If you’re going to create multiple streams of income, then it’s important to follow these 5 proven, step-by-step process of creating multiple streams of income that will maximize your odds of success. There are actually 5steps involved which guarantees success. Below is that step-by-step process:
Step 1: Educate yourself
Before you engage in a business or investment, you must arm yourself with right knowledge. Learning about the particular business market you want to start will help you make an informed decision and plan better.
It is great to have financial freedom, but it does not happen overnight. Wealth is not automatic.
You have to know your niche clearly. You have to know who to sell your product/service to, what solutions you can provide to your customers, what outcomes you can help your customers achieve and why they should work with you.
You have to know whether you can start the business opportunities with money or not. There are many income streams you can start with no money.
Step 2: Create a System to Drive Your Multiple Stream of Income
You should have a signature strategy that you will apply on all your income streams to help achieve results. Without a strategy, marketing your product and services will be hard and your time and energy will just go to waste due to frustration.
Once you have a clear marketing strategy, use it on your initial income stream and find ways to make it more effective. After finding the right formula, apply it to all your streams of income.
It is not true that building multiple streams of income can make you a millionaire overnight. You must have a clear focus and strategy that is consistent in all your streams of income. In addition, just because a new strategy is making a buzz in the business world does not mean your strategy no longer works. To ramp up your revenue stream, you should perfect your strategy and apply it on all your existing and future income streams.
Once you’ve mastered the first stream of income, then it’s time to systematize that stream so that it no longer requires your limited time and attention.
Systematizing is done through the application of time leverage (human employees) and technology leverage (digital tools).
Master the skills of systematizing so that your first success runs on auto-pilot without requiring your time, thus earning you residual income and cash flow. Wealth creation is systematic, not automatic!
I created Money Signpost as a systematic platform that drives all my network marketing business, affiliate marketing and home businesses. All my income streams are promoted on this very website consistently and whenever people that visited MoneySignpost.com sees any of the businesses that generate income for me and decides to sign up with any of them, I earn commission instantly.
I also have list building system, email marketing, auto responder, social media connectivity, search engine optimized for the website and lot more. I advertise my platform which in turn advertise and promote all my streams of income and results has been very amazing.
Step 3: Master the First Stream of Income
Begin by picking one stream of income that you’re deeply passionate about. For some people it will be a particular online business or networking platform, for some people real estate, and for others it will be owning your own business.
If you decide to create multiple streams of income, build your initial income stream first. When you are comfortable with it and know how to handle it well, then you can start building your next stream of income. Your first stream of income should be something so personally exciting that you’d do it whether you ever made a buck at it or not.
Why? Because the first stream of income will be the toughest and you will need something more than monetary drive to pull through.
This is where you will develop your Rolodex of support team members, learn fundamental skills applicable to all streams of income, overcome personal obstacles to success, and create enough cash flow to get out of the rat race.
Your first stream of residual income is where you’ll get the most bumps and bruises. By choosing an area you’re passionate about, you’ll increase the odds that you persist long enough to clear all the hurdles and succeed.
Your first stream of income needs to be something you’d enjoy doing regardless of money.
Master your first stream of income, and in the process, you’ll develop the necessary foundational skills and abilities that can then be leveraged to develop other streams of income.
Step 4: Leverage Your System to Create Additional Streams Income
Once you have systematized the first stream of income to produce residual income without your involvement, then you have the free time and energy to add multiple streams of income.
This is done by intelligently adding additional revenue streams that leverage the skills, knowledge, and network you created in the first stream of income so that you aren’t starting from scratch on each additional stream. This is a key point.
For example, I know of highly successful direct marketers who have leveraged their marketing skills, network, and databases to create residual income by offering other product lines with minimal effort.
Another example is Robert Kiyosaki, bestselling author of “Rich Dad Poor Dad,” who got out of the rat race through real estate. Then he added paper assets and leveraged the financial knowledge he gained from his investment business experience into a successful information publishing business.
Similarly, I got out of the rat race through network marketing platform before leveraging my marketing skills and knowledge into other network marketing, affiliate marketing, and then re-leveraging that same skill set into my online businesses. I created and used Money Signpost as a system.
Notice the pattern. Each of the above successful examples developed multiple streams of income by learning the base skills in one first stream, and leveraging those skills later to create additional streams.
Each successful example learns to walk with one stream before running with multiple streams of income.
I challenge you to examine anyone who has succeeded with multiple streams of income, and see if they violated my rules of walking before running. Every “multiple streamer” I have met built their success from one stream they were passionate about.
Only after that initial success with one stream of income did they leverage their resources into multiple streams of income.
In fact, to do it any other way is to throw away one of the primary benefits of multiple streams of income: leverage of existing resources and system.
This concept is known in the corporate merger world as “operating efficiencies”. It takes less effort to operate each additional stream of income because they’re all built upon the same foundational resources.
When you attempt to create multiple streams of income simultaneously, you’ll create mayhem instead of leverage, because no base resources exist to build upon. It makes no sense. It has no advantage sufficient to justify the problems it creates. While you it is hard to create all your multiple streams of income at the same time, it is not hard to promote all your income streams simultaneously.
The bottom line is if you’re going to build multiple streams of income, then there is a right and wrong way to go about it. Follow this step-by-step process, and you’ll maximize your odds of success.
Step 5: Focus and Consistency on marketing your platform
Focus on improving and marketing only the platform that promotes all your streams of income. This way, you will be killing many birds with one stone. Do not be distracted with new strategies or new business opportunities. Continue with what you started until you are able to generate a consistent income. Then you can add another stream of income.
To sum it all up, you should have a clear mind and a clear focus when you want to build multiple streams of income. Start with one stream of income, apply your strategy, learn from it and build your system. Get all the positive points, eliminate the bad points and apply your perfected strategy to your system which boil down to all your income-generating endeavors.
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