Most people are afraid of giving up what they have, in spite of the fact that it’s not really working anymore, in order to try something new that may not work at all. The fact is, you don’t have to give anything up. As a Joint Venture specialist, I never have “all my eggs in one basket.” I have multiple streams of income. Why? Because nothing lasts forever. Nothing.
And while one is winding down, you can have the next one cranking up. The average millionaire has SEVEN income sources at any given time, because he understands that every business has its Spring, summer, and FALL. Then Winter, with little or no income. And then it’s too late to start casting around for something new, because when you’re rushed and desperate, you can make costly mistakes and wrong choices. And while you’re looking, you’re using up all your savings – if you have any.
Plus, building a new business income takes time, so why not do that while the good ones are bringing in the dough? That way, you’re relaxed, alert, and selective, and you build wisely, instead of grabbing just anything and anybody and hurting your reputation.
If you only have one income source, you’re simply naive. You can have a main focus, of course, and you should have, but you had better have a few others that you’re running or building at the same time. That strategy works – ask any successful entrepreneur. Going from feast to famine is no fun, and you can avoid it. When you see the dark clouds on the horizon, instead of going into denial and blindly working harder and harder for less and less, stand back and consider adding another income source or two. Soon.
Warren Buffet said, “Never depend on single income. Make investment to create a second source.” Diversify your income sources. Not everyone you approach will like everything you have to offer, so give them a choice in the way they can work with you. Using leverage and collaboration in all your income sources is the wisest way to create stability and wealth. The old adage of digging your well before you are thirsty is more applicable now than ever. Multiple sources of income is an Income Multiplier.
Let’s talk about your options. Contact me any time.