A lot of people get excited about the prospect of a new business they are starting. And although it is very exciting and potentially lucrative to start a new business, if you don’t establish success with your current business, you can be setting yourself up for failure. It is not lucrative to be a jack of all trades and a master of none. So how and when do you create another income stream and therefore diversify your income? That depends on several factors.
1.) The first thing is to create a goal. When starting a business we all go through what’s called a honeymoon phase. This is when things are new and exciting. We are learning about all the great things about the business and what it has to offer and what the earning potential is. We start dreaming about the things that it can provide for us. This is a great time to create a timeline of when you want to achieve certain milestones in your business. This will keep you focused when the time comes that the excitement of starting a business wears off. And, there does come a time when we get into the routine of building a business. We start doing things like calling leads, making contacts on social networks and posting ads on a daily basis. To be honest those activities can start to be mundane and even boring. However, these activities are necessary and need to be done on a consistent and persistent basis in order to see the results you want. That is why it’s so important to write you’re your goals and have those goals in a place where you can see them everyday.
2.) The second thing that needs to be done is to start to create momentum in your business. Attracting business builders into your business is the key factor that needs to happen in order for you to start seeing income coming into your business. This is where you start incorporating all the things you do on a daily basis to build your business into your daily routine.
3.) The third thing is once you have the business builders in place, you have to help those business builders create the same momentum you have and grow your team exponentially. You do this by providing training and support through webinars, sample emails and ads, marketing tips and teaching them how to remain focused and create a timeline of their goals. Those business builders will do the same things you have done and offer the same training and support to their team and so on and so forth.
Once you have done these steps, you can start to look into another income stream. You will be better for it because you will have a strong foundation in…