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Topics & Tips
Business Tips
What's better than Multiple Streams of Income?
Let's begin by thinking about what Multiple Streams of
Income means. Multiple simply means more than one and
Income is money or its equivalent received for work you
have done, services you have provided or products you
have sold.
Those terms are fairly straightforward, but what is
meant by "streams" of Income? If you and your partner
both have jobs then does that mean you are getting
Multiple Streams of Income? If you were to look up
stream in the dictionary you would probably find
references to a steady flow or current.
So yes perhaps a two-income family could be classified
as Multiple Streams of Income as it is more than one
income and it brings a steady flow of money into your
bank account but this is not all that inspiring or
revolutionary.
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Here are a few thoughts to make this more exciting:
1. Change multiple from 2 to many more (20, 100, 200)
2. Change steady from being once a month to multiple
times a day
Perhaps you can start thinking of a Torrent instead of a
Stream. Multiple Torrents of Income. And what could be
better than Multiple Torrents of Income? You could have
multiple torrents setup but they take up all your time
and you can't enjoy the fruits of your labor. |
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Three terms that you may like to consider are:
*Systemization
*Automation
*Residual Income
Michael Gerber has an excellent book which talks about
working on your business rather than in your business
and one of the key points he makes is having operating
procedures and systems. You make it so that you
repeatable procedures. In the book he is treating your
business as if it was a franchise. This means if at some
point in the future you wish to sell your business it is
much more attractive if you are not integral to the
business.
When it comes to systemization if you take a look at
McDonalds they have systems that teach how to follow the
procedures - the gherkins are sliced and placed in such
a way so they don't fall out, the fries are heated to a
certain degree and it is all made very simple so they
can get fairly low-skilled people to do much of their
work. You can apply the same in your own business so
that you can focus your money on the areas which are
hard to get done cheaply/well.
Systems are not just for other people but also for
yourself so you can have a basis from which to follow -
for example if you create websites then they can all
follow a similar format.
Automation is very useful when you find you do something
which is repetitive, complicated and/or boring
regularly. We can take a very simple example - within
Microsoft Word you might find you regularly type your
company name XYZ Widgets Ltd - you could simply set up
an autocorrect entry so you type in XYZ and it fills out
the rest. There are many things that can be automated
when it comes to computers - it can be done through
macros, programming, scripts, and software.
This indeed is one of the big allures of selling
products online. You can set it up so you can sell a
digital product and the person pays and gets instant
access to the product and can sign up to your customer
list which then immediately emails them the most common
troubleshooting procedures and can also send a follow up
to gather testimonials, to recommend upgrades, to
promote products, services and affiliate products.
Residual income continues to come in after you have done
the initial work. This does not mean there is not some
additional work. An example might be the rent on a
property which continues to come in month after month.
You may have to arrange repairs to the property and
handle disputes but it is residual rather than linear
income.
The final part of the equation to be considered is
“Other Peoples Time”. Once you have procedures in place
then you can get people to follow those procedures to
build your business while you deal with the things that
are going to bring in more money and concentrate on
parts you enjoy. Commonly people are not great fans of
tax and accounting so they hire people to do it.
You don't have to be a great web designer or programmer
to be great at Marketing products online - in fact there
are some well known "gurus" who have never done any web
design in their life and wouldn't know how to either.
The same thing applies to having a book in your name -
"ghost writers" are nothing new and are not just for the
big celebrities. Indeed all your research for your book
can be done by other people too.
Being an author of a successful book can be a very good
residual income as sometimes a book can sell well for
many years.
Here's to Multiple Torrents of Residual Income!
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