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Multiple Sources of Income is the Secret of the Rich

Aug 17, 2007
Having multiple sources of income is a secret weapon used by nearly everyone who's really wealthy. The wealth they have comes from many different sources, even if it started with just one source.

Whether it's an entrepreneurial venture, network marketing opportunity, stocks and bonds, real estate investments, building projects, you name it, they're always on the lookout for new opportunities.

So, how do you get started creating multiple sources of income? Look first at your own skill set, your own interests. Create a list of potential money-making activities and businesses.

Look at what you currently do. What topics and opportunities are you naturally drawn to? What are you good at? If you don't know, start by creating a list of all the things you enjoy doing, all the things you know you do well.

Have a couple of friends compile lists about what you do well, too. See which things intersect, what comes up on all of the lists? That's a great place to start.

Once you've got some possibilities nailed down, you need to evaluate them so you can pick one to run with. You're looking for the most viable venture, the quickest path to cash, a great starter stream that you can use to learn how to do this over and over.

Questions you need to address include:

How much risk is involved?

You want to start with a stream that's pretty much foolproof. You want success early on, because it will keep you motivated to learn, juiced to create more sources. You don't want to bet the farm on your very first time out of the gate because you're still learning. You should pick a stream that's less risky to start. As you get more and more savvy, you can take on projects with a higher risk-reward ratio.

How much time is involved?

Remember, you're not quitting your day job yet. So you don't want to start something that's going to leave you with no time to sleep. As your stream builds, you'll be able to hire other people to work it full-time, and it will eventually get big enough that you can work it yourself full-time.

But to start, you've got to choose something that's not going to take every moment of your free time to get up and running. Take your family into consideration, too, because if you neglect them, it's not good for anyone.

How complicated is it?

Since you've got your bread-and-butter job to consider, remember that your new income stream needs to be simple enough that you can manage it yourself at first. If there's a huge learning curve, this is not the stream you should start with.

How much creative thinking does it require?

This is something you want in your stream. You want to be able to express your creative mind through this stream of income, coming up with great ideas for the concept, the marketing, the customer-appreciation, the employee relations. You'll always do well when you're paid for your ideas, so you should make sure to pick a venture that gives you room to think.

How much profit potential is there?

You need to do some figuring on this before you even get going. Learn how to revenue model, and get it on paper. The last thing you want is to go all out on a venture that never had a chance to make you money.

How can you serve the most people possible?

If you offer the best possible service to your customers, you'll stand out above the masses. It's true that broadening your scope, learning to serve millions and thousands instead of tens or a handful of people is most profitable. Take care of meeting your customers' needs wonderfully, and the money will flow faster than you can imagine.

What can you learn from this income stream?

From personal growth, to practical expertise, your new income stream should stretch you. You will learn all the ins and outs of starting and running a business firsthand. Someday down the road, you'll be able to teach someone else how to do it, too. The principles are the same no matter what ventures you start, so you want to be aware of what you're learning along the way.

Is this something you can duplicate?

Your venture should be simple enough that you can easily expand, or duplicate your business. For instance, if you decide on a network marketing opportunity, you want to be able to recruit, market, sell, and build a strong team and customer base.

You provide the absolute best service anyone's ever had. You then find others to do the same. After training them in all the finer points it's just like you've cloned yourself. Then you're open for expansion. You can help your team reach higher and higher levels of success.

Is someone else doing this?

Initially, this might seem like a drawback, but it can be a plus. If someone else has been doing this business profitably, you know it can be done. You've got a potential mentor, even if they're not willing to mentor you, you can see what they've done and copy it as you wish. But, you also need to establish what's unique about your service or product.

When you can sum that up in a sentence, you've got yourself a unique selling proposition, what sets you apart. This makes your business more appealing to potential investors, to affiliate marketers, and to potential partners.

How fast can you get it going?

The longer and more-winding the path to your first dollar is, the more likely you are to abandon the whole idea. If you're able to get this thing up and running, generating some income quickly, you'll feed off of the energy that comes from success.

If you choose a business that requires a building, some construction, a bunch of inspections and permits, it can be a long road ahead. If you choose something you can do right away, you'll get this first multiple stream under your belt in no time.
About the Author
Andrew Cocks and Terry Zambri are Certified Bob Proctor Life Success Consultants and Network Marketing Coaches. Their new FREE book, The Life Success Factor, combined with their exclusive 3 step marketing system is creating massive success for their team. Visit: http://www.TheNetworkMarketingCoach.com
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