Work Less, Make More » Multiple Streams of Income http://worklessmakemore.com/blog Who else wants more time, more money, and more fun – on your own terms – starting today! For highly successful entrepreneurs, business owners, self-employed professionals, salespeople and others who want to Work Less, Make More. Tue, 21 Jun 2011 14:12:44 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 How to Prosper During Economic Uncertainty http://worklessmakemore.com/blog/how-to-prosper-during-economic-uncertainty http://worklessmakemore.com/blog/how-to-prosper-during-economic-uncertainty#comments Wed, 17 Sep 2008 16:08:42 +0000 blogadmin http://worklessmakemore.com/blog/?p=102                    

There are challenging times ahead. Here in Michigan, for example, we are facing continuing uncertainly due to the higher oil prices, a downturn in the domestic auto industry, and troubles in the housing market. While Michigan may be suffering more than other regions of the country, this challenging environment is certainly not limited to our state.

 

Then, this past weekend, the news went from bad to very bad to catastrophic.

 

The U.S. government takeover of mortgage companies Fannie Mae and Freddie Mac…Lehman Brothers collapsing and filing Chapter 11 bankruptcy… Merrill Lynch taken over by Bank of America… the Federal Reserve Board rescue of crumbling insurance giant AIG.

 

With all the uncertainty about the future, you know you can’t depend on the economy anymore. You can’t depend on your employer either. And your certainly can’t depend on the government.

 

So who can you depend on?

 

YOURSELF!

 

If you have not done so already, now is the time you must start to diversify your income streams.

 

If you’re an employee, you need to stop thinking that your company is going to provide for your economic well-being until you retire. Even if it’s a strong company today.

 

If you own your own business, you need to stop thinking that a single source of revenue is enough. Even if you are highly successful today.

 

A lot of people who had what they thought was a solid Plan A, are finding themselves in economic despair because they put all their eggs in the Plan A basket.

 

If you don’t have a Plan B, create one today. What could you do to supplement your income if you’re working for someone else? What other profit centers can you create if you’re self-employed?

 

Diversification is essential in today’s economic climate. Create a new revenue stream, then work to reduce your reliance on any one source of income. Get started today, so you can prosper in any economic environment.

 

]]> http://worklessmakemore.com/blog/how-to-prosper-during-economic-uncertainty/feed 0 Develop New Profit Centers http://worklessmakemore.com/blog/develop-new-profit-centers http://worklessmakemore.com/blog/develop-new-profit-centers#comments Sat, 30 Aug 2008 17:28:26 +0000 blogadmin http://worklessmakemore.com/blog/?p=75                    

One of the biggest mistakes people make is concentrating on one source of income.  They think that if they stay at one company they’ll eventually get rich. They think that if they work hard and perform well they’ll move up the corporate ladder. They think that if they keep getting raises, they’ll eventually make enough money.

But what happens if you get laid off? What happens if the industry you work in suffers economically? I’ll tell you what happens. That one source of income you’ve been relying upon is suddenly not so reliable.

That’s why I tell people that having multiple sources of income is one of the keys to working less and making more. If all your sources of income are up and firing, then you’re in great shape. And if one of them dries up, no big deal. You still have plenty of income sources to depend on.

The key is to develop profit centers that make sense. That means profit centers that generate money but don’t take up too much time. Yes, of course you’re going to need to devote a little time to your profit centers. I never promised you something for nothing! But if you develop a profit center that takes up 30 hours a week, and add that to your initial business that takes up 40 hours a week, you’ll soon be working 70-hour work weeks. And that’s not what working less and making more is all about!

One of the keys to developing a good profit center is to recognize your brilliance, and then to integrate it with innovation, adding value, and duplicating yourself. A good profit center adds a new twist and dimension to what you’re already doing.

One of the best examples is Martha Stewart. Martha’s brilliance is helping others create a comfortable home. She started out with a television show, then used her brilliance to publish a magazine, write several books, and even design and sell her own line of home accessories. If television were to be outlawed tomorrow, Martha wouldn’t have any worries. She’s got plenty of other streams of income to fall back on.

In the comment section below, let me know (1) your main source of income, and (2) new profit centers that you can develop in order to begin creating multiple streams of income.

Creating an empire takes a bit of thought, but as far as work goes it definitely falls under the fun and creative category. If you’ll make an effort to develop new profit centers, you’ll have other streams of income to fall back on, too!

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