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
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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