The Logic For Multiple Streams Of Income
The Sad Fact About Business
If you've been around for a while or even if you're still young, the cycle of business boom and business busts is a familiar one. We've seen established companies who have been in business for decades shut their doors as well as internet startups who take the industry by storm and then crash and burn.
How many times have we witnessed a business enter the marketplace and skyrocket to incredible success, only to see them fade away in a couple of years. Here today and gone tomorrow. But what causes that to happen? Is it the product or service itself, is it the changing marketplace or is it just poor management by the company?
Truth be told, it could be any one of those factors that causes their demise, but there's something else that's the real culprit for many companies that go under. They are a one trick pony.
Why Multiple Streams Of Income?
So it seems pretty clear, that if one of the main reasons companies fail is because they are not diversified and rely solely on one product or service, then that is something you want to avoid.
Companies have learned the hard way what can happen if you depend on just one product or service to drive all of your revenue. People's preferences change as does the marketplace. Remember 'Blockbuster'? It wasn't too long ago that they were dominating the movie rental industry and now they are gone. The marketplace changed and they didn't adapt and couldn't compete.
Think about all the companies today that have multiple streams of income. Apple has the Mac computer, but they also have the iPhone, iPad and iTunes to name just a few. Microsoft has Windows, but they also have Outlook, PowerPoint, LinkedIn and Excel. They even have the hand in broadcast television. Facebook owns Instagram and Google owns Youtube. Are you beginning to see a trend here?
Here's a perfect example in the Consumer Goods industry. One of the leading companies is Procter & Gamble and take a look at just a sample of their product line...
Pretty impressive right. Most people don't even realize that all those products are part of one company. They have all their bases covered and if the marketplace were to change for one of their products and sales were to nosedive, it wouldn't have nearly the same devastating effect it would if that was their one and only product.
Multiple Streams Of Income Is For Individuals Too
If there is anything that this pandemic has proven, is to expect the unexpected. And part of that includes having a rescue plan if circumstances results in your primary source of income going away. Bottom line; individuals also need to diversify their income to protect themselves if the unthinkable happens.
The easiest way to do that is to create an online business you can work from home even in the most dire circumstances. But if you are new to online marketing there are some things you need to be aware of.
In reality the online marketplace is no different from a brick & mortar business or any of those huge computer and internet companies we just mentioned. Don't ever think you just discovered a product that's the 'Goose That Laid The Golden Egg' because geese don't live forever and their egg producing years are limited.
The real question is not whether you should diversify your online business, but rather how to do it. For most people, creating their own products is a pipe dream. They simply don't have the expertise or the financial wherewithal to get that done. So then how are folks able to create an online business they can work from home without developing their own products?
The ideal situation would be one that offered online entrepreneurs a way to market the best products from the top people in the industry, without the hassle of developing products or services of their own. Well that exact business model is available right now, and its' called affiliate marketing.
This probably sounds like the ideal way to create multiple streams of income online. Selling other people's products. But unfortunately, the vast majority experience little if any success. Why? Because they have not been given a blueprint on how affiliate marketing really works and the step-by-step process for producing outstanding results. You are now able to start from scratch and navigate through the affiliate marketing maze. This takes you by the hand and delivers daily action steps for creating the outcome you desire.
Imagine being able to produce multiple streams of income by selling other people's products. Sound too good to be true? Well it's not only very true but it's also very real. Many of the top marketers are crushing it online by simply using the affiliate model, and now you can too. But instead of flying in the dark, you now have an unfair advantage with this road map for success. So if the idea of creating multiple streams of income makes sense but without the hassle of trying to figure it all out yourself, then this is unlike anything else out there, bar none.