Multiple Streams of Income - Why You Need Them

One of the great things about the internet is thatRemember to use a logical approach when
things change so quickly. This is good as it allowsevaluating your options - the key areas to look at
new marketers to take advantage of novelare; the company; the pay plan; the product; the
trends and new developments. On the other handlevel of admin; the sales methods available and
of course, if you don't respond quickly to newthe cost - both start up and running. If this is your
market conditions, your business - and income -first business then try to start off with an
can be adversely affected. That's why you needopportunity that will provide you with residual
to have multiple streams of income - so that ifincome. Concentrate on only one business at a
your current top earner disappears off Google'stime. Work this until you get it to an acceptable
radar or one of your many competitorslevel where it is growing without too much time
introduces a new product that wipes the floorinput on your part. It doesn't need to be making
with your best offering, you have other incomethousands of dollars every month - it's easier to
streams to fall back on. It's just like buying stocksarrange for 5 businesses to return $1000 each
and shares - you want to have a diverse portfoliothan it is to arrange that a single business will
to avoid any sudden spikes and glitches in thereturn $5000 a month (the law of diminishing
market. Or put it another way - don't put all yourreturns). When you are achieving consistent
eggs in one basket. That's all well and good, butgrowth month on month, pick a business
just where are you going to find these multipleopportunity in a different sector and repeat the
streams of income? Sometimes it can be difficultprocess. Then do it again - and again. Aim for at
to find even one business opportunity that'sleast 3 and preferably 5 solid businesses. Try to
worth investing your time, energy and money in.have at least 40% of your income as residual
The first logical place to look is the market. It'sincome - this is your baseline. It will probably take
not always easy to get hold of hard facts andat least 6 months, and possibly more, to get each
figures when it comes to marketing and often,business to the steady growth phase, but it's well
when you do get some, they are well out ofworth the effort. This will provide you with a
date. However, the figures below show the UKdiverse income which will be stable and highly
market percentages of directly sold goods forunlikely to be severely impacted by changes in
2000, a year when the total spend in this areamarket conditions. If an opportunity arises in one
was $2 billion. These figures are sourced from theparticular area you can focus on that for a period
UK Direct Selling Association and make interestingof time in order to maximise your profits. And if
reading. SERVICES 32% (telecoms, utilities)there is a downturn in an area you can always
PERSONAL 26% (cosmetics, fragrances,use the income from the other sectors to
skincare...) FAMILY 17% (Books, toys, games,weather the storm. And when you eventually
business aids ...) HOUSEHOLD 14% (Security,have your multiple income streams online and
water treatment, electrical...) WELLNESS 7%they're all working well - always be on the lookout
(Nutritional, diet plans, supplements) FOOD 4%for any new opportunities to add to your business
(Frozen & other) The size of the market mayportfolio. You can never have too much of a
vary, and the relative positions may change - butgood thing. Hamish Hayward
the top five above will probably be able to provideInternet Business Tips ......
consistently good income streams. The obviousDiscover the key criteria you must evaluate when
omission from the above list would be onlinestarting your own online or offline business. Free
gaming, which is a relatively new phenomenon. Soe-books and newsletter packed full of hints and
how do you get started? Simple, just pick one oftips.
the areas and do some background research.