Why multiple income streams in one business is better vs many diversified businesses!
Many entrepreneurs have taken the wrong way in this part, and it is an essential part of a business. In my past several years in business, I have seen many entrepreneurs come and go due to misunderstanding this one. There are many financial gurus that encourage entrepreneurs to build multiple streams of income. It’s a very great concept. There is a big debate between gurus about it and both are convincing in their side.
However, you and I are not living in the same economy in which we were born. Many things have changed. We have entered into a new economy: one of “air,” and a lot of things are going to change from here on out. It is important for you to create your own universe, your own omnichannel that has diversified income within it.
This simply means to not put all of your eggs in one basket. You have to create more baskets within your universe, and before one source of income dries up, you must have three to five more baskets to diversify your income within your universe. Then, you can always fall back on another stream of income.
A lot of people get the wrong idea about this concept, however. Any entrepreneurs trying to make money with ten completely different businesses will eventually result in disaster. It will cause a whole lot of confusion. All you really need is multiple streams of income within a business
Doing it this way gives you a better chance of succeeding. You’ll never reach a stage of confusing success because you have a million little things going on. It is better to sell to one market and serve the needs of a particular group of targeted people. Even though there are a lot of opportunities everywhere on the Internet, instead of hurdling from one market to another, pursuing every idea you come up with (and driving yourself crazy in the process), I suggest you squeeze as much money as you can out of a particular market. Spend every avenue you have for making money within your current market, and there is an assurance that you’ll make more money than you ever would by moving from one market to another. Provide different products for your clients to buy, and also find several sources of traffic to drive to your website. When you begin to understand your buyers in the market. the more you gain experience in that market. And that automatically increases the amount of income you’ll earn. Inside your initial market, you can create as many ways of making money as you desire. Although I have multiple businesses in multiple markets, it has been successful because I have systems in place. I have other associates in those niches, and I have created an idea that I can replicate. But I started with multiple businesses in ONE market. I advise you to do the same. Be well established in one thing as big as you can before you move onto something else. Give it your all, and you’ll make five to ten times more money.