Keep Things Interesting with Multiple Incomes

When I was in the research stages of working at home, I read a book called Making a Living Without a Job by Barbara Winters in which she described the concept of “multiple profit centers”. While the concept is well known today, at the time (1993) they idea of creating more than one business seemed impossible. But I was intrigued by the idea that instead of trying to make $2000 from one business, I could make $1000 each from two businesses.

The Internet has made the ability to create multiple income streams much easier. And with the economy struggling, having more than one source of income is a wise idea. If one income stream tanks, there are others to pick up the slack. The big advantage for me is that it keeps life interesting. I’m able to create income in a variety of areas that interest me. And there is never a dull moment.

With that said, creating more than one income stream is challenging. It requires organization and careful planning. Ms. Winters likens it to plate spinning, which requires constant monitoring and attention to all plates to keep them all rotating.

The easiest way to create multiple incomes is to:

1) Create businesses around what you already know. Its faster and easier to start something you already have knowledge about.

2) Keep your income streams related. Branching one income stream off another, or refurbishing and reusing something you’ve already created is easier to start and manage. For example, you can simply redesign your business for a different market or for a difference niche within a market.

3) Start one at a time. The start up is always the most time consuming and requires focus. So start with one stream and once its running, debugged, and has systems to support it, add another stream.

4) Don’t waste time on what doesn’t work. If one of the streams isn’t profitable or enjoyable, let it go. That will free your time to focus on the streams you have, or to create a better one.