With due apology to Robert G. Allen, i submit right from the outset of this article that multiple streams of income is not necessarily always a beneficial concept. I will advance my reasons as we progress in this article.
The rationale for advancing the multiple streams of income cause is clear. It is to ensure that each additional income stream serves as a backup for the other in case of any crisis resulting to any of the income streams. Laudable as it is however, it has its own drawbacks in certain circumstances.
Let it be known that multiple streams of income is a desirable goal to achieve in the ultimate analysis but my submission is that it is not necessarily a desirable objective at certain stages of progression of an individual. In fact, it has been a source of downfall to many who attempt it when they should not.
Using internet marketing as a case study, my advise is that when you are just delving into internet marketing, you identify a FREE or low cost business opportunity to enroll in while more emphasis should be on acquiring the necessary skills needed through internet marketing training.
This enables your full concentration on your training and especially if you have limited financial resources, ensures you are able to cope with the financial demands of such top affiliate program that you choose initially, since sooner or later, you will need to upgrade, buy products and/or spend on adverts in such a program. No program is really FREE for ever if you want to make reasonable progress.
The only scenario where i will advocate multiple streams of income even at the early stage for a newbie internet marketer is where all the business opportunities involved are truly FREE, with no hidden costs. All advertising expenses can then be concentrated on marketing a central website containing these individual business opportunities.
I say the above from personal experience and from the backdrop of tales of woe i hear from many newbie internet marketers lamenting “multiple streams of expenses” 🙂 resulting from their attempt to apply this principle/concept of multiple streams of income. Can you beat this, someone trying to get out of debt or eek out a living and turning to internet marketing as his last hope, only to loose all his remaining savings 🙂 A word should be enough for the wise.
The reason for the above is very simple. The learning curve for internet marketing is very steep and during the learning phase, you are unlikely to generate significant income. As a result, you should be careful to match your expenses with your income at the worst. Any attempt otherwise will make you worse-off.
As you now begin to make profit(not income) from the initial single business opportunity, you can begin to plough this back into your internet business in general by taking on other additional business opportunities in phases until you ultimately attain thorough diversification and the desirable multiple streams of income.
TIMING is the key to benefiting from multiple streams of income.
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