5 Successful Tips to Maintaining Multiple Streams of Income

Do people call  you a “jack of all trade?”   Or they say, you always got a new hustle, or is it that you just love serving a need, helping others and getting paid to do it?    Woman resources

I love the latter and some would call you a serial entrepreneur.   Given today’s ever changing job market,  I learned to have multiple streams of income.   Here’s 5 tips to maintaining multiple streams of income:

  • Decide what business is your parent company (basically this business produces over 50% of your income) and let the other businesses serve as additional services)  For example, if you have a photography business but other services you offer is blogging, teaching and hosting events.    Your parent company would be the photography service and the additional services would be offered as bonus services but not every client would buy all services.
  • Determine the peak season for your business.  I believe there is a season for everything.  This will allow you to focus on your other businesses in the  non peak season.   For example, you wouldn’t sell winter clothes in the summer nor do you sell Hot Chocolate at an outdoor summer festival.   FYI, My favorite Italian Ice company is only open in the summer season as it is not warranted for the winter season in Chicago.  Accountant point picture
  • Hire an accountant to delineate your income for all of your businesses.  It will help you decide if you need to outsource to focus on the business stream  that is in high demand and produces high volume.
  • Don’t promote all businesses during one encounter.  Focus on one unless someone ask  about additional services or offerings, then you can share.  You don’t want to be the unfocused entrepreneur who is always selling something that they miss out on the original reason why they reached out to you.  It can come off negatively,  so be careful.   Your services should compliment the others.
  • Devote certain days and times to focus on each business.  I have certain days to work on one business and will hire consultants for my other businesses.  The purpose is to make double or triple the money in one day.  For example if I am conducting a talk on branding, I have a team that is managing a marketing event for one of our clients.

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Some might say you can get burned out as an serial entrepreneur or having multiple businesses.

I have learned you only experience burn out when you become a  ‘ jack of trade and master of none’  because you don’t master one thing.  I can recall being at that place and my community became confused and I was no longer succeeding.   When people are confused, they typically run!

You don’t want clients or potential client to run if they don’t run to you.   As a person who has been an entrepreneur most of my life (14 years to be exact),  I  have learned that you must  have a written plan and clear objectives to each business.    It is my hope you are able to implement some of these basic skills.   All businesses must be treated equal in order to see them grow .

I hope to see your businesses flourish and would love to have YOU  join our 2014 Mastermind Group.

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Cheers to multiple streams of income this summer!

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