Multiple Streams of Income and Multiple Businesses

by | Dec 15, 2010 | Mindset

multiple streams of incomeDon’t put all your eggs in one basket.

Trust in Allah, but tie up your camel.

Hedge your bets.

These are all ways of saying the same thing … diversify.

When you have a business mindset, you understand the importance of having multiple streams of income … multiple ways of bringing money into your business. This can translate into:

  • Multiple products
  • Multiple product lines
  • Multiple businesses

When you grow your business both in-depth and breadth, your business will become more flexible in riding the waves of your target market’s changing desires and needs.

As technology develops, as the economy changes … your offerings may or may not become obsolete. This can happen almost overnight. But if you have multiple ways of bringing money into your business, the loss of one won’t damage you too much.

Some business owners have several product lines within a single business. Others will have multiple businesses adding to their personal bottom line. It doesn’t matter how you diversify your income channels, just that you do.

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