Beyond making more money, there are several reasons it is important to create multiple streams of income.
An alternative source of income helps to reduce the risk of being left without any money. For instance, if you’re laid off or one source of income drops off, you have other sources to keep you on, especially in home business.
Several economists and financial analysts have urged workers to create strings of income and live within their means, as that will help them to avoid being cash-strapped, especially before the end of every month.
If you have several additional income ideas, wait until you’ve got one up and running before starting the next one
Although, having a multiple source of income has some basic challenges that one needs to grapple with, such as the difficulty in keeping on top of all tasks that needs to be done for every income stream, It’s a balancing act to give enough attention to each income stream to keep them growing and profitable and the start-up time for each income stream is time and energy consuming.
But even with the challenges, the benefits outweigh the potential problems, especially if you build additional income related to your existing home business.
RECALL
A lazy man would always give more than 100 reasons why his innate abilities cannot fetch him money. When a door is shut, he does not even want to push to see if it is locked. Such people may not recognise a breakthrough door, when such shows up
Many home businesses fail not because they’re bad businesses, but because their owners were unable to push through frustrations, disappointments, and challenges to achieve success.
This is where a coach is useful in helping you see what’s not working, identify the activities you need to focus on, and motivate you to get busy. Unfortunately, many new home business owners can’t afford to hire a coach. But if you have the desire to succeed, and can be brutally honest with yourself, you can be your own coach.
Every decision and task should be questioned as to whether or not it’s the best course of action. Consider if there are alternative actions you can take and weigh which are the best options.
Tips to creating more streams of income
Focus on income that can expand your business. For example, public speaking or teaching can create additional income, as well as generate new clients. Another option is freelance writing, in which you’d get paid for an article that would also promote you and your business.
Choose and set up one income stream at a time. The planning and launching of a new stream is the most time consuming part of the venture. Avoid the temptation of jumping into several ideas at one time, as putting your focus into many areas at once will dilute your efforts and slow you down.
If you have several additional income ideas, wait until you’ve got one up and running before starting the next one. Work to have systems, schedules, and tools in place to help you manage existing income streams, so you don’t become overwhelmed.
Drop an income stream if it isn’t working. You want to give your additional income the time and effort needed to get them running, but if they don’t start generating income or if you hate it, drop it.
Although adding streams of income takes time, creating them within your current business is faster and easier than starting them completely from the scratch. This method of generating extra sources of income works well for any size business in any industry.
It is important to note that no one can help you reach your goals, if you don’t know what they are. What is it that you want to achieve, not just in your present career, but in your other income-yielding ventures you are undertaking as well? For example, you work in an hotel and you have a plot of land. You may choose to build an event centre on it, and from there, start developing the site with hotel building project. Before you know it, you are already the hospitality entrepreneur of your dream.
