Why You Need Multiple Streams of Income as an Entrepreneur

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Last week I was in a mastermind group meeting and when it was my turn to talk about where I could use some advice I bungled it big time by confusing the group because I have have more than one business.  Worse yet I am adding a third, oh and a fourth. More later in the article about me.

Why does any entrepreneur need multiple streams of income?  Simply put when one area slows down, another one picks up.  Remember that saying about eggs in one basket?  Don’t do it.

Don't do this - you need to have them all over the place multiple baskets.

Don’t do this – you need to have them all over the place multiple baskets.

Let me drill it down further for you.

This morning my husband and my IT Dude on The Crazy Marketing Ladies Show (shameless plug of my podcast) and I were talking about how he, as a Broker/Owner of a real estate business can have other streams of income.  Passive income is a great place to start.

He has several FREE ebooks on Amazon that are getting pulled down and he will now charge for his knowledge.  He isn’t going to make big bucks (at first) but it is a start.

Here is another way to make passive income and remember in many cases passive income is very easy money.

He has a podcast and he is going to start a membership only group.  You have to pay to be in it, guess what, people will pay if what you have to offer is amazing advice.  He is an amazing negotiator in short sales and bank and government owned properties.  He has a direct line to a supreme being at HUD – seriously he does, and between the two of them deals get closed.

Then we discussed another opportunity for us.  While most people do not know this, I am also a licensed real estate agent and I am also an accredited in home staging.  He asked me if I would help him with a service he wants to offer.  I said yes.  This idea won’t be passive income but it will give us another stream.

I told him to write a “how-to” guide for agents – that’s another passive form of income.

Are you beginning to see how this works?

There are so many ways to make passive income and there are ways to offer additional services that can bring you more income.

I will use myself as an example now because I opened this article with the fact I have a 3rd and 4th idea.

I have my social media business and most of my work is retainer fee based work.  I have consulted many times with people doing social media audits on their business, teaching blogging, teaching social platforms, writing profiles, and so much more.  I would like more consulting business.

I was trying to explain that and unfortunately what I had not done at that time was really give the group a firm idea of what my business is.  It’s here on my website though.  I guess I am cut from a different cloth because I actually do visit websites and I look at every page.  (OK I admit I am doing an audit at the same time looking for weaknesses but I am still reading websites.)

I created a podcast last November.  After two years of wanting to do one I met with some women whom I knew would like to be involved with a podcast.  We churned out (shameless plug again)  http://thecrazymarketingladiesshow.com

 

I created a podcast show for marketing tips - there are a lot of us and we share great ideas.

I created a podcast show for marketing tips – there are a lot of us and we share great ideas.

Podcasting is social media and while the name doesn’t “match” my business name it is still under the wings of the butterfly group.  My social media business provides income for the podcast at this time.  I am working on getting the podcast to be it’s own income provider.

So off we go back to the annual conference we attend every year called New Media Expo and I am sitting in a presentation listening to 4 women in television and film talk about how they got where they are.  That is where the need to have multiple streams of income was reinforced for me.  They all do.  I am fortunate to have some friends who are actors – they also have multiple streams of income.  You shouldn’t rely on just one thing in any business.

After that session I knew I wanted a WebTV show but there are steps that have to happen first.  I did buy the domain name and I do have a Facebook page all ready to launch – hey I had to grab names before someone else did.

That same afternoon I was invited over to a book signing at the National Association of Broadcasters book shop and I was thrilled to meet Valerie Geller, author of the best-selling book “Beyond Powerful Radio”. Later in the day we ran into each other again.  It was during the second meeting I had with her that she gave me 2 words.  I bought those two words as a domain – why?  4th project is the answer.  There will be a book, the book has a title.

I am not part of the “slow and steady does it world”.  I am creative and creative people are bombarded with ideas at any given moment.  Our brains bubble over with ideas, and many times we do not fit the norm for how others achieve success or how others think we should achieve success.

I do understand I need a process, and that I need to focus on this process.  I am going to put that in writing here because that commits me to doing it.

  • Start looking for ways to get more consulting work (it’s easier on me and frees up my time) – now
  • Get our podcast team all on the same page with our goal and move forward – June, 2015 (passive income opportunities here)
  • Purchase better microphones and headsets (about a $500 commitment) – by first week in July
  • Help IT Dude and husband with building a studio in our home for podcasts and yes WebTV after attending Podcast Movement where we can get great ideas from people – Sept – Oct
  • Start working with PR company in WebTV (already selected) – Sept
  • Attend meeting in Ft Lauderdale with some of the best bloggers in the world – Oct, 2015 (passive income opportunities here)
  • Launch WebTV show in January, 2016
  • Keep copious notes – there is a book 2017

Hey – it’s all doable – as I said creative juices are always on – I even teach a course in how I never get writer’s block.  I don’t.  I bet not too many people know I teach classes.

You might be thinking – when do we take a break?  We attend 3-4 conferences a year and we always add time onto our plans at the front end and back end and we play.  We are happiest when we are with our peers and mentors learning exciting things to make us better so we can help others be better.  We don’t see anything wrong with this – do you?

There you have it a long, wordy blog article, and hopefully helpful.  Think passive – better yet go visit my friend, Pat Flynn’s blog http://www.smartpassiveincome.com/

Or read about how Pat made his first $3 million with passive income – yes it can be done.  He did it.  Forbes likes Pat’s story a lot.  I like his story a lot.  Pat is the reason we podcast.

Wings are folding now – till next time.

 

 

 

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