I’m sure you’ve heard this speech from every guru on the internet… “To be successful you must have multiple streams of income!”
Entire books have been written about this subject and for good reason. I’m a huge fan of multiple streams of income, heck if you look at the platforms I own it’s pretty spread out. From auto responders to membership training sites. Analytics tools to traffic generators. I have my hand in a lot of things because I know how powerful each ‘avenue’ can be.
It takes a lot of effort to run each business and a whole lot of patience to get them each up and running. So don’t for a second think I’m saying creating multiple streams of income is an easy process.
However the biggest issue I see with this piece of advice that you need to build multiple streams of income online is that…We rarely focus on ONE stream to build multiple streams.
Here’s a little story of what I mean…
When I first got started online, I was into everything! I joined this program, that program and invested in every scheme you could possibly imagine.
That lasted about 3 years and put me in debt about $10k. Sound familiar? This is sadly the norm for a lot of us trying to build a business online.
Then I had a wake up call by a few people I was hanging around and they put it bluntly….I need to focus on one aspect of online business so I could become a master of one, not a jack of all trades.
This holds true when you are starting out building the ‘multiple streams‘…No one wants to learn about list building from someone who practices list building…Once a month.
I guarantee you, no one is going to want to learn SEO from a guy like me…Why? Because I’ve put 0 effort into SEO lol
The fact is, people go to the EXPERTS and the leading authorities in a niche. So your job as a entrepreneur is to become the BEST and most knowledgable you can be at ONE thing.
Hey, after you master something there are plenty of other opportunities to grow multiple streams…But it starts at one!
Learn, grow in and master one stream of income and then your world will open up for you…
9 thoughts to “The Problem With Multiple Streams Of Income”
Many can relate with the costly syndrome of Jack-of-all-trades-master-of-none.
We just need to tame the monster of getting-rich-quick and take the slow and steady road to success.
It’s not the most appealing method, but it works!
I completely agree. I learned a long time ago when I first came online to focus on one core program.
Buy in to it.
Learn, know, and understand everything you can about it.
Write a simple how to.
Become the person people ask when they want to know something about it.
Yeah man, it’s not the easier thing to ‘sell’ to people because they want results so quickly…But the time invested in becoming the best YOU can be, is a such a win!
Good advice, and simple to understand. Thank you!
It seems like you believe that list building CAN be an actual niche – and not just a necessity across many boards. If so, that is great to hear. It’s also very encouraging especially since it can open up so many doors.
As humans we have a tendency to take pride in having the ability to multi-task; especially in the workplace. I am SO against this because I believe that it compromises on the quality one can invest into just one task. I’m all for focusing on becoming a “master of one.”
For this reason I think this is why funnels are so important to have. Care to add on?
Oh for sure. I think it’s a must for multiple reasons…But the big one being, it’s YOUR brand.
So while Facebook may change things up. YouTube might not allow creators the same control….But your list….Your list is something YOU own and can control.
I agree focus on one until it’s mastered and then let automation and organisation do most of the work. I think the end goal of every business owner should be to finally get to a place where the business runs on it’s own whether they work or not, I know it sounds easier said than done and I have not reached that goal, yet… But if you are a business owner and it requires daily work then you are also still a job owner, there is nothing wrong with that and most people are happy doing that, because maybe they just love what they do, like singers and song writers – their work is mostly a labour of love and are expressing art and talent, it’s almost like they must do it rather than have to do it. Multiple income streams can be found by sticking to one niche or many. The classic example to become financially free with multiple income streams and free from a job would be to write multiple best selling books or to receive royalties or commissions from something you done just once.
Yeah man, I’m the biggest fan in the world of multiple streams, my issue is that people dont focus on one, to get the ball rolling.
Get it rolling, then ‘roll’ it into other streams.