Multiple Streams of Income 5 Reasons Why You Absolutely Need it
I’ve become enamored with the word “multiple,” especially when it pertains to business. I especially like the idea of harnessing the power of the multiple to grow your business multiple times over.
There are a lot of things that can be multiple in a business, but in this article Im focusing on multiple streams of income. In a nutshell, multiple streams of income means your business has more then one way to make money. For instance, you sell products and you sell services. Those are multiple streams of incomes. Why do you need them? Below are five reasons:
1. Make money while you sleep. This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren’t working, you aren’t making money. So when you’re on vacation, relaxing over the weekend or (gasp) sleeping, no money is coming into the business. But let’s say you create a product or two to sell in addition to your services. Now you’ve just created a passive income stream (passive meaning it doesn’t require yours or...
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