Ah yes, the thought of sitting under a tiki hut on the beach sipping up a margarita enjoying the sun and waves while multiple streams of income fill our bank account.
Can you see it?
Many can, but there is a problem that it can cause if you are not careful.
“Multiple streams of income” is a very powerful concept that many wealthy people use to diversify and grow their wealth and assets.
I mean, if Warren Buffet thinks it's a good thing, I would listen, right?
In our industry multiple streams of income can be just as powerful and a great way to monetize your audience.
With that being said, here are a few things to consider before implementing this in your business so as to make sure it doesn't become a distraction.
Don't Promote Competing Offers
It's super important to understand this difference because this is where a lot of people get tripped up.
Competing offers are essentially offers that are similar in concept and function.
For instance, let's say you are in a home business and you are promoting two different opportunities.
One opportunity is in the health and wellness niche, and the other is a travel-based niche. While they may seem to be non-competing money streams, they actually are, and here is why.
They both are business opportunities and have similar based comp plans that take building a team to become profitable.
While the product is different, the way they make money is not, therefore they are competing opportunities.
Promote Non-Competing Offers
Here is an example of a non-competing offer. Let's say you promote a health and wellness opportunity and you want to promote a tool that assists someone in building their business online, like a lead generation system or tool.
Maybe a tool like an autoresponder. An autoresponder is something that allows people to build an email list for their business.
This is something that enhances a primary offer and helps them to promote it, not compete with it.
For example, I recently promoted a piece of software that was a great enhancement to some training that I recently did for my students.
It was a great tool that added value to the training and my students loved it.
It didn't compete at all, therefore it didn't distract from the main offer it simply helped them to promote their main offer. I promoted it and made several thousands of dollars in commissions.
Learning to make these distinctions are very important and when you do you can then make decisions very fast whether they are good or not.
The Potential Distraction
So where this has the potential to get very distracting for people is when they try to promote too many things and they haven't even perfected one yet.
The only time you should be open to bringing on another income stream is when you have at least one already producing money. That's it.
Too many people jump from one thing to the next and yet never succeed in the one thing they started just last month.
Stay put, keep working until you figure it out, and then expand, that's the real way to build multiple streams of income.
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