Creating Multiple Sources of Income: What The Rich Have Always Known About Wealth Creation
Income From Multiple Sources
Wealth is available to anyone who chooses it and one way of acquiring it is through Multiple Sources of Income (MSI). Most of the World's Wealthy people have known this and have all chosen the MSI Route. They have money flowing in from different sources. But what is Multiple Sources of Income? Why do I have to choose this route?
Multiple Sources of Income is a concept whereby you have money flowing in from various sources. It is a way of adding multiple income generating sources in order to accumulate wealth and prosperity. If you are thinking of financial freedom? MSI is the way to go. It is a sure way to accumulate wealth while you work. It provides another avenue earn an income apart from your primary source of income, in this case your job. It could be a home based business, a service that you provide after hours and get paid for. It should not interfere with your primary source income.
I have been inspired and motivated by Gerry Roberts' Book "The Millionaire Mindset." Get a hold of it as it has all the insights into creating your own MSI. I have developed two projects which are at this moment in their infant stage. The criteria in this article is from Gerry Roberts' book "The Millionaire Mindset". I have injected my own understanding of the criteria and how I am developing my projects following them.
The following criteria should assist in coming up with a MSI that best suits you. These are only general guidelines.
1. Low Risk
If you are a beginner, your first project should be a low risk project. We all do understand that all business ventures involve risks. Start your risk management skills by engaging in a smaller scale source of income. I have just started on my low risk project and it had began to pay me some extra bucks apart from my job. To give you a fair idea, I have started a home-based publishing business. I am publishing birthday cards, invitations, gift certificates, business cards and many more. It is low risk, easy to manage and less time consuming and it has already giving me a few extra bucks everyday.
2. Low Time Involment
One of the first things you must consider is time involvement. Do not let your project take up your Primary Source of Income time. Your project should be done on a part time basis first. Take it step by step. Do not rush and put all you time on it and less time spent your job. What I am doing with my small home-based publishing business is, giving my customers a time frame to order their cards. I take orders 3 - 5 days in advance and it really works out well because within the 5 days, I find time to publish my customers orders before the due date. I am committed to my full time job and always budget 30 minutes of my time after work to do my customers orders. Try it out now see the difference. You have to create what you want!
3. Low Management
As this is not your full time employment, it should not require a lot of management. Start with something simple, may be a hobby or a favorite pastime into an income generating opportunity. A lot of people these days are tapping into the world of online earning opportunities. Do not go into a project that will require a lot of your skills, time and manpower. This might be discouraging for you at the start. I am sure that everybody writing for hub pages is doing so with the thought of a second income earning opportunity. I am too. But I only log on to hub pages to write in my own time. It is good for me as it is low risk, low management but you have to put in some valuable time and writing skills to put an article together. As for my publishing business, I am so delighted with the results so far. No manpower, low risk and low management but getting the results I wanted.
4. Low Personal Energy
Work with projects that will require low personal energy. As you have a fulltime job, you would not want your MSI to jeopardize that. Thus you have to work with ideas that will not involve a lot of your energy. An online income earning opportunity is a good way to start. Invest some of your free time into it. My home-based publishing business had been a classic example of this. All templates are saved on my computer, thus what I do is get my customer to choose and bang! All necessary details changed as required and goes into print.
5. Low Capital
Think of an idea that will not require a lot of capital. However, you should not be discouraged by a big opportunity coming your way to put a lot of capital into it. During the learning stages, work with something that will require a small capital input. One of the entrepreneurship rules the wealthy people have used to accumulate wealth is "OPM" = Other People's Money. Robert Kiyosaki's book "Rich Dad Poor Dad" has all the insights about "OPM". Before using the "OPM" Rule ensure that you have at least one MSI or if you see that your little venture is being a success then you can use the "OPM" Rule to inject more capital into it.
6. Require High Level of Thinking
There is a saying "Work Smarter Not Harder" and it sums it up. Have a lot more tricks up your sleeve. Involve more ideas to your venture than labor. I am not saying hard work won't get you anywhere, no. What this means is if you are putting in a lot of labor into your project but if there is no results, then, you need to rethink your idea. Gather more information about your project and put in a lot more creativity and ideas than blood, sweat and tears.
7. Produce High Returns
Make sure that your project must bring in high returns. This criteria is a must in all projects that you venture into. Know all your expenses and other costs in order for you to determine the return potential of your MSI. This does not mean you venture into multi million dollar projects, no it is simply saying that whatever you venture into must have high returns. Therefore, your MSI must have a high yield potential otherwise you need to reconsider your MSI project. Do not take the long, painful way of low profit.
9. Reward Yourself With High Personal Satisfaction
Your MSI should be something that you enjoy doing. It should give you that personal satisfaction. As I have stated earlier, as a customer service oriented person, I enjoy being of service to my customers and am emotionally satisfied when they walk away happy and satisfied. It's not always the case here, somewhere down the line, you may have something that you don't like doing. Everyone has that. But the idea here is if you are not fond of animals, do not make a vet clinic your MSI.
8. Deliver High Service
You must be sure that your business must provide the best service and is customer oriented. Deliver a service that best satisfies the needs and wants of your customers ahead of the profit potential. If you have satisfied customers you will have returning customers. As a customer service oriented person, my little publishing venture had been a good service provider. I have already created a dozen of loyal customers who have come back - A happy customer is a returning customer.
10. Contain High Growth or Education Factors
Make your MSI as your learning experience for growth. Once you have created your MSI, it will give the inner awareness of yourself or your consciousness that it can be done and you know how to do it. Once you have mastered money, it will give you the knowledge and awareness that you can create MSI and it won't cost you your health, marriage or life. You've grown your awareness within.
How do you create Wealth?
A good way of creating wealth is through
11. Easily Duplicatable
A duplicatable MSI is one that can be easily duplicated in various different markets. This is very important if you are thinking along the lines of growth and expansion. My home-based publishing business offers products that can be easily duplicated. Therefore, expansion is possible with added services and products to more open clientele market.
12. Be Unique
The more unique the product or service the better. It is always better to different from what others have. If you want to start, you might want to bring in partners. Investors must be impressed with your MSI before they can invest in your venture.
13. High Speed
Have your first MSI produce results in a short time. Produce cash flow the fastest and your MSI will be successful. Do not procrastinate. If you have an idea for an MSI, work towards that in a manner that will bring in results quickly. If you do not start working on that quickly the idea will die out. Thinks fast, work fast and get the results you want.
© 2014 Jimmy Teneke