I don’t normally put it all out there in the title like that, but the title of this episode says it all: multiple streams of income are the secret to making money.
If you’ve been a listener for any length of time, then you’ve probably heard me drop this bomb before.
It has been the most important lesson about making money online that I have realized, and it took me a decade to figure it out.
If you’re just starting out online, and you already know this to be a fact, then you are several steps ahead in the game.
Let’s elaborate! I’m going to talk about where to start, how to build your income streams, how to scale them, and how to plan for things like retirement. You know what to do! Stay tuned!
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Where to Start
When you are thinking about starting an online business, I always recommend starting with your passions and interests.
It’s common Internet Marketing knowledge that the three most profitable online niches are health/fitness, relationships, and how to make money.
I never recommend getting into one of these niches or the many sub-niches just because they are profitable.
If your passions and interests align with one of these, then that’s great, but don’t limit yourself!
If you choose a business just because it’s profitable, but you’re not passionate about what you’re doing, that will show through in everything you do.
Customers will be able to tell that you’re only in it for the money, and you will have a hard time building credibility and authority.
On the other hand, if you are passionate and interested in what you doing, that will also come through in whatever you decide to build and create. Your customers will see your passion and it will make them want to get involved in your business.
Tighten Down Those Niches!
Once you have a general idea of where you’d like to focus, you want to make those niches tighter.
What I mean is you don’t want to focus on just health or fitness. You want to specialize. Perhaps you might specialize in gluten-free or low-carb dieting. Maybe you do CrossFit or Yoga.
Whatever your “thing” is, you want to narrow your focus and niche to fit it tightly. This will increase your chances of creating a profitable business in that area.
You are targeting a smaller, but equally hungry, audience.
I’m going to use an example from my personal experience. As most of you know, I work as a VA or virtual assistant as my “day job”. This is my main income stream.
I’ve built a lot of knowledge about Internet Marketing in the last 12 years. However, I specialize in self-publishing and WordPress for the most part. While I could seek out more jobs like social media marketing or video editing, I stick to where I have the most knowledge and experience.
I enjoy both of these areas, and having a narrow focus allows me to be of better service to my clients. Make sense? Good, good.
If you’re considering online business, then you probably have a pretty significant WHY that is driving you toward that goal.
For me, my “why” was that I hated my job, and I wanted work that was more suited to my talents and abilities. I also have older parents that I want to be able to take care of when that time comes.
Your “why” is your driving force, and it should be strong enough to carry you through multiple failures.
When you’re ready to begin building your multiple streams of income, don’t rush. If you rush, your work will be mediocre at best.
Take your time. Make it your best work. One day at a time. One step at a time.
If you’re looking to replace your job, begin building your business in your spare time. If you don’t have time, make time. Your “why” should also be strong enough to lose sleep over if you have to.
In episode 21 of The Candid Cashflow Podcast, we discussed how to quit your job and replace the income in just 3 steps. I’ll link to that episode in the show notes, so grab those at HeyYoAva.com/Episode43.
Don’t quit your day job until you’ve replaced or exceeded that income!
There’s no rush. Taking the time you need and building your business the right way will be so worth it in the end.
How To Build Multiple Income Streams
The simple answer here is: one at a time!
We have discussed the many options available time and again on The Candid Cashflow Podcast, and I will include a list and links in the show notes.
If you’d like to explore on your own, you can visit the archives at HeyYoAva.com/candidarchives.
You are going to experience some trial and error, so be prepared for it. However, know that these opportunities become easier all the time and everything is an experience that you can glean valuable lessons from.
Beware of shiny object syndrome! If you are taking a course to learn an aspect of your business, choose one and stick to it. Vet it well, and don’t deviate. It’s very easy to get sucked into jumping from info product to info product.
Take appropriate action and build ONE income stream until you have it working and earning consistently. For me, this was performing services for others.
Once you have one income stream, reinvest your earnings to scale it or expand to new horizons. There is NO limit!
Follow the same plan each time. Choose your niche, tighten it down, work it until it’s earning consistently.
Don’t overwhelm yourself. If a couple streams are working for you, stick to those. Keep in mind that an income stream can be something as small as an ebook all the way up to an entire business.
These multiple streams of income are the secret to making money!
Scaling Your Income Streams
At some point, you will find yourself evaluating your income streams for ways to streamline them and scale them for greater revenue.
You will need to decide if you can or want to outsource any of your business functions. After all, depending upon the type of business you are building, you may not be able to do everything yourself.
The more aspects that you are able to hire out, the more passive your business will become for you. It’s possible that you will find yourself doing a lot more managing, and a lot less doing.
This can still be very rewarding because you are actually creating jobs. My favorite job from my past was working as a Technical Writer for a large equipment rental company. My boss and mentor, Mark Linsenbardt, always encouraged us to look for greater opportunities.
You can provide your employees with skills and opportunities for growth they will always remember you for. I can’t imagine anything more rewarding in business than helping someone else step up the ladder to greater things.
Planning for the Future
As an entrepreneur, you face challenges such as saving for retirement. Without the benefit of a 401K, you have to figure this stuff out for yourself.
My retirement plan is made up of multiple streams of passive income. In episode 4 of The Candid Cashflow Podcast, we discussed 18 opportunities to create passive income.
So, if you’re drawing a blank, you should be able to get some ideas there.
In case passive income is a new concept to you, it basically means you do the work once and get paid multiple times. Self-publishing is a great example.
Passive income is somewhat of a Holy Grail in online business, but not so difficult to accomplish.
That’s a Wrap
That’s it for this episode! Don’t forget to grab the show notes so you get all the links and goodies at HeyYoAva.com/Episode43.
If you liked what you heard, please consider subscribing in your favorite listening app at HeyYoAva.com/candidcashflow.
I’ve booked my second guest to appear next month. I’ll be welcoming Scott J. Marshall II who turned his passion for raw feeding his dogs into cashflow. Don’t miss it!
If you’d like to suggest a guest or be one, shoot me an email at HeyYoAva.com/contact-ava/. I’m waiting to hear from you.
Remember, I release a new episode each Wednesday.
Until next time, turning your passion into cashflow!
Mid-life crisis in full swing fueled by caffeine. Wannabe somebody with a million ideas and no direction. Host of The Candid Cashflow Podcast. Owner at http://PublishersPlus.co. #LOVE