Developing multiple streams of income is tossed around quite a bit by many pretending to be experts on how to generate income online. And it is a very important strategy to being successful. The problem is that these so-called experts don’t exactly explain the basic principles of how you accomplish it.
You can recognize that they don’t really know what they are talking about because you will see them pitching every new “hot” business that comes along.
But if I had to come up how to create multiple streams of income in one word it would be “FOCUS“. And by focus, I mean 3 things:
- What is your end goal?
- How much money in what time frame do you need to get to your goal?
- Is what you are doing now in line with your goal?
Dangers of “The Shiny Object Syndrome”
I don’t know Tanya personally but she makes some excellent points in her video. Unless you know where you are going, you are bound to end somewhere else. And that’s why losing focus and bouncing around from business to business is not going to create you multiple streams of income and help you reach your end game.
Trust me. It might make these “gurus” who pitch this stuff to their lists some nice money but for the average Joe out there, jumping from one business opportunity to the next is not going to provide them with different streams of income. We call this “the shiny object syndrome“, or the SOS Syndrome for short.
It’s the tendency to get real excited about a business until the newness wears off and perhaps there is very little or no immediate success. So the next business opportunity that comes along sounds appealing and the jump is made to that business. Until the next opportunity comes along…
And so forth.
We’ve all probably suffered from that malady at some point in our career.
It’s not until you learn to stay focused on one business at a time and seeing it to success that you really begin to understand how to build multiple streams of income.
In my particular case, I’m involved in several home business opportunities that provide me a nice residual revenue stream every month. Two of them I started over 4 years ago and over the last several years they have grown. Another one I started a little over a year ago, and the last one about 8 months ago. The last one has grown to over 1300 members on my team! But the important thing to realize is that all of my businesses pretty much run on auto-pilot now. I have my advertising in place and while I monitor my marketing campaigns from time to time and make adjustments when necessary, there isn’t a whole lot I need to do anymore with these businesses.
The Simple “Secret” to Multiple Streams of Income
The point I want to drive home here, and it’s VERY IMPORTANT is that to create multiple streams of income you need to build them one business at a time. Develop one business to where it’s earning you a desired level of income, and THEN move on to start developing another income stream.