Why do you need Multiple Income Streams?
Published: Mon, 07/11/16
Marlon here.
Why do you need Multiple Streams of Income?
After reading my newsletter you might have
this question.
If you missed the newsletter, here is the URL:
http://marlonsnews.com/mmmstreams
My dad serviced TV's for hotels and motels
in Oklahoma City. But he also had a job,
which is a form of a multiple income stream,
albet a difficult one.
Anyway, turns out in college, he had some
dude who disliked a lot. I have NO IDEA
why. But the guy didn't like my dad.
As luck turns out, he went into the SAME business
as my dad -- fixing TV's. And WORSE than that,
he opened up shop in Oklahoma City where my dad
was.
Not only THAT, the guy had money and was willing
to spend it.
My dad estimated the guy spent $250,000 trying to
put him out of business.
He never did. Fortunately, due to my dad's
recurring billing model, he endured and even
thrived.
His model was simple.
$1 per TV set per month. So if a hotel had 300
TV's, he got $300 a month for fixing them, regardless
of how many problems they had.
That money from 27 hotels and motels came in every
month.
Plus, later on, he installed dish antennas and
got extra recurring billing for that.
But now, one reason my dad thrived was he had
MORE than 1 income stream. So he wasn't desperate.
Can you imagine how gut wrenching it would have been
if he had no other income sources to fall back on?
I have friends 100% reliant on one affiliate program
or income stream. Very difficult if something upsets
the apple cart.
In my business, I have income from multiple sources.
I have big ticket products. Sometimes coaching.
At different times I've had a newsletter or membership
site. I've had recurring billing software and one-off
software. I've had big checks monthly from affiliate
programs.
If one BUCKET goes down, you have MORE BUCKETS!
I'm NOT talking about being all over the place and
unfocused, doing 40 million things and finishing NONE
of them.
Not at ALL.
I AM talking about multiple income streams WITHIN
your business.
I gave 3 examles in the newsletter here if you
missed it.
http://marlonsnews.com/mmmstreams
The KEY is you start with ONE. You don't start trying
to do 3 or 6. You start with one. Then you can BUILD
ON STRENGTH.
In my Facebook group, I asked people to post thir
favorite income stream. I got no response. I suspect
many people are LOCKED IN to just one thing or source.
If you're in the info product business, ONE SOURCE
you need is in the $600 to $1,000 range.
Why?
1. This makes it a ton easier to buy Facebook ads
and profit.
If you're only making $10 a sale, it's hard to profit
from Facebook ads.
But if you're getting $1,000, you can afford to run
ads.
Same thing for Bing, Instagram, Twitter or Google Adwords.
2. You can put together a free course on the same topic
as your $600+ ticket and with a relatively small amount
of traffic made good coin.
For a lot of people just one or two $600 sales a month
would change their life.
3. You can now do joint venture webinars with others
BECAUSE you have something to sell other than
"chump change."
It's a lot easier to get joint ventures when you have
significant dollars on the table.
But this is only ONE of multiple income streams.
This 7/19, I'm going to be talking about a great
STARTER INCOME STREAM you can do on the weekendsd and
possibly make as much or more than you do during the
week.
I'll be laying it out step-by-step.
https://attendee.gotowebinar.com/register/2510058978204526083
If you attend live, it's complimentary. There will
be a charge for the recording of $40. So if you want to
save 40 bucks, attend live.
Here is what will be covered:
The 3-Hour Income Stream Step-By-Step
1. Practical ideas for 3-hour income streams
2. How to get your ideas
3. How to outline your 3 hours
4. Where to find participants
5. What are your technology choices?
Best wishes,
Marlon