Keith Everett

Teaching Online Marketers How To Create A Dream Lifestyle

Multiple Streams of Income – The Power of Multiple Income Streams

Multiple streams of Income. BOOM!. Just saying those words “multiple streams of income” to yourself makes you feel good doesn't it?

If you had asked me 4yrs ago if multiple streams of income were a good idea, I would have said” focus on one thing and do it well”. However, since going through a very expensive lesson over the last few years, I would now say, sure, focus mainly on one thing but have other income streams working for you in the background… Always..

Watch the video below first.

 

So Why, Multiple Streams of Income?

In November of 2012, I joined a Network Marketing company and I concentrated 100% on building a team within that company. Things were fine until late 2015 when they decided to change the compensation plan. Result, my commission was cut to Zero.

This can happen to anyone.

I am not going to say anything bad about that company. It happens. Things change, and not always for the best. The more control you can bring back to you, the better.

The facts are, whenever you are selling goods, or building team members for someone else's company, you are always going to be at the mercy of the whims of the company.

You are in effect a commission agent. Now, this is OK, but like any agency, you need more than one stream of income coming in, just in case one (or more), doesn't work out.

Let's be clear here. I'm not talking about doing multiple network marketing companies at once. Building multiple teams of people, in my opinion is wrong. It takes the focus away too much from spending time with a team, and helping them to succeed.

After all, how many teams of people can you work with at once?. I'm talking about having one main business opportunity, and adding different streams of income alongside it.

Multiple Streams of Income – How to Manage This Effectively

First, let's concentrate on the main source, as this will be the most important. If this is a network marketing company, it will pay you residual income.

If you are not in a network marketing company (or similar model), then look for an affiliate program like a membership site to provide residual income. Residual income is passive income, usually paid monthly. You do something once (like recruit a member), you get paid over and over.

This residual income will provide monthly income. This is what we can use to pay our residual bills. You need xxx amount per month to live on, so this is an ideal way to build job replacing income.

This will take time. In my experience, many months. Work hard at it every day, you can make anything work if you just put your mind to it.

Ok, What's Next

Once you have learnt how to bring monthly members into your network marketing company or membership site, now start to find other products that people (including your existing team members) will find useful. By now, you should be building an email list so you have people to market to on a regular basis.

When you bring people in to your business, they need tools. YES, it's a fact of life, you need tools to run a business. Why not be the person who supplies those tools. People need Autoresponders and page creators for their online business if they are going to be branding themselves online.

For a full list of tools that I regularly share with prospects, click here. This will give you some ideas on what to sell

Affiliate Products

There are many affiliate products that you can sell online, some with a residual element, some “one off” low or moderately priced products, and many “high ticket” offers. All of these products pay various commissions ranging from 50% – 100%.

I rarely market anything with less than a 50% commission, unless of course it's something like an Autoresponder (30%) which has a residual element. People tend to sign up and keep these subscriptions going for a long time. An Autorsponder is a very valuable asset to any online marketer.

So, let's summarise.

Step 1. Find a good residual income plan

Step 2. Add some tools/and or items that will help online marketers in their business

Step 3. Find some mid to “high ticket” items to sell, that carry decent commission rates.

I hope you have found value in this post, if you have please do comment below and share, that would be appreciated.

Peace and prosperity.

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36 Comments

  1. I totally agree that having more than one source of income is a good idea Keith.
    Thanks for sharing

  2. Multiple streams of income are so important to creating a solid future, and I really enjoyed the points you laid out here Keith. This post should help anyone wondering how to get started with this process!

  3. This is awesome Keith! You should never put all your eggs in one basket. Great list of tools

  4. Thanks for explaining this piece on multiple streams of income! Every online MLM entrepreneur needs this!

  5. Multiple streams of income is a must.
    It’s really important to have a plan to attain that goal.

    Thanks for sharing your simple & easy one.

  6. Be ready to move with the marketplace. Great stuff, Keith!

  7. The reason most network marketers fail is because they don’t have multiple streams of income in place to pay for their basic online marketing expenses and give up too soon.

    When you’re able to promote affiliate products and start making sales off the 90% who say “NO” to your business, you’re golden!

    Dr. Lisa

  8. Couldn’t agree more Keith. One is the most dangerous number in business. Not just income streams, but also 1 source of traffic, 1 source of getting leads, 1 way of communication, etc. Always diversify where possible!

  9. love this post and its truly powerful to have multiple streams of income

  10. There is no better advise that anybody can receive. Having multiple streams of income is definitely a way to go. We all tend to have these experiences that teach us lessons we can teach others. Thank you for sharing Keith. Great post

  11. Multiple income streams is CONTROL, which network marketing companies unfortunately cannot offer you, because they can change things not in our favor. Great post Keith! Thanks!

  12. hey Keith,

    Funny how we all face the same kind of gremlins in our Industry and I agree its essential to have other streams of income. Training is the way forward and residual income via affiliate marketing is good, It keeps that clock ticking and those bills paid! Thanks for sharing 🙂

    Julie syl

  13. Hi Keith,

    Great topic and multiple streams of income is key for any business owner or for any job holder for that matter.

    It all comes down to education and doing what you love and learning how to set up our own system to manage those streams to make the very most of them.

    Di

  14. Great Blog post thank you for showing us the importance of Multiple Streams of Income !!~ Appreciate ♥♥

  15. You should have at least1 stream of income for every bill you have. Great post Keith 🙂

  16. this is an awesome post Keith. straight to the point and clear for anyone to understand and follow. I totally agree with you but its unfortunate many network marketers do not get this very fact – that companies change. all the time

  17. I’m considering setting up an affiliate marketing plan this year as a source of alternate income and appreciate the tips you shared. Thanks Keith!

  18. As my mother used to say “Don’t put all your eggs in one basket” Diversity in everything is always good.

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