Creating Multiple Streams of Income

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I recently interviewed master marketer Paulie Sabol, and there were just too many nuggets in that interview for me not to expand on. One of the things that Paulie talked about was a book that he purchased when he first got into entrepreneurship. The book was “Multiple Streams of Income” by Robert Allen which is definitely a must read.

There are many ways to build an Internet Business such as:

– Create a product
– Blogging
– Coaching
– Affiliate Marketing
– Adsense
– Copywriter
– Network Marketing
– Many many more

There are many ways to create multiple streams of income so you have to decide which one is best for you. The awesome thing about creating multiple streams of income is for the simple fact that if one of your “streams” or internet businesses dries up, then you have other streams that you can rely on to continue to bring you money. Creating multiple streams of income is definitely a wise decision for any entrepreneur.

Paulie talked about how he took PLR and created a membership site out of it. Crazy thing is he took the same process he used to build the first successful site, he used it again and today has many successful recurring Internet businesses.

He went on to talk about how when some folks make money, they end up going to the next venture not using that same ‘recipe’ for success. What works once, will work again. The ingredients might be different but the recipe, the process, will always be very similar.

The question I get from a lot of people is “How do I know which type of Internet Business should I build?” The problem is that the answer varies from person to person. A great place to start is your passion. Some people say that it doesn’t matter if you’re doing what you’re passionate about to make money. I agree that you don’t always have to be passionate about the niche or type of Internet Business you’re in, but I promise you it makes it a whole lot easier.

I’m a firm believer in creating multiple streams of income, but you’ve got to come up with a system, a recipe for success that you can duplicate into other ideas or passion’s that you have.

While exploring creating multiple streams of income, don’t get caught up in creating multiple drips of income which I’ll talk about tomorrow.

Stay Hungry – Stay Foolish

About the author

Yo! I’m Alejandro Reyes and I’ve been helping entrepreneurs & brands with online marketing & social media for over 10 years and this is where I share guest expert interviews, insights, & inspiration to help you tell your story online so you can change the world. .

Get more of me on Google Plus.

5 Comments

  1. Great post! You really hit the nail on the head. I have had the opportunity to personally work with Robert Allen over the years and have witnessed – first hand – how people can successfully implement “Multiple Streams of Income”.

    The biggest secret to success with MSI, is that you have have to get started first with ONE thing that you are passionate about and get it started and rolling along … then pick up the next one and get it rolling along too. The biggest “mis-step” is that people try to just grab any income stream and try to do it all at the same time – a big mistake that overwhelms people!

    Find income streams that you are passionate about and start to work them and eventually you WILL have multiple streams of income. I’m doing it quite successfully myself! From internet marketing to network marketing to real estate … I love it all!

  2. I WILL LIKE TO KNOW HOW TO BE SUUCESSFUL THRU UR MSOI…PLS I WILL BE GRATEFUL TO HAV IT SEND TO ME

  3. Multiple streams of income ROCK! It’s the ONLY way to truly be free in this economy. I call it “The Residual Income Lifestyle” which is the title of my blog. ;)

    But it’s CRITICAL for people who are new to being entrepreneurs to understand…not to get into too many opportunities. Spread yourself too thin, then your time, effort and money are swirling down the toilet and all that is coming is a dribble of income instead of a tsumani! Focus on a couple of core items until they make a certain amount of money, whatever number that might be for them. $500 a month? $10,000 a month? Whatever…set a goal to reach…hit it, then expand if that is your desire.

    Just my two bucks. LOL

  4. Alejandro;

    You hit it spot on here sir…

    My observation has been that many people come onto the internet expecting it to be a cash machine.

    Like *boop* *boop* *boop* *swipe* caaaaaaaaaaaaaaash

    If you were beginning online all over again, would you build a business around your passion or would you find a hungry market and give them what they wanted regardless of passion? Why?

    I found that creating a vision, which intrinsically motivates me drives me forward to keep taking the next step however big or small that might be.

    Be good, laugh often, and above all have fun!

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