Managing multiple income streams is a game-changer when it comes to entrepreneurship. It is how the most successful people you can think of achieve financial freedom. Still, I see young entrepreneurs making big mistakes when they add another line of revenue. These are the most common so you can avoid them…
Dos and Don’ts for Adding Income Streams
Just because the mistakes we are about to discuss are easy to make, I don’t want you to be discouraged. I would even argue that having different types of income flows is less dangerous than relying on one…
That being said, of course, you want to be well-prepared before you begin any new venture. So, let’s get into it…
Don’t Add Income Streams Until the Right Time
Before you start putting time and money into this new project, ask yourself this…
ARE YOU EVEN READY TO ADD MORE INCOME STREAMS?
Because if you are not working your main hustle to its maximum potential, putting more on your plate is detrimental.
Your main revenue flow needs to be stable. Otherwise, your second one will struggle as well. With that in mind, the next tip follows the same principle…
Do Keep Things as Simple as Possible
Whether you are creating a product or investing, don’t overcomplicate things.
Some rules of thumb I apply to potential income streams are:
- Don’t add features without value — for products.
- Execute development and operations in as few steps as possible.
- Don’t be tempted by the investing myth — diversification.
Streamlining your products, operations, and investments keeps costs down and business running smoothly. After all, you want to add income streams to make your life easier, not harder.
Do Add Income Streams through Your Main Pipeline
One of the most overlooked ways to add income streams is also the easiest.
As I go over in my “How to Become a Millionaire” series on my YouTube channel, find ways to make more money in your current role…
You may be leaving money on the table where you are. This is not asking for a raise by the way.
Look for opportunities to add revenue like…
Earning commissions. Getting bonuses for achieving milestones. Or, for signing deals with clients.
Further, my last piece of advice on this subject is the type of income streams to add…
Most Important Rule for Multiple Income Streams
Finally, there is something almost everyone gets wrong about multiple streams of income…
THEY CHOOSE FLOWS THAT HAVE NOTHING TO DO WITH ONE ANOTHER!
This has always made no sense to me. Because if you want to be successful with anything, you should start with a topic you are knowledgeable in.
Therefore when getting into new income streams, have them be adjacent to what you already know and are good at.
At the end of the day, my goal for you is to be great.
So, get out there and do it.
— Grant Cardone
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