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Article #33: Multiple Streams of Income - Why You Need Them

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






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