7 Things To Remember When Creating Multiple Income Streams
Posted on March 22, 2017 by Lioness Staff
Marlow and Chris Felton are authors of the book Couples Money, and successful entrepreneurs who help couples work through their financial challenges. More couples than ever before are coming to them asking for help to create multiple streams of income.
Seven of their tips for getting started:
- Brainstorm: Come up with as many ideas as possible, no matter how ridiculous you think they sound. Then narrow down the list by focusing on the ones that have the most money-making potential. Look for ideas that don’t require a lot of time and money, and ones you can use your own personal resources and network of friends to get started. Also, focus on ones that provide plenty of value for people.
- Focus on why it can work: So many people are focused on the reasons an idea can’t work as opposed to all the reasons it could. This is the best way to stay broke and not succeed. Set the excuses aside and look at the possibilities. Talk with your partner, mentors and trusted friends because they might have solutions you haven’t thought of.
- Know that anyone can do this: Does ‘stay at home’ equal ‘can’t create any income?’ Of course not. Whether you are a stay-at-home mom or dad or a busy executive, it is possible to create additional income streams. No matter what you have going on from your career to the kids and other commitments, you do it by leveraging your time and efforts. It can be something small at first that only requires a few hours each week.
- Get support: You’re not the first person to create more income streams and you won’t be the last. To increase your chances of being more successful, don’t do it alone. Whether you are doing it as a joint venture with your spouse or not, he or she must support you. Get a mentor or mastermind group, more specifically, people who have already successfully created different income streams to guide you along. Most financially free business owners credit their success to someone who showed them the way.
- Have passion for what you’re doing: You must have passion for a business. People sense passion and want to work with people who are passionate about what they do. It will also help to get you through the rough times. Doing a business just for money will not sustain you. The money will flow when you are ‘in service’ to others and excited about the difference you can make.
- Give it time: Instant gratification is not the right mindset to come in with when starting a new business. Like a farmer planting his crop, you must be patient. A farmer wouldn’t give up on his farm right before the crop begins to grow. Have a clear vision of where you want the business to go, but know that it does take time.
- It’s up to you: The money is out there for the taking. People need products, services and information and are willing to pay a fair price for it. The only thing that can get in your way is you. The key is to become entrepreneurial and start focusing on the possibilities and solutions.
Photo courtesy of wealthwave.com