Like most people, I am a fan of multiple streams of income. I think it’s good to be diversified, if you do it right.
When it comes to network marketing, the idea of having multiple streams of income has been pretty popular for the past five or six years. Ever since people started promoting their network marketing business online, you now see lots of reps promoting online systems, lead programs, and affiliate programs, in ADDITION to their MLM Company. I bought into this idea myself, way back in 2009.
And while the idea of multiple streams of income sure does sound sexy, I think there is more to the story that you need to know. The purpose of this post is to explain that in greater detail so you have a better understanding and can make an informed decision about how to build your business.
Many new people in our industry, especially folks looking to build online, are lured in by the multiple streams of income myth. They don’t know what they don’t know, so when their potential sponsor tells them to promote multiple programs at once, they do it! As a result, they join their MLM Company, an online system, several affiliate programs and even a leads program.
The major problem with promoting multiple things at once is that you scatter your focus. Let’s face it, it’s hard enough to build ONE solid income stream, especially a network marketing business. Trying to build three, five or even ten income streams at once is next to impossible to do, especially for a part-timer.
Trust me, I’ve tried. I did fairly well because I invested 8-12 hour days, nearly 7 days a week, for more than five years (almost six years). However, the average person doesn’t have the time or willingness to work as hard, or as long, as I did.
And while I now have multiple streams of income I believe I would have been MUCH better off to focus on just ONE thing until I was really successful (and then diversify). I can only wonder where I would be today had I just promoted one MLM Program, and nothing else, for the past six years. I’m sure my business and income would be much bigger than it is today.
Building a successful business of any kind takes intense focus, commitment and hard work. I know of very few people, in any industry, who had the ability to promote multiple things at once with any types of success. Do you?
So, if you are thinking about creating multiple streams of income in your network marketing business, I would ask you to reconsider. If you’re an internet marketer, having multiple income streams is fine. However, if you are a network marketer, you should really just focus on building your team. Once you have a large team in place, then you can diversify your income. I hope you will learn from my mistakes, so you don’t have to repeat them.
What are your thoughts about multiple streams of income in network marketing? Leave a comment below to let me know what you think. I look forward to hearing from you.
Sincerely,
Chuck Holmes
Network Marketing Professional (21+ years)
Top Recruiter & Top Rep
mrchuckholmes@gmail.com
Trying to juggle too much at one time can be a disaster. I think if you can handle it great, but there is no need to stretch yourself so thin in multiple areas trying to generate income from multiple streams if you cannot handle it. Are you really being that effective if you are not going to be giving your whole self to whatever areas you are working in? I’d rather master one or two areas and be making substantial income there, than juggling various areas and making minimal income in each.
Pick one thing and focus until successful.
I agree wholeheartedly Chuck.
Multiple streams can be good, but only if you have aced the first stream. What I mean is: get the main stream of income rolling to where it is creating a great income even if you do nothing with it for a day or 2. I believe when it is at that point, you can then diversify.
Now I do believe that there is nothing wrong if you have created a training system for your down line, to create a CD and actually sell that as a training system. You could also write books or ebooks on the same system, but I still believe it is best to get the MLM business running on all cylinders before attempting any other ideas.
Glad you agree, Greg.