With the current economic crises prevailing around us, it is not surprising to hear of companies that are shutting down or workers being layed off of their jobs. People are in constant worry of the possible downturns that may occur, be it in their careers, businesses, or investments, and so they recognize the importance of ‘not putting their eggs in one basket’ by venturing in multiple streams of income.
Why Multiple Income Streams?
There are several reasons why people should not limit themselves to a single business venture:
- The primary source of income may no longer be profitable. This may be due to an increase in overhead costs or a decline in revenue as a result of an unpredictable market that is in constant demand for new products and services.
- Personal preference. People may find themselves losing interest with their primary income source and would like to go into other business opportunities.
Whatever the reasons are, the trick is to “think plural” and consider getting into multiple ventures.
How to do it?
Perhaps the major setback that one may find in having to deal with multiple income streams is the problem of maintaining focus and pursuing multiple projects at the same time. This is true for almost all the tasks that we carry out in our everyday lives, that we often find ourselves not accomplishing much at the end of the day.
The need to focus in order to get a job done may seem to contradict the goal of dealing with numerous opportunities, and yet this is what every person should aim for when dealing with multiple streams of income.
The following are a few suggestions on how to go into, and cope with, the pressures of growing multiple business opportunities:
1. Ideas are important. A lot of people have been guilty of coming up with great ideas and forgetting about them, only to turn out to be a hit later when pursued by another person. In order to prevent this from happening, ensure that all your ideas are captured. Record your thoughts and store them either in your computer or in a manual file.
2. Organize your system. You have recorded and filed your ideas about a new income opportunity, and you have thought of something to add to them afterwards. The problem is, you cannot find them, and you end up wasting your time looking for them. Having an organized system enables you to have an instant access to everything that you need, whenever you need them.
3. Turn your ideas into reality. Never fear of putting your ideas into action, especially if you think that it has potential. Consult other people, especially prospective customers, if you must, but at the same time, be very cautious of these new ideas before working on them.
4. Do it one at a time. This is a problem for most people who, when given numerous tasks, often get them going all at the same time, going back and forth from one to the other and finding themselves getting nowhere in the process. This is where maintaining focus in the middle of several projects is important – do them one at a time until they reach the point that they are income generating and can stand on their own before moving on to start another one.
5. Time management. The key to maintaining the balance between multiple income streams is proper time management. It not only makes you efficient, but it also makes you effective in carrying out different jobs simultaneously. Making a schedule using tools such as the Daily Planner or a software program would enable you to focus on specific goals and prioritize things while minimizing time waste. It would also enable you to set standards and track your progress on your projects.
6. Learn to accommodate changes. An organized system and proper time management skills are not the only things that matter in dealing with multiple income streams – after all, we cannot control (and change) time, and unforeseen events come up sometimes. The important thing is for us to learn how to adapt to these changes and still manage to stay on track.
With the guidelines mentioned above, every person would now be able to handle multiple projects – without having to deal with the stress and the pressures that go with them.
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