They Myth of Multiple Streams of Income
You’ve probably heard many people online talk about the importance of multiple streams of income. I am a fan of it myself, but I see many people make the same mistake over and over.
Many people want to diversify before they even have created ONE successful income stream. That is the problem. When you’re just getting started in any type of new business model, you have to invest your time and money to learn the ropes and launch your business. Focus is key!
It’s much easier to be really good at ONE thing than be okay at several things.
Regardless of which business model you decide to pursue, take the time and MASTER you craft before you diversify and dilute your efforts.
I made this mistake myself for over ten years. It was a huge mistake. I tried to create multiple streams of income because that’s what I read about. It sounded like a good idea.
As a result, I tried this. I tried that. I made a few bucks here and lost a few bucks there. I went three steps forward and then five steps back. I repeated this endless cycle over and over and over until one of my mentors eventually sat me down and explained why you have to focus on one income source.
Don’t make the same mistake I did.
Here is my advice to you. Pick ONE income stream that makes sense to you AND has upside potential and focus on that. It could be affiliate marketing, freelancing, network marketing, or something else.
Once you choose the income stream you want to focus on, put on your blinders for MINIMUM two years before you consider doing anything else. This will give you time to focus and master your craft and get really good at what you are doing.
By the time you become successful in that business model, you can diversify, or just continue to do what you are currently doing.
That is the smart way to build a business.
Think about it this way for a minute. Could you imagine opening your first business ever, a restaurant, and simultaneously trying to open and build a successful dry cleaning and kiosk business? I doubt it.
You wouldn’t do this because you didn’t have enough capital, time or resources to make all of the businesses successful.
The same applies to online marketing, affiliate marketing or network marketing. Focus is key. Now you know!
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