Multiple Streams of Income – 5 Reasons Why You Absolutely Need it
In a nutshell, multiple streams of income means your business has more then one way to make money. For instance, you sell products and you sell services. Those are multiple streams of incomes. Why do you need them? Below are five reasons.
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I’ve become enamored with the word “multiple,” especially when it pertains to business. I especially like the idea of harnessing the power of the multiple to grow your business multiple times over.
There are a lot of things that can be multiple in a business, but in this article I’m focusing on multiple streams of income.
In a nutshell, multiple streams of income means your business has more then one way to make money. For instance, you sell products and you sell services. Those are multiple streams of incomes. Why do you need them? Below are five reasons:
1. Make money while you sleep. This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren’t working, you aren’t making money. So when you’re on vacation, relaxing over the weekend or (gasp) sleeping, no money is coming into the business.
But let’s say you create a product or two to sell in addition to your services. Now you’ve just created a passive income stream (passive meaning it doesn’t require yours or anyone else’s time). So if you are taking a nap or out walking the dogs, money can still be coming into your business. (What a concept!)
2. Leverage your time. This is especially true with income streams that are passive. Basically you’re making money without it taking any of your time. Therefore, you can spend your time doing something else and still enjoy money coming in from a passive income stream.
This is a good way to use your time wisely. (Rather than work for an hour, get paid for an hour, you can be paid several times in several different ways during that same hour.) Continue reading “”