Improving Your Chances of Making Money

I was driving up the road yesterday and out of the radio comes a pitch for a famous “motivational speaker” and his information on making money with “Multiple Streams of Income”. Now for this man, I suspect his multiple income streams mean BOTH of my pockets!:) Obviously though he’s selling information about how to make money online, in MLM, in the stock market, in real estate, etc.

The idea is sound, but often I’ve seen that embraced in wrong headed ways. For instance I’d see network marketers try to join 2 different MLM programs and build two businesses at the same time. I never saw that work.

Consider insurance agents for companies like State Farm – you know the ones that can insure your home, your life, your car etc. Most of them develop a proficiency in one field… usually property/casualty. It’s rare to find one that sells all lines of business. Now the office may have a specialist to sell in the areas where the main agent is weak, but for most of these people “multiple streams of income” means selling auto and home owners insurance.

It’s harder than it seems to do two things well at once. Finding truly compatible income streams is harder than it seems.

I’m not saying not to SEEK such income streams. I’m trying to help you think through what really will work for you. In the end, that may be a matter of trial and error – like life!

Improving Your Chances of Making Money discusses how a couple of businesses are turning their core thrust of business into multiple income streams, one a website offering odd knowledge and the other a cell phone application.

But you’ll notice one thing… instead of the Fruit and Veggie MLM gal deciding to join a Long Distance Phone Company MLM too (back in the day when people used 1- long distance instead of cell phones!) both of these companies are seeking to do ONE THING WELL and then picking up money at various service points along the way.

That’s different than trying to start and operate two essentially competing businesses – they may not conflict with one another, but they always conflict for time and resources.