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.

Make sense?

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.

If you have not grabbed the Top 5 Ways To Make Money From Home PDF you can do so by clicking the button below. These are simple and great ideas to help you make money FAST!

Additional Resources

Aweber Autoresponder - Learn More Here

Building an email list is ESSENTIAL to the longevity of your online business. If you are not sure where to start in the online marketing game, this is for sure the first tool you should invest in for your business. Aweber is considered the industry standard.

My Lead System Pro – Learn More Here

All in one tool suite for home business owners. If you are just starting out and looking for the right tools I recommend MLSP. The community is amazing and the sole focus is lead generation.

Facebook Friend Filter - Learn More Here

Have a whole bunch of inactive friends on your Facebook profile? This browser extension can you help quickly identify those friends that no longer engage on any of your posts and help you to unfriend them quickly. This tool is awesome for increasing engagement in a big way.

Did you get value from this post? Do you know someone that needs to hear this? Share it with them and be sure to leave me a comment if you enjoyed it.

You rock,

PS: Need More Leads For Your Business? I Recommend You Start By Clicking Here

    4 replies to "The Potential Distractions of Multiple Streams of Income"

    • Timothy W. Bethune

      Makes a lot of sence when you spread to thin you go for broke and end up loseing out on all the fun parts of networking with others. It isnt just about the money it is also about the friendship

    • Philip Bodkin

      OMG Mark, I have been talking about this for years. "Multiple Deals" Your income streams should be complimentary or completely different. I hate being pitched on multiple business opportunities by the same person. The very idea of someone coming to me with the greatest opportunity of all time and that I MUST get it, but if I don't like it, here's this other one… I mean please…

      This and company hopping… Drives me crazy.

    • Carla Moore

      Awesome article Mark, I totally agree. YES! I have multiple streams of income, but it's good to know how you defined it, it fit the description. I have one primary MLM business and all the others are….traffic platform, affiliate training courses, branding software course/affiliate program and list building system.

    • Seb Brantigan

      Well said Mark, it really is important and relying on just one stream is not a good business decision…you just never know what’s around the corner. Keep crushing it with this content!

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