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Keeping Afloat No Matter What: Why Entrepreneurs Need Multiple Streams of Income

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Posted 17th October 2010 at 07:45 AM by joeltmartin

The trouble with being in business is the uncertainty that you face in terms of your cash flow. Whether you have a traditional bricks and mortar business or an online business, there is really no guarantee that your monthly cash flow will be consistent. People who are employed are guaranteed a fixed amount of salary every month. In some industries, they even get bonuses in case certain production goals are reached. As a business owner or an entrepreneur, your potential income might be unlimited but your risk of crashing is also high. This is the reason why entrepreneurs need multiple streams of income. This assures them that some amount of money will be coming in despite downtimes in the business scene. Multiple streams of income from different home based business ideas provide business owners with back up sources of income.

When you have a family depending on you as the sole breadwinner, you should not be asking why entrepreneurs need multiple streams of income. The assurance of survival for these dependents is the reason why entrepreneurs need multiple streams of income. You might have a number of home based business ideas that you would want to take a look at. It would be wise to start evaluating the viability of these home based business ideas for you given your skill, interests, and capabilities. Just as you want to be assured that you will be able to provide for your family no matter what, you also want to be sure that you have what it takes to make an online business profitable. Several businesses would minimize the effects of economic volatility on your household. While there are times when one or several of your income streams might not prove to be profitable, there are other streams of income that you can rely on.

Knowing why entrepreneurs need multiple streams of income should be compelling enough for you to try to find out what other home based business ideas you could stand to profit from. When you choose your businesses, you might want to approach it from the point of view of being able to provide your customers with a spectrum of products and services. If you have a target market of young mothers, you might have a blog that gives valuable tips on motherhood, baby care, and self-care after pregnancy, with links to providers of baby equipment, nursing wear, spa services for “me” time, toys, baby food, and pediatric services. At the same time, you might have it link to your affiliate marketing site for wellness products specifically targeted for customers concerned about losing pregnancy weight or getting back in shape after giving birth. And then, you can have an online store selling nursery linen and soft toys that you ship right from your own home. Another way you can have multiple streams of income is to simply have separate unrelated businesses that you are interested in – consulting for accounting services, selling pharmaceuticals, offering encoding services, writing and editing ebooks, and so many others. The combinations are actually limitless. When you create your multiple streams of income, you have to keep in mind that these businesses should be manageable enough for you. Don’t forget also that whatever it is that you get into, you should be able to enjoy it too.
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