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Multiple Streams of (Residual) Income
Jul
14

Have you ever been told that you need to be building multiple streams of income? This is often taught to people who are new to MLM to help give them a motivation for building their home business. After all, it makes sense and we’ve always been told not to put all of our eggs in one basket. So, how can you go about building multiple streams of income?

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Don’t Neglect Your Day Job

I’m going to assume that your first stream of income is your “day job”. Let’s also assume that this job doesn’t allow you to do all of the things in life you would like. Maybe you feel like a “wage slave” and don’t have the time freedom that you desire. However, for now, your day job is your primary income source and therefore necessary. That’s fine, for now – but we need to make sure you’re able to escape from this job within a few years in order to fully develop your additional streams of income.

Work On Your Home Business Daily

The first thing you need to do is make sure you have set aside some time every day for working on building your other income streams. Maybe you need to give up watching TV, since the average adult American watches TV 5 hours a day. That’s 35 hours a week you could give to your home business without changing your lifestyle. You also need to set aside a monthly budget in order to get your side businesses started. Several hundred dollars per month is reasonable and doable for most people, if you get on a tight budget.

Build Residual Income Sources

Since our goal is to escape the “hamster wheel of death”, we need to focus on building an income stream that keeps working even if we don’t, so we’re going to focus on residual income sources like network marketing and affiliate programs that pay us on a recurring basis. One-off sales commissions are fine to fund our day-to-day operations, but we need to focus on the residual income.

Consider Network Marketing

Building a network marketing business is difficult without a steady stream of leads, so I suggest that you first spend time building up your advertising and leads budget through the use of a funded proposal system like MLM Rock Stars. Since it integrates in with several popular affiliate programs like magnetic sponsoring and aweber, this can help get you to the point where your business is self-funding and no longer requires additional investment.

Escaping Your Day Job

So now you have income from your primary job, and recurring affiliate income coming in from your funded proposal system. At this point, you need to start working to build your team within a network marketing company and “scale up” so that your affiliate checks are growing. We do this by pouring all of our income back into more advertising so that we can grow our list and team as quickly as possible.

Once your “side income” equals about 2/3 of your day job, it’s probably time to make the leap to either part time at your day job or move entirely into working from home.

Create Automation

The key at each step is to make sure you have a system in place so that once your business is up and running you can step over and begin working on a new source of income without losing your first one. You don’t want to just exchange one hamster wheel for another one.

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P.P.S. - This is the EXACT BLUEPRINT I used to hit the leaderboards over at Magnetic Sponsoring. YES, THAT Magnetic Sponsoring!


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