Home-based business owner joined affiliate programs offered by big name retailers and earned money by imaginatively incorporating them into her heavily trafficked web site. To make easier marketing, it would be better that having specialization in one area
There are many benifits in having specialization in a single area. And you can also have multiple streams of income by trying in different ways in a particular business.
Everyone - well most people anyway - will agree that Multiple Streams of Income (MSI) is a good thing to have Think in terms of a river. One river may have hundreds of small tributaries and streams emptying into it along its path. Without these waterways, the river level would fall considerably and may one day disappear completely. The same is true in business. Your revenue is like that river; it needs to be nourished by many sources, not just one. If that one source slows down or dries up, the negative impact on the flow of your revenue is dramatic.
Multiple streams of income is the key. You've probably heard of the concept in terms of running an online business. It means don't just sell one product or service from your website, sell several so that if one bombs, your livelihood doesn't have to.
Just as investment advisers warn investors not to place all their eggs in one basket, so too you should avoid relying on just one golden goose. Get a flock of 'em!
This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren't working, you aren't making money. So when you're on vacation, relaxing over the weekend or (gasp) sleeping, no money is coming into the business. But let's say you create a product or two to sell in addition to your services. Now you've just created a passive income stream (passive meaning it doesn't require yours or anyone else's time). So if you are taking a nap or out walking the dogs, money can still be coming into your business.
So, if you're still looking for The Answer, your Big Break, The One, STOP. Stop thinking in terms of "ones" and start thinking in terms of multiples. Multiple part-time ventures (and don't limit yourself to just one part-time job and one part-time business, the best combination for you may be two part-time jobs and one part-time business - whatever works) which, when added together, bring in just as much or more income than your J.O.B. (Just Over Broke) and minimize your risk from the vagaries of forces and events over which you have no control. - 16036
There are many benifits in having specialization in a single area. And you can also have multiple streams of income by trying in different ways in a particular business.
Everyone - well most people anyway - will agree that Multiple Streams of Income (MSI) is a good thing to have Think in terms of a river. One river may have hundreds of small tributaries and streams emptying into it along its path. Without these waterways, the river level would fall considerably and may one day disappear completely. The same is true in business. Your revenue is like that river; it needs to be nourished by many sources, not just one. If that one source slows down or dries up, the negative impact on the flow of your revenue is dramatic.
Multiple streams of income is the key. You've probably heard of the concept in terms of running an online business. It means don't just sell one product or service from your website, sell several so that if one bombs, your livelihood doesn't have to.
Just as investment advisers warn investors not to place all their eggs in one basket, so too you should avoid relying on just one golden goose. Get a flock of 'em!
This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren't working, you aren't making money. So when you're on vacation, relaxing over the weekend or (gasp) sleeping, no money is coming into the business. But let's say you create a product or two to sell in addition to your services. Now you've just created a passive income stream (passive meaning it doesn't require yours or anyone else's time). So if you are taking a nap or out walking the dogs, money can still be coming into your business.
So, if you're still looking for The Answer, your Big Break, The One, STOP. Stop thinking in terms of "ones" and start thinking in terms of multiples. Multiple part-time ventures (and don't limit yourself to just one part-time job and one part-time business, the best combination for you may be two part-time jobs and one part-time business - whatever works) which, when added together, bring in just as much or more income than your J.O.B. (Just Over Broke) and minimize your risk from the vagaries of forces and events over which you have no control. - 16036
About the Author:
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