Multiple Income Streams

[jnjsarauer]

I have owned a real estate business in the past and currently operate a writing business. In both businesses, it has proven advantageous to have multiple income streams so that if one client/income stream dries up, I have other sources of revenue. Is your business structured around one major client or have you set it up for multiple streams of income?

[MrsWrite]

I do a number of writing projects. I need to diversify more. I plan to get into real estate as well. Writing and real estate are two of my interests. What a coincidence!

[Gsv13]

Well being a webmaster is diverse in itself ....... you always have multiple websites for income source still you can put your hand in seo , web consultancy etc

[Fergal]

I suppose that there is always a bit of a conflict between being focused and being diversified. Lots of business gurus talk about building success through a philosophy of "stick to the knitting", in other words concentrating on your core business.

However, the practical realities of many small business require them to have multiple income streams. This often occurs because the business is small and doesn't have enough income from any one single source, to survive. Also, as has already been discussed above the business needs to protect itself from the possibility of an income stream drying up.

Saying all that it is important at start up stage not to spread yourself too thinly. This can result in you being inferior to your competitors in every area where you compete for business. The trick is probably to be focused enough to be great at what you do and broad enough to survive. Don't let distractions of short term income opportunities detract from the delivery of your core business in your core marketplace.

[AWorker]

Agreed on this one Fergal.Still,i would say before engaging on any extra-income (small) bussines it is preferably to judge its randament.Even if it gives you some more income,the time you loose in it might be very valuable if used on your main activity or other opportunities.

[untikoplus]

I don't have a business, but I do have many income streams so I'm not depending of anything special if I have trouble with that: articles, translations, data entry, several webmaster tasks, web design, programming, etc. So far, everything is going well.

[yen]

Definitely no matter what business we are in, there must always be a backup with multiple streams both on supply and client side. That way we don't have to rely on one particular source for our business propogation.

[mark-20]

i do anything a can to make a pound. a dont mean this in a scunging way i mean i invest in alot i own partnerships in a few companys so i am happy to make money not relly relieing on it but sitting on my ass. when i was working on websites i done alittle bit of everything and i was barely makeing enough to live on so i was spreading it out but a shouldve spread it out further in hiensight but what can you do. good luck to you man the way a see it is multiple income is a good income lol

[Fraz!]

Everybody likes Multiple income streams :)
But like AWorker said 'the time you loose in it might be very valuable if used on your main activity or other opportunities.'

Creating your leverage is very important.
Leverage is finding ways to make more money with less effort
and less time.

[wkhaiaun]

Having multiple income streams is advantageous in the sense that if let's say one of them encounter a problem, there's another one to backup. That way you will ensure that your source of income will never dry up. It's too risky to depend on one because we might not foreseen what is going to happen in the future. Something like trying to avoid putting all your eggs in one basket.

[Slacker]

Not at the moment, but I am working on it. Have a day job, and am getting into making some extra income online

[clevejones]

Hi,

It is good to keep trying and constantly keep yourself open to the right information which comes your way. you should stay open to new ideas and be sure to turn to the internet to make your fortune the same way as many of successful business persons did. The good news is that you can set up an online business and it will be ready to bring forth cash in short duration even you can your present job.

[Fergal]

Welcome to Business Advice Forum clevejones and thanks for posting.

That's very true about online businesses, the entry barriers are very low and you can start doing it in your spare time, it doesn't need a full-time commitment at the outset.

[panaache]

Though, you can earn from multiple streams at a stretch, but many-a-times, things gets a little messy !
That's my opinion .. You can focus pretty well on thing at a time, rather than multiple !
Rest, depends from person to person, but in my opinion, it would be better if you concentrate on one and make it THE BEST !!

[Jace01]

A multiple income stream is quite simply trying to earn a wage or salary by using several different sources. It's the best way to earn extra income. The step by step sequence will follow to success.