My Multi-Level Marketing Mistake
Before I met my business partner, I considered joining a network marketing opportunity. I resisted because I had become jaded with the whole idea. Before I knew it, I had become the guy that didn’t believe in network marketing. It was a wasted opportunity that I hated.
My business partner didn’t see it as a mistake. He felt that it was a valuable experience, and it got us both talking about income streams and multiple streams of income. Something I had never really given thought too.
I didn’t know it at the time but I would soon discover that I did not want to limit myself to a single stream of income. In the next few years, I would develop multiple income streams. This journey was not always easy.
Implementing a multiple income streams is critical with the pace of the economic downturn. The added expenses and reductions in income we are experiencing makes this a necessity. To help you, I will share the 5 things I have learned about making multiple streams of income.
Want Multiple Streams of Income? Check Out These Ideas
I was never a star salesman, but I was able to earn some extra money here and there by offering the solution to a problem that would otherwise cost my customers (who were primarily small businesses) more.
Here are some streams of income that may work for you, as well.
#1: Start a blog.
I have a number of blogs. Okay, I used to have a number of blogs. I lost track since I usually only update one as a hobby and my passion project.
#2: Take paid surveys.
You can also sign up for online paid surveys through websites such as GlobalTestMarket, Survey Junkie, Ipsos i-Say, SurveySpot, Pinecone Research, and Harris Poll Online. They're usually free and you'll have a chance to win prize money or other cash incentives.
Most surveys will take anywhere from 15 to 20 minutes and they don't require any special skills. Some will even pay you for your time.
It's a great way to make some extra money as a high school student. It won't make you rich, but it can help you pay for gas, restaurant meals, prom attire, and other things you need and want now that you have a part-time job.
#3: Investing for smart returns.
In today’s world, a lot of people were fortunate to be born into a rich family. With a trust fund in the bank, it makes it a lot easier to focus your energy on other things rather than worry about how to support your family.
The key for the rest of us is to invest in yourself if you want to avoid working for the rest of your life.
With that in mind, we’ll look at three ways to invest in yourself that are available to you regardless of your income. These three ways to invest in yourself can get you unexpected high returns as you explore the world of entrepreneurship and building multiple streams of income that fit your lifestyle. If you’re smart, you can either build these opportunities into a business that supports your lifestyle or multiple streams of income, or you can leverage these opportunities into passive income streams.
#4: Become a freelance writer.
Learn how to write online – if you don’t already know – and you’ll have a skill that is in demand almost everywhere.
For starters, no matter who you are or what you do, content is king. Customers (and potential clients) will judge you before they judge your work. In order to win them over, you need to treat them like a king, i.e. cater to their needs and desires. It doesn’t matter if you’re working with a company or its customers. Content is crucial.
Knowing that, there’s more business opportunity than ever for freelancers to write stories that help businesses communicate effectively with their customers.
You don’t need a degree in Literature to crank out compelling content. If you’re relatively fluent in English, you can write for your favorite blog or publication or create your own. It’s easier than ever before. Most importantly – you’re your own boss! Freelance writing is a great way to earn consistent income on your own terms.
#5: Market your online skills on Fiverr.
#6: Become a virtual assistant.
#7: Start a home-based business.
Originally, this was going to be my 6-multi-stream-income opportunity. But since it is my primary occupation, I decided to give it the 7th slot. Home-based businesses are the most common of the multi-stream-income opportunities.
My day job business is an information marketing business, so I am able to write books freelance, travel, and earn income from my books over time.
When you start a home-based business, your job is to make money and at the end of the day, focus on building wealth. In a typical scenario, it would be considered a financial goal instead of an actual goal.
After you have established your home-based business, your goal is to build wealth (future freedom). Financial goals involve different kinds of things, such as:
- Build retirement savings
- Build an emergency fund
- Pay off debt
- Increase income
- Invest in property for rental income
- Invest in property to generate income
- Spend less than you earn
- Invest in financial products to get higher returns
- Start another business
- Teach others how to do what you do to make money
Most people are able to do this all by themselves as long as they have the right mentors, information, and mentoring programs.
#8: Create an online course.
There are countless resources available to help you create your own online course for teaching specific skills or acting as an authority on a certain niche topic. If you’re interested in teaching web design, for example, you can use a site like Teachable to help you get started. Whichever niche you choose, you need to have experience in it and teachable duties that other people will pay for. This isn’t easy, and you’ll need to create some sample material before you can begin building your course.
#9: Drive for Uber.
Drive Uber as a side hustle. You can make money driving for Uber with just about any type of car.
I get it. You’re probably not going to drive for Uber for very long. However, driving for Uber is a great way to get road experience, travel around with your friends or family, and more. It’s also a convenient way to earn a little dough on the side of your regular 9-5 job. Depending on how often you drive, it can potentially earn a full-time income.
#10: Buy and sell on eBay.
Ebay is a great place to find something rare, hard to find or out of print. If you’re inclined to flipping products, you can also make lots of cash on eBay! Get started with a free account here.
How I Created Multiple Streams of Income
One of the biggest fears people have is that they will be penniless when they retire.
This fear has prevented a lot of people from achieving financial freedom, but achieving and maintaining it doesn’t have to be complicated. I often talk to people who want to retire when they turn sixty-five and are surprised when I suggest they work for another few years. They say that they want to retire early because they are tired of working. But most working-age people can juggle some jobs while saving money to build their retirement nest egg.
This is because people can create multiple streams of income. Even if you’re working a full-time job, you can make money from home, from an investment property you own, or by starting a business.
#1: Becoming a Financial Advisor
I haven’t earned a financial advisor badge, although it’s on my radar (or I wouldn’t have mentioned it).
#2: My Life Insurance Website
Despite the fact that I’m no longer working in a traditional sense, I still earn a hefty income. And I don’t classify myself as wealthy. I make a very comfortable living, but I can’t say that I’m wealthy, at least not yet.
However, over the past few years, I’ve found myself earning money from dozens of different sources. I don’t do it for the money, but it’s a nice byproduct. I started doing it because I wanted to get back to enjoying my life more.
So I set out to figure out how to earn more money that I could have fun with in the present, and not worry about later (when I’m “retired”). And I decided to open a life insurance agency instead of opening a tax prep office or a hand-carwash business. LOL.
For me, real estate is the best way to invest money for my future.
Since the real estate crash in the last decade, real estate has become a great way for people with no money to invest into a thing that can be flipped for a profit later.
With the right strategies, real estate can be as profitable as making an investment in a stock market. The trick is, you must get the right property that can generate revenue for you and whom you can easily add value to. If you get the right property, learning how to flip real estate can be a very lucrative way of earning money.
The basic rule to remember is to not buy property if you have to earn money by selling it or renting it out.
Although making money through real estate is a proven method to generate passive income, but it is not for everyone.
People who are natural handyman may want to learn more about it. However, and this is a big however, it takes time to master the art of fixing properties, assessing real estate, and finding financially stable properties to make money on.
If you’re willing to learn the time-consuming aspects of real estate flipping, then it can become a very lucrative method of earning.
#4: Media Deals
I’ve been lucky enough to have the opportunity to do media deals with established companies in the internet marketing space. The primary benefit of these deals is that I have a set amount of monthly income from the companies, and in return, I help them by promoting their services and products.
There are many different types of deals that you can work on with established companies.
The most common is a revenue share, where you’ll be getting a percentage of the sale price from the sales that you send to a product. The percentage you get will depend on the individual deal and the company that you’re making it with.
Others may take a different approach and pay you the flat amount in return for each signup that you send to them. Depending on the deal you get, you can be signing people up and earning passive income for months or even years from the initial deal.
You can also get paid based on the minutes or traffic sent to the companies. You will get a separate payout for each individual that you convince to sign up for a specific service. Many MLM (Multi-Level Marketing) companies use this approach to pay their affiliates.
These are the most common types of media deals that I see. But honestly, I think that the possibilities are endless. You can pretty much strike any deal with a company that is willing to pay you to promote its services and products.
#5: Creating a Course
If you’ve got some inside information and experience in a niche that you can package into a course, you can rent this out to people who are searching for some help on that topic.
This is a really powerful multiple-stream affiliate technique that is currently being used by several of my sites, and will likely be used by me for years to come.
The 60-Day Challenge mentioned in Chapter 2B: Affiliate Marketing Tactics in this book is a good time to use this technique.
I recommend using a simple one page website to document your 60-Day Challenge. I use a basic one-page website because I want to do the least amount of work possible when creating the site. With a one-page website, the page has only one simple purpose: Give some inside information to the 60-Day Challenge participants.
You may say to yourself, “Why create a 60-Day Challenge with only one page?” The reason behind creating the site is to help drive traffic to the site. As participants finish each day, they’ll want to email their friends about what they learned. Right?
The Bottom Line
Naysayers always say how it is hard to make multiple streams of income. More you try harder you can. It’s not as hard as it looks.