Don’t put your eggs in one basket is a saying I have heard time and time again, yet people don’t follow that up with don’t just work for one company. They sit there and say “get yourself a nice secure job” which in time becomes less secure and more of a daily grind.
However, when I read what other people promote as multiple sources of income, at best I describe them as ‘schemes’ and worst ‘pyramid selling programmes’ aimed at making only one person rich and that’s the programme’s owner and not you. However, the premise is fundamental sound and therefore what should we do to ensure we take this good advice and invest it in our selves.
As an entrepreneur, you won’t have only one customer, you want many, from diverse sectors or customer demographics which would allow you to maintain sales in any economic environment. This makes sense and I hope you are already doing this.
So why not take this to the next level and own two businesses, in diverse sectors or customer demographics. These businesses could then ensure you a higher and more secure revenue stream. This I’m sure you would agree is a good strategy, however, it hard enough to keep one business going, never mind more than one. This is an important stage in the growth of an entrepreneur and many do not take this step from single to multiple business owner, the true definition of an entrepreneur.
Investing time and money in businesses comes in many forms, as an entrepreneur you are doing this in a very hands on way. So if running the businesses yourself is an issue, then you could provide it in the form of an angel investor, pure stock investor or via the stock market. You could invest an amount each month which may be from your current cash flow.
Multiple sources of income is about ensuring you invest in many opportunities, using time, money, effort, knowledge, network and the skills you have at your disposal. Use them wisely and you will soon have multiple sources of income based allowing you to be a true entrepreneur.