Why Multiple Streams of Income?
Why Multiple Streams of Income?
I’m a big believer of multiple streams of income when it comes to online home based businesses. There are never any guarantees of any company lasting a lifetime as evidenced by some of the biggest, strongest companies going under in 2008. I don’t think it’s a good idea to put all your eggs in one basket so that if one business folds, your entire empire doesn’t crash and burn.
If you’re considering starting your own home based business, or already have and not much is happening, I encourage you to investigate some of the best network marketing strategies revealed in Mike Dillard’s Traffic Formula 2.
In his FREE 36 minute video, Mike Dillard boldly states that if you’re just an affiliate or representative of a company, you are not an entrepreneur. His reasons are valid and when you think about it, he makes sense. However, most home based business owners never give it a thought as they jump on the bandwagon with companies as an affiliate or representative.
So, why does Mike think that?
Because Entrepreneurs have their own businesses.
Affiliates do not.
Many new home based business owners have no clue where to start online. Their upline or sponsor tells them to market their product. So they set out to place ads for “best energy drink”, “best travel club membership”, “best information product”, “best legal services”, “best personal development seminars”, etc. And that’s all they know.
Or, let’s take it a step further and say that this business owner used attraction marketing strategies to build a business and they did great.
Let’s take it a step further and say that this business owner moved his/her way up to top affiliate for the company and has thousands of dollars of income every month. Life is grand. He/she is living the life.
Then reality hits. They wake up one morning to find that the company is out of business. No warning, no clues or red flags, no rumors, just closed. Now what do you have?
Well, unless you have a multiple streams of income, I’d say you’re out of business.
A true entrepreneur would never let that happen. An entrepreneur has multiple streams of income and is always looking to add to their menu of services. They are looking for ways to do things better, make things easier for people, using creative skills and developing their own products. People recognize them as YOU, Inc. rather than AFFILIATE XYZ.
The entrepreneur is building assets for themselves.
They own their own list
They own their own products
They own their logos
They own their company name
They own their ideas
Nobody can take it away
The affiliate has no assets.
They don’t own the list of Affiliates
They don’t own the products
They don’t own the logos
They don’t own the company name
They don’t own the research
They don’t own the staff
They don’t own the equipment
It can be taken from you in a heartbeat
Further, the company for whatever reason can decide to suspend your account and association if they feel you have violated their rules and regulations at any time. That’s the same as waiting for a pink slip.
What you want to do is become a Solutions Provider. Be your own business. Build your own assets. Create wealth that nobody can take away. Put yourself in a position to not be hurt financially if one of your programs calls it quits. Build your own list.
I invite you to explore what I’m doing and if you resonate with one or more, let’s get you started on your road to creating your own online empire.
I personally own and use the products I represent and are happy with them.
As you consider each of the income opportunities, the training will be the same. The biggest question people have about starting a home based business is the “HOW?”
Under “Coaching”, I’ve discussed this most important issue.