Are your bills piling up and your income seems struggling to meet up your expenses? Or are you working right now and wants to engage in another means of earning money? These are some of the issues that concern us today as prices goes up and the economy is downsizing. What can we do to suffice our income? Many engage now on multiple streams of income.
Multiple streams of income are wealth building systems which make you earn in different ways. Each stream of revenue is independent from each other. For example you depend on your job to earn money. That is your only stream of income. But in case you engage in an online business that revenue that you get becomes you’re another stream of income. So now you have two sources generating income. If you also engage doing online services like doing blogs and freelance writing after work that is another income generating source. You are engaged therefore in multiple streams of income. Now that we know what multiple streams of income is, the question now how can we create one?
There are guidelines on how to create one. First is that you must ace firstly your first stream of income. In doing so, we must choose what job or business you are passionate about. It was noted that the first steam of income is the hardest since you are still starting to develop your skills. Also, you are still starting to build connections and supports that would help you to succeed. For example you are passionate in cooking. You decided to open a catering business. Since you are still new to the business, you meet a lot of obstacles. You are still building relationship to suppliers as well as customers. So you need to master this type of business so that it will generate a large amount of income.
Secondly, you need to systematize your first stream income. Create a system wherein that stream can run entirely on its own without you focusing all your attention and time. We can do that by hiring people or getting machines or apparatus to make leverage. Let’s go back to our example given earlier. After you master in establishing your catering business do leverage. You must hire people like cooks and assistants to do the things you did before. So you can have lots of time to do other things. When you are now expert in systematizing, your first stream of income will be running in auto-pilot mode while depending less on your time. Then now you can add another stream since your first stream is running smoothly on its own. Let’s continue with our example earlier to give better frame work to multiple streams of income. When your catering business is running with less supervision from you, that’s the time you can open another stream of income. You can engage in opening a restaurant or online marketing of food. It is another way of generating an income independent from your first income.
The advantage of having multiple incomes aside from having more money is that in case your first stream is not doing well. You still have other means to earn money.