7 Steps to Multiple Income Streams

Now that you are aware of the 5 Reasons You Need Multiple Streams of Income, most of us can agree that is sounds like a great idea. So now we need to develop a plan, gather books, and other  resources to move into action. There will never be a perfect time so the time to start is now.

  1. Identify and list your talents: Make a list of all the things you are good at. What do others compliment you on or request that you do?  What do you have a passion for or are talented? Do you have potential to be an expert in a particular area? If you need some resources that can help you discover what your talents are, try Finding Your Element and Find Your Passion. These along with other resources will help you identify the talents and passions God has uniquely given you.  It’s probably not a good idea to try to implement them all at once, but it is wise for you to hold onto this list as every item on this list is a potential stream of income.
  • 2. Passive Income: Passive income is the holy grail of additional income streams, because it doesn’t require any additional work after the initial set up.  There is usually an initial set up investment of time or money. Passive income happens 24/7 even while you sleep. Passive income includes things like interest, dividends, royalties. You can also achieve passive income online from things like eBooks and e-courses. For more information and ideas on passive income I suggest the following resources: Passive Income Ideas and The Passive Income Playbook.

3.   Pray and pick 1 active and 1 passive: You may have a large list or a small list, the size really doesn’t matter. What matters is that you make a choice. If you are a believer in God, I suggest you pray that God would show you and help you pick what is right for you during this season in your life. What talent has he gifted you with that you are not using. If you are uncomfortable with prayer or have no idea how to pray. I suggest you may want to invest in the following books, Unleash the Power of Prayer in Your Life and PRAYER BOOK TO START A BUSINESS. We can have a lot of great ideas, but only God can breathe life into it and cause it to multiply.

 

  • 4. Research how to monetize: Talents only turn into an income stream when when you are able to make money from it. I was told early in my career that a business that doesn’t make money is just a hobby. Come up with a plan that you could start earning income. Start with a simple goal of earning $1. If you can earn $1 than you can earn more by repeating or improving the process. Our goal is get the stream to produce money. It is like a toddler learning to walk if they can take one step its very likely that they will be able to walk and soon run. Once your stream is producing, you are well on your way to turning your income steam into a business. The following book will help you in the process: Starting a Business Quick Start Guide.
What is your target market?

5. Develop a Plan to Grow: Identify your target market and come up with a plan to get your services or product in front of those most likely to purchase. Target Groups Untangled. If it is a passive stream figure out how much you will need to invest whether time or money to get your desired return. Implement growth strategies that will grow your company using the resource Secret Business Growth Strategies.

6. Execute the Plan: Finally it is time to execute your plan and let the revenues start flowing in.  The book Side Hustle: From Idea to Income in 27  is a great resource that helps you go from idea to income in as little as 27 days. The start of your new business or passive income stream is an exciting time but having a guide is key especially if you have never owned or operated your own business before. The following is a great guide: Turn Your Passion Into A Thriving Business – How To Start A Business That Will CRUSH IT!!: A Rookie Entrepreneur Start Up Guide

  • 7. Keep learning: “Formal Education will make you a living; but self -education will make you a fortune.” -Jim Rohn  This blog post is filled with links to books and resources,  because as you venture to grow your wealth you will have to read, ask questions, and figure things out.  Nothing worth having is easy and knowledge truly is power. As an entrepreneur I read all the time, usually about a book a week. There are books written about everything I can think of. You have no excuses, below are additional books on creating multiple streams of income.
  • Additional books and resources:
  • The Key To Multiple Income Streams
  • Get on the 7 Streams Team
  • Online Profit Secrets
Dr. Sylvia Jones
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5 Reasons You Need Multiple Income Streams

  1. Life is unpredictable. Life is constantly changing. Technology, government, healthcare, internet, and bills in general. Things seem to cost more and more, yet salaries seem to be staying the same. Stores that we once frequented have gone out of business, ie Payless Shoes & Blockbuster.  Some have gone out just because technology changed so much they were no longer relevant, others just couldn’t stand against the competition. No job is safe and those we thought were secure like government jobs are furloughed or eliminated due to budget cuts. I have been an eye doctor for 12 years now and I have seen more changes in healthcare than older doctors probably saw in their whole career.  The implementation of the Affordable Care Act and the constant threat of it being removed. Multiple streams of income helps to protect you from some of the uncertainties of life.

2. Reduce the Risk-The word investment itself brings with it risk. Multiple streams of income helps to minimize the risk of any one investment or stream. In most instances when one industry is down, another industry thrives or at least weathers the storm. I was lucky enough to live through the Great Recession. I’ve seen the stocks soar and drop to almost nothing. I was always taught that real estate was a relatively solid investment, yet I have felt the devastation of having my home value drop by 50% and look foreclosure in the face and say not today!   Multiple streams of income helps you to weather the storms of life without total economic ruin, and if done right prosper in the storm.

3. You have multiple talents – God has given us all multiple talents, likes, and dislikes. There is no reason that you have to just pick one and only do that your whole life. Maybe you are a teacher, but you also love to bake, decorate, and exercise. There is no reason why you can’t use one or more of your other talents to earn additional income. I was watching a video by TD Jakes and he said “every talent is a stream.” God doesn’t give you talents for nothing, they are to be used. Some are meant to be given freely. God is generous enough to bless us with talents that generate income and allow us to enjoy our dreams. If you have a nice voice, you could read audio books, or do voice overs. If you have nice hands, you could be a ring model or be used in product demonstrations.  The possibilities are only limited by your creativity and your desire to succeed.  Income earned from work is great, but income you earn not working (passive income) is even better. So get creative as you produce additional streams.

4. It is Wise– The concept of multiple streams of income is in the Bible. Ecclesiastes 11:2 says to invest in seven ventures or even eight; you do not know what disaster may come upon the land. The beginning of wisdom is fear of the Lord and it is wise to follow his word. The Bible is full of sound financial advise. It is no surprise that multiple streams of income is one of them

5. Financial Freedom– Just like you can fill a bathtub faster if you had 7 or 8 faucets going at the same time. The path to wealth or financial freedom is greater if you have 7 or 8 income sources flowing into your bank account. Some of the possibility for additional stream include books (eBooks), online courses, stocks, bonds, rental income, online stores, direct sales, blogs, apps, and whatever other creative legal venture you can think of. If your goal is to be financially free, multiple streams of income can assist you in obtaining your goal faster.

Tune in to Millionaire Faith’s next blog, “A 7 Step Plan to Create Multiple Income Streams.”