara´s last blog ..“GreenPower” from Monster
17
Karen
Thursday, October 1st, 2009 at 8:41 am
Interesting outlook. Passing through with comment exchange.
18
Brad
Tuesday, October 6th, 2009 at 7:44 pm
How right you are, Maureen. Get one thing up and running well (autopilot) first. Widen your scope from there.
Good advice.
19
Anna Nida
Friday, October 9th, 2009 at 1:55 am
Truth to accepts things both in business as well life has been told here…. Good one.
20
Janet Giacoma
Sunday, October 11th, 2009 at 9:54 pm
I also concur with getting something up and going before adding to a new “diversion”. However, with every success why not keep adding multiple streams with one at a time? The key is to remain organized, watch expenses,and stay true to yourself.
21
[v]
Monday, October 26th, 2009 at 11:21 am
And these days even a trickle can help
[v]´s last blog ..Earth to Schleich