Multiple Streams Of Income
By debbybeachy on Jun 2, 2010 in Network Marketing Tips
What do you think of multiple streams of income? As network marketers do you feel having more than one stream of income is distracting? Do you feel if you have more than one stream of income you are not being loyal to your primary company? I heard Will Smith say in a video not to long ago that if you have a plan “B” it will take away from plan “A”, but come on I find it hard to believe that Will Smith has never had a plan “B.” What do you think?
Let me know your thoughts on this topic I know everybody has different opinions.
Debby Beachy
hi debby! i believe MLM and network marketing is the epitome of multiple streams of income. we have our retail business, and our team’s production, meaning we’re compensated for the efforts of many. and with the income we generate from our businesses, we can launch other businesses, have real estate investments, etc. i’m sure will smith has his hand in many different ventures!
.-= Melissa McCloud´s last blog ..What Facebook Thinks About Your Biological Clock =-.
Hi Debby
I agree with melissa, one MLM provides multiple streams of income in itself. Many network marketers have a JOB also and then as you create income if you are smart you put money away to purchase assets that provide passive income for the future.
.-= belinda cunningham´s last blog ..Tip to organising your online business =-.
Hi Debby,
Multiple streams of income allows you to diversify, like a solid portfolio, however I’m not sure about taking on multiple MLM/DS opportunities.
Affiliate marketing would be a great choice because there aren’t requirements/baggage i.e. monthly sales, recruiting, and so forth.
That said, the focus should be on a primary business, whatever that is.
Janette
.-= Janette Stoll´s last blog ..7 Effective Tips to Achieving Direct Sales Marketing Success =-.
Hi Debbie, I think that you can have multiple streams of income. I do not think that you can successfully build two MLM companies if you are just starting off,maybe if you are very successful in one at first.
Having multiple streams of income does not have to be another MLM,it could be different affiliate programs, your own product or service, coaching and mentoring programs, etc.
You should always have other things generate money for you and not depend on one thing.
.-= Lori Robertson´s last blog ..Ask And It Is Given – There Is No Such Thing As NO! =-.
Debby,
I think you should focus on one thing at a time and become proficient at that, then step into opportunities that may arise from that. It all happens as it’s supposed to, don’t push it.
Val
.-= Val Wilcox´s last blog ..What You Think of Me is None of My Business =-.
Thanks Everyone for you comments! Pretty much what everyone is saying is the way I feel about Multiple streams of income. I’m going into some affiliate marketing that lines up with my passion!
Debby
Debby, personally I have never thought of being affiliated with more than one direct sales/network marketing company at a time. However, I don’t believe that means you cannot look for other forms of residual income streams, such as personal coaching/consulting or affiliate marketing. And, I do agree with your remark that you must stay focused on your team, and try not to spread yourself thin. Christine
.-= Christine Casey´s last blog ..Consistency is Key =-.
Hey Debby,
What I find works best is creating focus points. For example, setting certain days or times that you will focus on a specific income stream. It’s the combined efforts of focused action that create the endless possibilities of multiple income streams. I don’t think pursing a second or even third stream of income is telling the universe that your “plan A” is going to fail at all. I believe it’s the exact opposite…you are telling the universe that you are open to receiving more of what is being offered. :-0
I believe it is possible to create multiple streams of income. However, it is difficult to create those multiple streams all at the same time. (Trust me I’ve tried).
Krista
.-= Krista Abbott´s last blog ..Motorola Droid: Why I Like It Better Than The iPhone and BlackBerry =-.
Hi Debby,
The concept of multiple streams of income has been around for a long time and stems from an investment mindset. Think about this: employees are encouraged to invest in plans that will provide them with income down the road. 401K programs are varieties of this concept, although the money isn’t available until the fund matures.
The way I look at this idea is this, and perhaps it’s because I am a mother, but…I have two children, and am able to raise them both well. There are differences between them, certainly, in age and gender, but my primary philosophy of parenting guides my decisions and actions every day. The same can be said about my businesses. I have an overriding philosophy about creating income and wealth, and then act accordingly to make my goals come true.
Some people are better off focusing on only one business, while others can manage two or more. In today’s uncertain economy, having more than one income source is a must!
Mary Lou
.-= Mary Lou Kayser´s last blog ..Predictably Irrational: The Keys to Your Success May Be the Opposite of What You Think =-.
Hi Debby,
Good question you pose. I agree that it may be valuable to create multiple streams of income as a safeguard but it requires care and dilligent organization. It is probably not good to be involved with more than one MLM company but you can supplement your income with affiliate marketing that is aligned, with paid article writing, getting ads on your web pages, speaking at live events, creating paid teleseminars, etc.
As long as you can maintain loyalty with your primary company, why not?