Create Multiple Streams

13 replies
I recently had an internet marketer ask me to coach him. He told me his story and it is one that is all too common. He explained how he had built an online business from nothing to more than a half million dollar empire in only about 2 years (that's not the common part!). He worked very hard at his business, but he actually lucked up. He fell into his niche at exactly the right time. It was a perfect storm of timing, hard work, and luck.

In two years, he had gone from nothing to making over $350,000 each year. He was going on trips, buying expensive cars, and upgraded his house. His wife was able to stop working and stay home with their children. Things continued going well for about 6 more months. Then the sky fell. BOOM. It was over.

The niche this internet marketer had gotten into become obsolete over night. Think about something like Vine. It was an incredible marketing tool for so many people and then in one day, all their users were told the platform was going away. Something similar happened to this internet marketer and everything he worked for was gone. He had some money saved up, but his expensive lifestyle ate up much of his money and wealth. It took him some time to adjust to living back in the real world.

Before long, he was having to consider getting a regular job. He wanted to try internet marketing one last time, which is why he contacted me to help him get started. I have now gotten him on a plan where he will be back to making good money within 6 months.

The point of the story isn't to explain to you how I'm going to get him back on track. The point you need to take away is one that even the most successful internet marketers sometimes miss: DIVERSIFY. Take your money and make it work for you. While you are generating income, find another way to generate income. If you don't, you may end up like my new friend. Create multiple streams of revenue so you always have a Plan B. And a Plan C. And a Plan D. And... well you get the point.​
#create #multiple #streams
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  • Profile picture of the author Kay King
    his expensive lifestyle ate up much of his money and wealth.
    Teach him to invest back into his business and diversity - before he jumps into living the 'lifestyle' six months in.
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  • Profile picture of the author Elizabethlim
    Yes agreed that diversification is needed in every business. There are many ways to make Money Online. Get familiar and stable with a method then go on to add other to multiply our stream of Income as this is important to help one sustains in long term. Many experienced marketers are giving training and creating own products to generate more income as seen.
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  • Profile picture of the author Steve B
    Your story reminds me of so many professional athletes that make gigantic salaries for a time, but never learn to save, invest, and live within their means. Many retire from their sport broke and with no skills to continue after they stop playing. Keeping a fortune is totally different from making a fortune and then living beyond one's means.

    Just helping your friend make more money won't help him unless he figures out how to change his behavior with money.

    Steve
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  • Profile picture of the author NathanPowell
    So true. I want to have at least three streams of income before leaving the corporate world. Each stream being capable of ramping up to keep me afloat if something goes wrong.
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  • Profile picture of the author discrat
    Half the trick is making it...the other half of the game is keeping it
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  • I love diversity and this should be applied especially to Shopify e-commerce stores where the most used source of traffic is paid.
    Think about it:
    1.Today you are running ads from Facebook, Google Adwords..
    2.Do you know how much it will take you before your account gets banned?

    Don't get me wrong because this is not what I want to happen to you, however, when doing a business on the internet, diversifying is the key to full success and to avoiding unexpected challenges.We call it: "build multiple sources of online income streams."
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  • Profile picture of the author John963
    I agree diversification is very important. I think if you:
    a.) built a list around a niche
    b.) market multiple products like affiliate producst
    c.) Created your own products

    Then you'll have you own traffic source which is your list of subscribers + income coming in from multiple products that you own and other products.

    If your traffic source drys up then at least you have your list until you fix it.
    If one of your products become obsolete over night then you still have a lot of others left (you should be adding new product anyway)
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  • Profile picture of the author djnz
    100% agree. I was just saying the same thing in a post today.
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  • Profile picture of the author Vince Mosweta
    Well said! Adding additional revenue streams keeps you from totally panicking if one area slows down. It can also help combat the cyclical nature of retail - perhaps you do the summer craft show circuit, and as that slows down, your fall wholesale orders pick up. And just as you're sending out the last of your holiday wholesale orders, you can shift focus onto holiday e-commerce.

    Yes, having multiple revenue streams means more to manage. But it also serves as the foundation of a healthy business.
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  • Profile picture of the author dana67
    Multiple streams of income is always a good idea. If one stream dries up and you have several going, it doesn't hit you as hard.
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  • Profile picture of the author ryanbiddulph
    Without exception, people who lose it all are blindsided not by some huge market shift, but by either greed or desperation. I do feel compassion for him though.

    Investing money, spending wisely, and diversifying the heck out of your income streams makes this gig easier. Also, when you are following your passion versus chasing profits you see clearly. Seeing clearly helps you to leave your niche or close up shop well before the shift happens, so the poop does not need to hit the fan.

    At that point, you will have your capital plus a fresh new start in another niche.

    Ryan
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    Ryan Biddulph inspires you to be a successful blogger with his courses, 100 plus eBooks, audio books and blog at Blogging From Paradise
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  • Profile picture of the author bolaqcom
    learn from our friend from east
    saved 50% ++ your earn and spent as little as possible for lifestyle
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  • Profile picture of the author RuthMakesMoney
    I totally agree about diversifying your income. I've personally got around 5 income streams right now that are working for me (for my first few years self-employed, I only had one, and I was very conscious that it put me in potentially shaky territory).

    Playing devil's advocate though... (And of course this doesn't apply to your friend here per se, given he created a huge amount of success with his business - it's more of a comment about the IM world in general...)

    Too often, people try to diversify too quickly. They haven't got ONE solid and reliable form of income, and they're away dipping their toes into new waters and looking at the next thing. It leads to a load of overwhelm and disappointment, and keeps them from ever really earning what they want to be.

    There's that quote that often does the rounds about millionaires typically having 7 different sources of income. Maybe that's true, but it's important to remember that they almost definitely mastered just ONE before they started to look down additional avenues.

    It's a balance, for sure.
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    I blog about creating online income streams at RuthMakesMoney.com

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