Once you get into network marketing, you're going to hear the concept of multiple streams of income.
Even typing the term gets me all excited. It conjures up all's sorts of thoughts and feelings for people.
Multiple Streams of Income? Heck yea. I want that!! Who wouldn't!
Now…how do you get it??
Robert Allen did a good job of selling that concept in his book titled “Multiple Streams of Income.” And, Robert Kiyosaki did a great job of more deeply branding that whole concept…and rightly so.
Having income coming from multiple locations is a very smart strategy. It mitigates your risk. It protects your downside. It greatly impacts your potential upside.
Multiple Streams of Income is SMART…if done the right way.
Funny the timing of this post, because one of my recent posts I talked about having multiple marketing strategies and not becoming too reliant on one client or one strategy as your bread and butter. If you didn't see that one, you can read it here.
Here's the problem with the concept of multiple streams of income. It's widely misunderstood.
A new person coming in to network marketing who has never been in business before often hears that term and they think to themselves, multiple network marketing companies.
WRONG. Bad strategy. It doesn't work. I may get into the details of that in another post, but not here.
Here's what you need to know when it comes to multiple streams of income:
#1: It does not mean multiple network marketing companies. You need to be focused on ONE company and build it as big as you can for as long as you can.
#2: It does mean having multiple sources of income from a variety of different locations. This could mean that you have your network marketing business, you have invested in real estate with rental properties, you have stocks you own, interest in other companies, or anything else that provides you additional revenue that is separate from one another. In other words, if one goes down, the others do not.
That's it. I'm not giving any investment advice. The only thing I want you to be aware of in this post is the importance of you NOT thinking that “multiple streams of income” means you should be building more than one network marketing business.
It rarely works. In fact…it is SO rare that I would go as far as calling it an anomaly.
An anomaly is essentially this. RARE. One-in-a-million. Few and far between. Extremely uncommon. not at all normal.
So…if you know that building more than one network marketing company successfully to a level that is significant is extremely rare, why do it?
Multiple Streams of Income means multiple sources that are not directly attached to one another.