Do NOT Build Multiple Streams of Income - Unless...

Do NOT Build Multiple Streams of Income - Unless...
If you're not making enough money in your business right now and you think you're going to be able to  make more through multiple streams of revenue, I hate to break it to you but that's a myth.  I want to talk to you about why it's a myth. I want to talk to you about why you should not be  trying to build multiple streams of income before you're already successful. And I want to talk to  you about what you can do in the meantime to be able to start diversifying your revenue anyway. I’m Tara Wagner, Breakthrough Coach and lifelong entrepreneur.
I help other entrepreneurs to crush  their goals, not their soul by mastering the mindset and the skills that allow them  to think and act like an entrepreneur. If that sounds like your jam hit the thumbs up button,  that helps me out in the algorithm and check out the other videos on my channel after this one. So I know it's a really sexy idea, if you want to make a hundred thousand dollars a year you've  got to have multiple streams of income because if you can't get past 30k or 40k on one stream  then what are you gonna do, right? And this is the biggest, most dangerous myth out there and  it's what keeps most entrepreneurs below six figures and I can only know this for a fact  not only because I’ve learned it and seen it from other people but because I made this  mistake myself.
My very first business when I started 20 years ago was as a massage therapist  and I hit a lid, right?
I couldn't make more than x number of dollars  just working independently and so I decided I need more streams of revenue like let's figure  out how I can build these multiple streams of income that everybody's talking about.  So I went about trying to do just that.
I started contracting other therapists to work with me and  expanded from a one-person show to a company and had multiple therapists. I also started in-home  spa parties I started doing chair massages at events, we were already doing hotel massages,  we were let's see doing chair massages at businesses, oh and I had those spa parties  and I decided to sell the products that I was making because obviously I had this image in  my mind that these products were just gonna be this like best kept secret and people were  gonna share them with everybody and everybody was gonna want them.
And it's such bulls***.
So there's this image in the book Essentialism, if you have not read this you need to read this,  but there's this image that really sums this up. You can either go in 10 different directions and  really end up going nowhere or you can double down on one direction and get really far.  It's really easy to believe that more ideas are required in order to make more money  but it's just not true. More money doesn't come from more ideas, more money comes from  mastering and expanding on one idea.
Until you get it really, really good to the point where you can  pass it off to somebody else on your team and it continues to make money, then moving on and  doing the same thing with a new idea.
It's this this concept of building one bridge at a time,  if you want to cross the river from where you are now to where you want to get from five figures  to six figures you're not going to do that by trying to build 10 bridges across this river,  you're never going to finish any of those bridges. Your time and your resources are so  minimal, they're so spread thin, that you never actually get it completed you end up burning  yourself out.
This was exactly what happened in my business, I was doing 10 million things,  none of them very good, because I didn't understand the underlying mechanisms  that were necessary to master one revenue stream. And that's the real kicker, if you don't have one  revenue stream that is rocking it then you don't have any business trying to do the same thing  in another one because all the problems from that first revenue stream are just going to be doubled,  if not tripled in the next one. You're not just doubling your time by doubling your ideas,  you are quadrupling it because you're increasing the stress with the increase of the problems.
So up until 100k you need to double down on one thing, one idea, one concept maybe you have one  product line, that's okay, right? Maybe you have a couple product lines but you need to be focusing  on one strategy to be able to build those and until those are done and solid, you need to let  go of everything else.
You might need to let go of strategies, you might need to let go of platforms,  you might need to let go of some of the things that you're currently offering. If you have too many offers and you're spreading yourself too thin apply the 80/20 Rule. Which of  these offers are bringing in 80% of your income?
 Let the other ones go, double down on those ones  for a while. Master those, master the sales behind it, master the marketing behind it,  master the strategies behind it, and once it gets really good then start bringing in the next idea  because now you have the skills and the talent and the experience to do the same thing. To duplicate  the success, otherwise you're just going to be duplicating your failures and your stress  and your worries and your doubts and your lack of self-confidence and ultimately, your burnout rate. Now that being said I am still a really big fan of multiple streams of income even  if you're not making 100k because we don't need to put all of our eggs in one basket,  right? It's just not safe, it's not sustainable.
 We want to be diversifying our income so that we  have a little bit more of a security blanket should something happen.
So how do you do this  while still focusing on one bridge at a time?
1. Number one: You take a percentage of every  dollar you earn, even if it's just 1% and you stick that into your own retirement fund. You  pay your future self first.I talked about this in another video on the Money-Making Habits you can  check that out in the link above my head or in the description. It is so crucial that you start doing  this, that you start investing in a retirement fund, and stocks and things that are going to  build up over time.
That you take that money, you ignore it, you pretend like it's no longer there,  you put it into a good investment and you allow that to build. I highly encourage you to do  this from your very first dollar. Yes, you're taking money and investing it in your business  but you want to be taking it and essentially what you're doing is investing it in other  businesses by investing it in the market.
 
This gives you that diversification,  it builds the habit so that over time you make sure you maintain that habit  and you're ultimately going to have those multiple streams of revenue or multiple streams of income  down the road when you really need them.
2. The next thing you can do, in your spare time,  is to do really simple things like tripwires or upsells.This means if you're selling a product  line on your website now maybe on the checkout page you're adding some simple like “do you want  to add this?”, “this would go really well with that”, those sort of things that are completely  passive, right?
We're going for totally passive so that you can focus on your main bridges,  the main things that you're trying to accomplish with your one offer, your one marketing strategy,  and so on.
If you are a service provider or you have an online course or something like that  you've probably seen upsells where you get to the checkout page you order something and then it goes  to another page that says “Hey! Here's this other thing do you want to add it?” You can do the same  thing there, too. You just want to make sure that you're either using something that's already been  created, even if it's imperfect, because you don't need to be spending a lot of time and  energy on this, or that it's something that you can create literally in one afternoon.
It's short,  it's sweet, it's probably an inexpensive add-on but it creates additional passive revenue for you. 
3. Another truly passive option would be things like ad revenue. And this applies  only in certain circumstances, so for instance, this channel, all the videos on this channel have  ads and that creates a passive revenue stream for me. This isn't something that I’m worried about,  it's not something that I focus a lot on, it's not something that I count on, it's just a passive  revenue stream that's gonna get created through things that I’m already doing anyway.
So maybe you  have a blog that you can put ads on, if it doesn't dilute the message or the work that you're doing  on that blog. Maybe you've got a YouTube channel you could put ads on, maybe you've got sponsors  and you can have them sponsor newsletters. Again what you're going for here is something that's  truly passive something that's not going to take any extra time so that you can be putting  all of your mental creative energy into that one bridge that you're building until you master it. And then here's the last thing that I want you to know and this is probably the most important:  when you go to build a new bridge don't just pick an idea that you like, that you think is sexy, and  that you think other people will like. Listen to your audience ask them what they want from you ask  them questions get feedback, if you're not doing that then odds are you're not creating something  that's going to sell.
Or you're creating something that could sell but it kind of misses the mark  because you haven't made sure that it's covering all the bases that they need to be covered.  This is what I did in my business. My clients weren't asking for spa parties and spa products,  I was just saying “oh I could do this, oh here's a new idea” and that's what most entrepreneurs do.  We are idea generating machines but we struggle to follow through on them, in part because there's so  many of them. You are going to get to develop the self-discipline of focus, putting the blinders on  and just focusing on that one bridge at a time.
And then when it's time to build that next bridge  putting your blinders on and focusing just on what your clients or customers are telling you,  literally out of their mouth that they want you to create for them.
When you do  that that next bridge really starts to take off. So again I know this isn't sexy, I know that this  isn't what you want to hear, and I know that this is hard. It is so difficult to choose one idea,  one thing. So what do you choose first?
You choose the one that's closest to cash. You choose the one  that has the most potential.
And potentially, you choose the one that over time you'll be able to  outsource as you grow your team. In other words, you can pass it off to other people who can help  you to do that thing. If you're a service provider you choose your one-on-one services because that  is always closest to cash and then maybe your next bridge is going to be a one-to-many service.
If you're a product-based business you're looking at your products and you're saying  okay which ones are selling the fastest, which ones are selling the most and you're focusing on  really mastering the sales around that one first. It wasn't until I mastered this skill, a focus of  blinders, of choosing one bridge and mastering that bridge, that I finally broke the six-figure  mark and continued to grow from there.
This, by and far, is the most important skill that you  can have. Saying no to yourself when you've got lots of excitement over lots of great ideas. It's  not that you're not going to do them; you just got to remind yourself it's not the right time  yet.
Comment below with patience if you know that that is a character trait that you get to develop  if you want to be successful in your business. And if you found this video helpful give it  a thumbs up that helps me out as well. Check out the other videos on my channel  especially if you're new here and consider subscribing and fist bump in the comments  if you made it to the end of this one. Thanks for watching and I’ll see you in the next one..
Thanks for your visit!http://devaysbaezrg.2by2foryou.comhttps://youtu.be/QdGcNCMdVCI 
https://bit.ly/383QpoO