Why Multiple Income Streams Work
Small business owners understand the danger and frustration of seasonal sales. That “Feast or Famine”, “Chicken or Feathers” scenario can be hard unless you are very careful in your planning. And some things, like a fire, a water shortage, or a new competitor, cannot be planned for, except with a substantial financial cushion. Multiple Income Streams takes care of seasonality if they’re from different industries and different geographic areas. Another threat that can be diluted and even removed from your business by multiple, diverse income streams is “Having all your eggs in one basket”, meaning one major supplier, customer, or regional market.
Joint Ventures allow you to create and develop multiple back-end income sources that can eventually eclipse the income from your traditional business for two simple reasons: First, the income from Joint Ventures is generally 100% profit. Secondly, there are virtually unlimited JV options out there, so you can create multiple income streams that in turn create more opportunities for you. Once you get out of the ego box, you will see many options that you never realized existed. It’s like switching on a three million candlepower flashlight in a dark diamond mine. Opportunities leap out at you, and the more sophisticated your approach, the more JV’s you will attract.
We’ve all heard the term, “Multiple Income Sources”, but the fact is that the people touting them seldom do it in their own lives, in the real world. And if they do, those income sources are generally limited in range, reach, and genre. I’m talking about real world, real business, real money from diverse sources. It takes a little setting up and managing, but it’s nothing compared to running a conventional, risky, and expensive business. Especially if you carefully remove the risk and cost from all your Joint Ventures.
Where do you start? If you haven’t joined the DollarMakers Joint Venture Forum, do so right away at www.DollarMakers.com. Then get our training, get involved and get active. And if you are a Member, get more active and involved. It’s a lot easier to succeed when you have the support and input from others with the same ideas and understanding, so surround yourself with people who under stand and love JV’s in order to fast track your path to success, retirement and fun. See our Hotel Sponsor below – highly recommended!