You Need 7 Income Streams.. Right?
Summary
- Having seven income streams doesn't automatically make you wealthy. It can just spread your efforts too thin.
- I once had nine different businesses, including a chiropractor agency, dental agency, gym turnaround business, and six locations with partners.
- I was personally responsible for bringing customers into all nine businesses, which shows how demanding managing multiple income streams can be.
- Successful people with multiple income streams often own assets that generate income, rather than trying to run all businesses themselves.
- To buy assets that produce cash flow, you need to focus your time and efforts on generating enough cash initially.
Video
How To Take Action
I would suggest focusing your efforts on one or two main income streams instead of trying to manage too many at once. Having multiple streams can spread you too thin and dilute your effectiveness.
A good way to begin is by concentrating on the income source that shows the most potential. Spend time honing your skills and marketing strategies to maximize the output from this stream. Once you create solid cash flow, you can use that money to invest in assets. Assets like real estate or stocks can generate passive income, freeing up your time.
Prioritize creating systems in your business to streamline operations. Systems will save you time and allow you to focus more on strategy and less on day-to-day tasks. This will give you the bandwidth to explore additional income streams when you’re ready.
Running multiple businesses isn’t just about having many ventures; it’s about owning assets that work for you. To do this, focus on generating enough profit from your main business so you can reinvest in asset-building opportunities.
Finally, remember that success requires patience and focus. It’s not about the number of income streams; it’s about the quality and sustainability of the ones you choose. Stay focused, build well-structured systems, and invest wisely.
Full Transcript
seven income streams make you wealthy huh but it doesn't seven income streams just spread you seven ways and I had nine I was like well seven good n must be better I had a chiropractor agency Dental agency gy turnaround business and I had six locations and I had Partners in each of these businesses I was the one who was required to sell customers into all nine and so when people hear that someone has seven income streams it's because they own assets that generate that kind of income but in order to gain the cash to then buy the assets that create the cash flow it requires time and focus
