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Multiple Streams of Income

by Keith Boisvert
2 replies
There has been debates on here in the past about what is better, focusing in on one thing or really trying to get multiple streams of income via various projects.

In the past I have been a proponent of the 1st option, which is to focus in on one thing. However, as time has gone on and times are a changin', I have moved into doing multiple things. Not intentionally of course, but it just worked out that way.

I always have thought of myself as running a "company" and not just some dude sitting behind a computer. So I technically now have 5-6 businesses up and running and like to put them all under one grouping, which is a "business". The business has divisions, each one needing special attention and care..and focus.

Although it is hard to do, I find that the busier I am the more I get done. I run a forum, have a local web design/marketing business,am co-owner of an Electrical Contracting biz in town, an online shop that sells hot rod parts, an online shop that sells my own line of apparel(catered to the hot rod niche), AND I am in process of starting up ANOTHER division that will(not to toot my own horn) be an amazing FREE resource to IM'ers.

I do put in long hours, but my time is pretty well focused and I have help.

My point here is that there are sections of the biz that at times gets slow, but with multiple streams of income there is always another division that is bringing in money.

I will admit it gets overwhelming at times, and I can certainly be distracted easily, but for me personally, having the multiple streams has been a life saver.

So in interest of possibly sparking some conversation, what are your thoughts on the multiple streams of income debate?

~keith
#income #multiple #streams
  • Profile picture of the author Clyde Dennis
    If there's one thing I've learned in this business it's have multiple streams of income flowing in my direction. No matter how you do it, do it!
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  • Profile picture of the author Riz
    I couldn't agree more Keith.

    My focus was initially to build one solid income stream or have several income streams within the same niche.

    That has since changed.

    Approx 18 months ago i made a huge loss on an investment property and at the same time had my identity stolen. My focus since then changed to having multiple streams of income.

    Like you i brand it all as one group company with several divisions, each one requiring it's own input, dedication and staff if required.

    My streams include:

    1) Local IM Services
    2) Seminars
    3) Forex
    4) Personal IM activities
    5) CPA (just starting)

    Some may believe that having these multpile sources makes you lose focus and doesn't allow you to maximise the returns on one method.

    I disagree with this.

    If proper focus and planning is implemented, with relevant outsourcing where required a lot can be achieved in business.

    Take Donald Trump as an example. A billionaire with many businesses. But what does he do? Hangs about in helicopters. Not quite but i'm sure you get my drift.

    Riz
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