The wealthiest people have multiple streams of income, usually including income from a business and income from investments, at the very least. You will hear people say that it’s important to have more than one income source, in case one dries up.
I totally agree…in general terms. However, with the large variety of online money-making opportunities that have arisen, people have taken the “multiple streams of income” concept and run themselves ragged.
I know, because I’ve done it. And therefore wasted a lot of time, money, and energy.
How to integrate “multiple streams of income” into an online business
The basic premise is to have a particular focus with your business. There are two different ways you can focus, the first one being to choose a particular genre, shall we say, of Internet Marketing. For example, you might decide to set up a dozen niche sites based on popular, but not competitive, keywords. While each niche website might have nothing to do with any of the others, you are focusing because you are sticking with the “genre” of niche websites.
Or, you might choose the “sell non-digital stuff” genre, and have a store both on eBay selling one thing, and another on Etsy selling another.
So sticking with one Internet Marketing genre is one way to focus. Another is to pick a niche you are interested in or passionate about, and build several ways to make income from your passion. For example, if you believe strongly in sustainable living, you might have a blog where you talk about the topic and do affiliate marketing for sustainable products. At the same time, you might self-publish a book to the Kindle store about eco-friendly living, and have an eBay store that sells organic cotton bedding and clothing for babies.
The WRONG way to integrate multiple streams of income
What you don’t want to do is try to be a Jack (or Jill) Of All Trades and Master Of None. At one point, I was trying to make Adsense income from a retirement income blog, build a wellness network marketing business with another blog, talk about success on yet a third blog, all while writing Kindle articles and books on a variety of topics, including a few romance novels.
At least I wasn’t trying to sell jewelry on eBay! 😉
It’s fine if you want to try to make income from different sources – Adsense, affiliate marketing, network marketing, and so on. But if you have a bunch of unrelated blogs plus are trying to make money with craigslist or eBay plus are trying to start a membership website, you are going to get stressed.
Diversifying your income is a great financial strategy. Just make sure you do it in a way that keeps your work-at-home business in focus. Click here for a great, free resource that will help you do just that.
To your success!