Today I am going to give you the secret ingredient to my hugely successful home based business, creating multiple streams of income.
Its my secret sauce, but trust me, it’s really no secret at all.
I could say that my success is solely based around hard work, motivation and dedication and I wouldn’t be lying but the one thing that has helped me get to where I am is the many revenue streams I have created over the years.
You will probably hear me say this many times in this blog, so might as well pay attention and learn it now.
In my opinion, you must create multiple streams of income or your business will be vulnerable to collapse.
Now if you were operating a brick and mortar business, lets say you were a propane distributor who sold propane and propane accessories, you could probably get by with just your propane and accessory sales.
But, we are not a brick and mortar business and we must do things a little different to survive.
Remember in the Will Smith movie, The Pursuit of Happiness, when Will was standing by the fence talking to his son and he said the famous quote: “You Have A Dream, Protect It”
The same holds true for our home based internet marketing business, we have to protect it by not putting all of our eggs in one basket.
Generating traffic is another part of our business that we will need to diversify but we will save that for a future post.
I am living that dream and I cannot imagine going back into the working world now that I have tasted my new lifestyle.
I use my multiple streams of income as an extra layer of protection and security to ensure that I never have to go back.
But I didn’t start off creating multiple streams of income.
I started off with my eBay business and after about a year I had my business on auto-pilot which let me begin searching for a second income stream.
This is where I made many mistakes.
At this point I had a steady income from my eBay business and was still working my full-time job as a warehouse supervisor which paid very well.
I began searching for “make money from home” and “make money online” training and came up with thousands of those to good to be true systems.
I actually invested in a couple of them and spent a lot of time trying to implement to money-making techniques.
These all turned out to be a complete waste of time and money.
I learned quickly that if it sounds too good to be true, it normally is.
I figured I spent about $2,000 over those couple of months.
I could have gotten discouraged and quit searching for additional revenue streams but I used these to motivate me to find a better system.
I continued searching everyday and one day I found a video on YouTube that really caught my attention.
The video was a new affiliate marketing training course by a guy who had never produced a training program before.
I decided to purchase the course for $47 and devoted every second I wasn’t at work or working on my eBay business to learning affiliate marketing.
That was 3 years ago and to this day I am not an expert on affiliate marketing but I have had $10K months and experienced my first 6 figure year in 2013 thanks to a combination of eBay and affiliate marketing.
Since I added affiliate marketing as my second revenue stream I have started to phase out eBay and have began to add several other new revenue streams.
Here are my current income streams:
- eBay/ Amazon sales – very small part of my income portfolio
- Affiliate Marketing
- Network Marketing
- Liquidation/ Surplus Sales
- Rental Property
That really looks like a lot and it really is but that is the way I am.
I always have to stay busy and I am always looking for ways to make money and ensure that my family will be secure no matter what the economy is doing.
Creating Multiple Streams of Income
If I had to start over, basically if I was in your shoes and I was working a full time job, or was unemployed and was looking for a way in which I could start a profitable work from home business that consists of multiple income streams, I would take these steps.
1. Start with one stream of income, preferably something that is easy to succeed at.
Try and find the low hanging fruit that you can quickly grow to cover your living expenses.
Once you have reached a level where you have your living expenses covered, you will not only have the confidence to take bigger risks but you will be able to work on some of the long term business opportunities that will make it possible to truly achieve great wealth from home.
2. Add a second income stream – this time target something a little harder but work on adding a stream of residual income.
Residual income is the most powerful type of income you can add and the one that I spend the majority of my time working on.
Residual income, such as network or some affiliate marketing allows you to do the work one time and get paid over and over for that work you did just one time.
Building a website/ blog is the best example I can think of as a source of residual income.
I build a blog, add content, build a few links and if everything goes as planned, I will have a steady flow of visitors and buyers coming to my site to buy the products I am promoting.
Depending on the products I have chosen, the sales could last for weeks, months or even years to come.
3. Lock down your first two income streams before moving on to a third stream, perfect what you have done, solidify your results so they will be there for a long time to come.
4. Add another income stream and perfect it.
5. Each step of the way, spend the time and put in the effort to ensure you will see positive results.
Multiple Streams of Income
The key is to not get overwhelmed and do not rush your results.
My first income stream was easy, selling on eBay, finding items to sell and listing them for sale came easy for me.
I read several eBay related books which added skills to lower my costs and increase my revenue.
My second revenue stream was not so easy, it has taken me 3 years and I am still not an expert on affiliate marketing but I have put in the time and effort to ensure my success.
I will talk more about my many income streams throughout this blog, you will learn everything I know about making money from home if you stay tuned to my posts.
I look forward to sharing my experiences with you and hope you are excited that someone is finally giving you a success blueprint that is easy to understand and follow and hopefully you will soon begin your journey to creating multiple streams of income to your life so you can live the life you have always dreamed of.