7 Steps to Create Multiple Streams of Income

Created 6 years ago in Business / Getting Started

I've generated an income from over 10 different products across various niches and business models, and I've learned a lot of lessons along the way.

One of those lessons is how important it is to diversify. By creating multiple streams of passive income, you're able to reduce your risk since you're not relying on just one product or business model or platform for your income.

With that said, it's important to add new streams of income STRATEGICALLY, or else you could dilute the strength of your current offerings. You want new products and offerings to compliment what you already serve your audience with.

And finally, always know that:

1) New income streams and passive income opportunities DO NOT start out passive, they are very active and need work and care and a lot of effort, and...

2) There's no such thing as 100% passive income. You can create systems that allow you to walk away from time to time and take time off while still having the businesses to continue to run for you, but no passive income (other than royalties from previous works) is 100% forever passive income.