Do you already have or if not, have you considered setting up alternative revenue streams for your business? The idea being that by having revenue generated from multiple sources, your risk against any one is considerably reduced.
YES! definitely. I have a makeup company and I sell via: my own website ebay amazon I'm also a Dubli biz associate, as they are the #1 traffic referrer for most online stores. So I send my customers to Dubli to get cash back when they shop on MY SITE, plus if they shop at the other 4,000 stores I get cash back . Just call me the Queen of alternative revenue streams
Having more than one "egg" in your basket is always a good thing. If one source of income dries up, it doesn't hit you as hard. I'm a big believer in multiple sources of income!
I learned that lesson in business decades ago, never rely on just one income source, just as you should never invest in one stock, have a diverse portfolio of business opportunties to insure you income is never impacted if one goes under which we all know is reality in this down economy. Success to all,
If you are in a business opportunity right now and are doing well, you should always create other streams of income. Most of the very successful internet marketers will join one good program, build a nice residual income from that, and then join another one and repeat the same thing over and over again. I know of some internet marketers out there that have anywhere between 20-50 streams of income each month and are earning well into the 6 figures per year.
I'm a freelance writer, so I can't imagine keeping up with 50 income streams! Marketing isn't my thing. However, writers do seek out multiple clients. You have to. Relying too heavily on one can result in an absolute financial disaster. Diversifying is always a good thing when you're self-employed.
Interesting, I know many who work more than one income opportunity, especially since the rise of the internet which is the only way you could effectively market more than one opportunity. I agree, you have to devote your time and attention to one first and foremost, but if you choose wisely what business to focus on, you want to make sure you are not competing with yourself. By this I mean you cannot market the same product category from different companies or it will come off as non-committed as I see it. You have to be a user of the products you are selling, so you have to be careful. As to working 20-50 different companies, that would be a real trick, I have found it difficult to have a half dozen which is my strategy. I choose products which I use and have proven to be effective, plus they have to be recession proof so they are long term companies. We have all experienced the ups and downs in markets, so choosing wisely is once again the most important first step in working more than one business at a time. I got burned twice in the past where I was focused on one product or company, and POOF, my income vanished overnight. The first was back in 80's with Herbalife, built a six figure income, then the claims that products were killing people hit the market and my solid residual income declined rapidly due to long term litigation which was like an anchor around neck of company. I knew I had to do something, so I then started to focus on Network2000, a telecom deal which came to be after deregulation of industry in mid 80's. Converted most of my Herbalife people since they all wanted to save money and pick up where Herbalife left off, worked great as it was not a competing industry of nutritionals like Herbalife was. Well, you guesses it, a couple years later POOF, my income was gone as company became what is now known as Sprint and all distributor agents were terminated. Long law suit took years to settle, and after legal fees, I barely got 10% of what I was earning per year, not quite what I was earning with Herbalife, but closing in fast on another six figure year. Needless to say, it was then that I realized I had to work more than one business, and never looked back, I am still earning a residual income from another telecom I am with from 90's, even though income has been slowly falling off due to competition and in general, lower prices throughout industry. Another lesson learned about why I chose to work more than one business, you can't rely on any one business to survive long term, and this is what I wanted, long term incomes. Simply put, be a student of the industry, learn to earn more than one income stream, and always keep a few going at the same time is my best advice. Speaking of Herbalife, and early troubles they had, they did eventually come back and are doing billions, so this was one I stayed with, but stopped focusing on, and yes, it is still paying residuals almost three decades later, so again, look for long term recession proof businesses first and foremost. When owner of Herbalife died, the company was once again in trouble, never mind an attack by those who wanted to manipulate the stock with ponzi claims which are still going on, so who knows, once again they could take a dive, so be prepared. Ironically, the former owner who bailed out Herbalife after owner died is now starting his own company, and I am watching for this one to be announced, it will be in trillion dollar recession proof industry, and thankfully I got inside track on this, so it looks like I will be adding another company to my portfolio. Success to all,
You can just about do affiliate marketing along with any other Business you are running. You can do it with Online stores, blogs and even if you are doing MLM. eBay is another great way that I use to make extra income. The concept is a little different but it's good for making some extra money on the side to any business you are doing.
Multiple Income sources are must but jumping from one another or trying to grow all at same time can be risky. I always try to concentrate to grow one at a time , when its streamline start to grow another one.
