Does Multiple Streams of Income (MSI) Deliver? by A. Hifol

People have been raving about having Multiple Streams of Income (MSI) online. The question is does Multiple Streams of Income (MSI) really deliver? Or do people involved in MSI end up "multiple" stressed and frustrated?

Don't get me wrong. I am not against MSI. There are many people out there who are successful with MSI. But don't forget there are also many people out there involved in MSI end up "multiple" strained and confused. If there's anything that they have multiplied, it is their losses and failures not their income!

So what went wrong and what can be done to avoid this? Usually MSI requires us to run a separate marketing campaign for each of the streams of the income. This is where the problem starts. We have to divide our attention and the time that we have to the multiple campaigns. When we have to divide our attention it means we can not give our full focus on a particular campaign. To be successful, I mean to be really really successful in something, including in our online business, we just need to give our all to it. This is a universal principle..Jack of all trades, master of none. And we have not talked about the multiple (financial) investments that we need to make for every stream of income yet!

How to avoid these "multiple" failures and frustration? One possible answer would be to focus on one or two (the most!) opportunities. But we have to ensure that the one business or opportunity that we focus on would give us BIG returns. When we focus only on marketing one opportunity, we will be able to learn what works and what does not in a short time. From that we can make adjustments to the marketing campaign.

Another way is to team up with a group of people who are already successful at promoting MSI as a product. These people usually pick up the best affiliate programs around and repackage them as one product. So instead of promoting the affiliate programs separately, they only market the repackaged product. This means there are no multiple marketing campaigns to run. They usually provide all the tools, marketing tips and tactics that are proven to make sales.

For those people out there, if you want to get the best results in promoting online opportunities, you should either focus only on one opportunity or team up with people who have proven track records in promoting multiple opportunities.

A. Hifol has enjoyed network marketing on the world wide web since 2000. He only gets his hand in opportunities that give the BIG bucks with the least effort. http://www.virtualbargains.net/500aday/ Article Source: http://EzineArticles.com/?expert=A._Hifol

Building Your Home Business with Residual Income

Having an Internet marketing business is great, but did you know that doing it with residual income is even better? The best way to be able to get the most returns for your time invested is through getting for yourself residual income that just keeps on coming. Here are some reasons why residual income, with multiple streams of income will work best for you.

Because You Are Not Focused On Individual Sales

Unless you are selling something that is in great demand, and selling for a lot of money, getting individual sales is good, but not the best. Now a lot of people can do quite well through individual sales - but they have to keep on making the sales - or their income stops! If you have one line of income, then you could be instantly out of business.

Suppose, however, that you could get a sale that would bring in monthly, for years to come, a small but continual income. That is what is meant by a residual income. An example would be an ISP, and offering services to your customers. In this example, people buy into it - and will pay for the services for years to come. After you get so many people signed up, you could literally put your Internet marketing business into neutral and go on an extended vacation. You would not even need to be there in order to make money. It operates itself.

Because You Are Free To Add Multiple Streams

After that home business gets established, then you are free to build a second work at home income stream. The first business becomes largely self-perpetuating, only needing a little attention each week. This frees you to develop a second line, and then a third, if you keep going.

Those that have become really successful use these means to do so. That way, they do not have to devote a constant 110% in order to keep getting those new sales. By now you should be able to see the advantages of setting up multiple streams of income, with each providing a residual income, too.

Copyright © Michael Evon
http://www.EvonzEBiz.com

Multiple Streams of Income - 5 Reasons Why You Absolutely Need It

Multiple Streams of Income – 5 Reasons Why You Absolutely Need it By Michele Pariza Wacek

I've become enamored with the word "multiple," especially when it pertains to business. I especially like the idea of harnessing the power of the multiple to grow your business multiple times over.

There are a lot of things that can be multiple in a business, but in this article I'm focusing on multiple streams of income. In a nutshell, multiple streams of income means your business has more then one way to make money. For instance, you sell products and you sell services. Those are multiple streams of incomes. Why do you need them? Below are five reasons:

1. Make money while you sleep. This is a big one for those of us who sell our time (also known as providing services). The biggest drawback to selling time is when you aren't working, you aren't making money. So when you're on vacation, relaxing over the weekend or (gasp) sleeping, no money is coming into the business. But let's say you create a product or two to sell in addition to your services. Now you've just created a passive income stream (passive meaning it doesn't require yours or anyone else's time). So if you are taking a nap or out walking the dogs, money can still be coming into your business. (What a concept!)

2. Leverage your time. This is especially true with income streams that are passive. Basically you're making money without it taking any of your time. Therefore, you can spend your time doing something else and still enjoy money coming in from a passive income stream. This is a good way to use your time wisely. (Rather than work for an hour, get paid for an hour, you can be paid several times in several different ways during that same hour.)

3. Fill your pipeline. If all you sell is high-priced services, it can be difficult getting clients to hire you. After all, clients need to trust you and trust they're getting a good deal for their money. If you offer products or lower-priced services, you're giving those customers a chance to "try you out" before plunking down several thousand dollars for a major project or consulting work. Because your clients' initial investment is lower, you have a chance to lower their resistance to hiring you.

4. Catch a variety of clients. No matter what you offer, a part of your target market is not going to be interested in hiring you. Why? Because they'd rather do it themselves. Or maybe they don't have the money to hire you. Or maybe they do the same thing you do and would rather learn from you to better their own skills. By offering a product or a class or a group option, you're widening your net. Not only are you able to help more people, but you'll also be making more money doing it.

5. Diversify. The more income streams you have, the less devastating it will be to lose one. Not to be negative, but things happen. Industries change. Economies change. People want different things. If all you offer is services, and those services suddenly become obsolete, what happens to your business? Or, a more likely scenario, what if you lose your biggest client? Or a couple big clients at the same time? Sure, eventually you'll find other clients to make up the difference, but what happens in the meantime? What if it takes a month or two or six? Your bills certainly won't wait that long. But if you have other income streams, a dip in your services (or a dip in product income) is no longer so scary because you'll still have money coming in.

Creativity Exercise -- Find time to create multiple income streams

Probably the hardest part of creating multiple income streams is a lack of time, especially when your primary business is service based. So, now that you know how important it is, how are you going to find the time to start doing it?

Here are a few ideas to get you thinking:

* Hire a virtual assistant (VA) or bookkeeper to take care of some tasks you have no business doing anyway.

* Create systems in your business so you can complete business tasks faster and more efficiently.

* Raise your prices so you can take on fewer clients and make more money.

* Dedicate a Saturday or Sunday to working on your business. (Be careful with this one as you could very quickly end up burning yourself out.)

Get a pen and paper and do some brainstorming to see how you can find more time to start creating more income streams.

Michele PW (Michele Pariza Wacek) owns Creative Concepts and Copywriting LLC, a copywriting, marketing communications and creativity agency. She helps people become more successful at attracting new clients, selling products and services and boosting business. To find out how she can help you take your business to the next level, visit her site http://www.michelepw.com Copyright 2006 Michele Pariza Wacek. Article Source: http://EzineArticles.com/?expert=Michele_Pariza_Wacek