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In this post, you’ll learn how to create multiple streams of income if you’re an entrepreneur.
If you’re an entrepreneur and you’re trying to create multiple streams of income, you’re probably trying to do it with your business.
You might have a business over, and you want to create some passive income. Everyone loves passive income, but sometimes there are active streams of income as well that are very beneficial.
We’re not getting into the scope of active versus passive income. The point here is to create multiple streams of income.
And why do you want to do this?
Well, when you look at some piece of furniture that has a handful of legs, you can notice that it’s being held up by four pillars.
If one of those pillars falls, is your table or structure still sound? Is it still standing?
If it is, then fantastic, then you have stability. Many people have one leg to a table to a structure, and all of a sudden, it just falls.
What you want to do is continue to build and expand your legs. The more legs that you have getting your income, the better off you are with stability. Sometimes having too many legs is just a nightmare. That’s because you have to manage all these legs of your business. It takes away your attention and focus.
Where do You Start?
Typically, in general, as long as you have good people managing different legs of your business, you should be fine. If you’re an entrepreneur and you’re just starting is start with something small. Get something that generates your income one way.
Let’s say something simple, like writing a book. The reason I say this is simple, even though it’s challenging to do, is that there are very few things that you need.
You need a computer, and you need to write it, and then you publish it. It may generate a little bit of income. It’s not a huge product in terms of price. Maybe about $7-$15 for a book.
Your sales or revenue might be small or minimal, but you have one income stream in the pipeline. And your goal is to continue to build these legs out. As you continue to expand, let’s say you create an online course for $97 or $295. Maybe it’s $595.
I don’t know what your price range is or what category you’re in, but you might build out something else.
The third thing you might do some investing. If you want to check out more on investing, check out my other website Traders Fly.
You might invest in your company. This could be into index funds or other kinds of funds; let’s say the ETFs. And now you have your money starting to do some work for you.
Continue to expand this. From your standpoint, where is your business going? What is it that you’re doing?
You could continue to expand your services. Let’s say you’re a web developer.
If you are a web developer, you could:
- make an application
- create templates
- offer services
How to Expand Your Business?
For example, I have a team that works on my websites, and we just expanded the process. I have a website called LocalDrip.com and you can check it out if you want my team to design a website for you.
If you’re in the local space like lawn service, a plumber that’s the route we went to keep my team busy and occupied when they’re not working on my websites.
Look at your team, at what you’re doing and the resources that you have available. And continue to expand. If you’re good with video editing, the production you could expand the services there.
Continue to expand it further. We also offer video editing services through our website VideoAcorn.com
You have to see what you have. I have a ton of people that do video editing for me based on all the videos that I produce.
They wanted more work. Let’s just put up another site, and we got more streams of income coming in. That’s what you’re doing. It continues to grow and evolve as you continue to grow your business.
I hope you start thinking about this as building your structure and making it sound and stable and having a great foundation. You’ll continue to expand this as you have more resources.
Some people want to concentrate and focus on one area. It’s perfectly okay. It’s not a problem as you evolve you might want to expand into other areas. That’s okay too.
And if you get 2,5 or 10 sales here and there. If that’s good for you, then great. You’re expanding your arsenal where things are coming from because now this has become your whole empire. And that’s what you want to think about.
This is now your empire to bringing in clientele because people nowadays want things very specific, and that’s why you have to target them laser focus on what it is that they’re looking for.