This is a huge topic and is one that you must completely understand. Otherwise, you will get ripped off and lose a lot of money. Let me explain what multiple streams of income are and what they are not. Multiple streams of Income are a concept that many millionaires use to have many revenue avenues. Michael Corcoran, who was the founder of the first multiple income stream marketing system on the internet in 2001, would agree with this concept.
When Mike Corcoran created the first Multiple income stream marketing system, he never imagined how so many people would take advantage of this concept and use it against you to rip you off. Before I get into detail about the ways that these so called "internet Guru’s" are taking advantage of you, I’ll get into the way it was intended to be used.
Multiple income streams was intended for a person to start a business with one company, affiliate program, MLM or direct sales company. It was intended for a person to master one program, have success with it for a minimum of one to two years and then add another business to the portfolio when, and only when, the first business was running on autopilot. While still running the first business, putting little time into it because it was running so well, focus a little more time and money into the second business to get that one up to speed where it was duplicating the results of the first business. This is how you can double your results. Like, I said, it usually would take a year or two to get a business and multiple incomes up to the level where they were running on autopilot.
If you have spent many years developing the above strategy, it is alright to add a third or a fourth business to the portfolio as long as you maintained the original businesses. Adding more than one business to your portfolio in less than a year just proves that person is not focused and says a lot about their character. Having a total of more than 3-4 businesses in a portfolio just means that a person is simply a program jumper and is out to take your money.
Program jumping is becoming more and more popular these days from these so called "internet guru’s". This is a typical case in which someone is a program jumper. Watch out for these people. If someone has joined three programs in 6 months time, they are a program jumper. Program jumping makes sense for the leader of the jump. They usually say things like "Bran New" or "Get in Early" or "This one is so much better". The truth is, they take all the followers from program to program to program. They make excuses of why they left the old program to find another one. The truth is, they have suckered all the people they can sucker into the first program and their income is suffering, so they say they’ve found a better mouse trap over here, so come and join me over here and you’ll make a ton of money with me over here….I know people who have joined 5 programs in 7 months. Anytime a new program came on the market, they were in it, suckered all the people they could into it until the next new program came about.
I know several people, who on the outside look great, but jump ship every two months. They put together training packages, marketing tools such as capture pages and auto responders, professionally written letters, etc. They look like a leader until you pay them $1000 for program A, then another $1000 for program B, the $1500 for program C and so on. Pretty soon, they are rich, your broke and left to fend for yourself.
Use your common sense out there. Do your homework before you join anything with anybody. The first question should be, What else do you promote? What have you tried. How many have you tried this year? Last year? If they do NOT have a stable track record, run for the hills. Think about it. If you were an employer and wanted to hire an employee and you get an applicant that has had four jobs this year alone, would you hire them? NO Way! You know that by the time you trained them, they would leave looking for more money! Isn’t that right?
My suggestion, use your common sense and beware of the so called "Internet Guru". They disguise themselves as an expert, but they are really just program jumpers.
Excellent - just hope people read it and get it.
What do you mean by a program - are you saying that people should develop 1 website for 1 or 2 years before starting on the next? I f you are I totally disagree - at the end of the day you (the website owner) are dependent on Google traffic and if Google drops your site youre history
I think the problem is that far too many people get sucked into jumping from one program to the next, without ever really getting into profit with a given program.
Building multiple streams of revenue isn’t by any means a new idea – it goes back to thousands of years. Done properly, if you’re organized and diligent, you can do it easily enough. The key is in good research and planning – the program hoppers don’t do this.
When I coach people, the first thing I do is ask them to freeze all spending until their first real stream of income is up and running AND actually generating income for them. Then I ask them to prepare a budget with a section on capital expenses. This is where they will plan to purchase those tools that are necessary for growth of their business.
Depending upon the specific abilities of each individual, the formula I use is a simple one – have one potential revenue stream in the research stage, one in development and one just going into profit. I emphasize the need to diversify the revenue streams as much as possible, which also includes offline business activities whenever possible.
I absolutely never promote any Guru’s next big product, simply because I know from experience that very few people will actually use it. Unfortunately, you cannot force people not to buy and not to get caught up in the hype. Sometimes I wonder what these folks are thinking – they’re not making any money now and yet they continually believe that this next big thing is going o be the magic pill.
Nothing replaces hard work, planning and diligence, whether you’re working online or off. And if you steer clear of IM itself, you’ll find limitless opportunities out there to generate legitimate and profitiable streams of income!
I have to agree. I have received several emails from people who's list I have opted into. They tell me about a great new program I just have to join if I really want to make some money. How can you take any stock in this if the next month they are telling you they are promoting something else that is THE THING.
You will never be successful if you choose to follow someone's advice blindly. If you have a passion for something, work on it and build it. If you need some advice, join some business forums, read what others are saying, ask a specific question. But, ultimately know what you are trying to acheive and stick to it.
Then as stated here, when you have managed to get the system on autopilot, you can add another stream of income.
Focus. Dedication. Direction. and Consistency are the keys. I don't know about you, but I don't have time to be bothered with jumping ship and trying something new. I enjoy doing what I do and can find many other ways to generate multiple income streams based off of the original business plan in mind.
I have no desire to become the next Guru or to see how many people I can fill in a downline underneath me. The only business you will ever succeed in is the one where you have passion and desire with a solid plan.
i agree. people fail and systems dont.once someone starts in one program and has no success they tend to jump on to the next fad then they call the last one a scam when it was really there fault for their own failure
Great Information........ I say it this way - you can not chase two rabbits at the same time and expect to catch either of them. Only exception "that may fit" is working a free or almost free program along side one that costs a little more. I'm committed to ONE .... and dabble in a second.... That said I've been thinking about dropping the second as the main one is growing faster and has much more potential. Thanks for the hub!
Typically people don't get something going to the point of critical mass which leaves the system in a non-performance state. I enjoy many streams of income but only because I got each going before I moved to the next.
Instead of using the "Programs of Others", we, at Beginners marketing Class, encourage the Creation of your Own products. Something anyone can do, and then learn to Market.
Market on a Massive Action.
It is so easy to Market and succeed with Products created from your Passion
If you've ever had the wonderful experience of having a profitable project stop getting conversions, you see the necessity of creating different income streams. The thing is you've got to focus on ONE until you have a system in place to duplicate additional streams.
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