Income streams - why stop with just one?

If a company has only one customer or only one product line, almost anyone with business experience would say that they are severely at risk, no matter how well they are doing.

The same could be said for any individual, whether self-employed or not. When you put all of your eggs in one basket, you run the risk of losing everything if circumstances change.

Developing multiple streams of income is not just for corporations. It is a very good practice for anyone who is earning any kind of income at all. Working two jobs or careers certainly takes more skill and planning than working quietly at one job, but the rewards are considerable.

You will immediately think of some careers that are all-consuming. People having these high visibility, high reward careers spend every waking moment working or talking about their work. Good for them. Having been there and done that more than once, I can tell you that all of that hard work did not prevent the corporate edifice from crumbling like a burning movie set when circumstances changed. Then there was nothing to fall back on, unless you had other resources to draw upon.

I suggest that you might eventually come to the conclusion that working for yourself gives you immediate scope to diversify your sources of income. If you provide a service, make sure your customers come from areas that are economically independent. If you manufacture products, develop markets that are economically independent if possible.

If you are multi-talented, you may be able to provide more than one type of product or service and get a good exchange for each. If manage your time well, that is to say that you do not burn more than 24 hours a day, you may find that you can wear several hats and keep your different business well under control. Just make sure that doing each business adds to your ability to do the others.

The one thing that I have noticed in people who do this successfully is that they manage to exhibit distinct business personalities for their different businesses. They wear only one hat at a time and don't blur their roles. It's like being a consultant and a writer. You can be both, but not at the same time. The successful person with dual careers may mention the other career if it seems opportune, but will stick to the business at hand until the transaction is done.

Wishing you well in developing all of your income streams...