Having multiple sources of income has been touted as a “the†way for financial freedom and security. Some experts call this multiple income pillars.
What is the truth to the matter? As with all things in life, this is not a straight forward answer.
First, take stock of your present situation. Access your personal strengths. Ask yourself these questions.
- How am I doing at my present work?
- Am I average, good or exceptional at what I’m doing?
- Can I spring board what I know, to create something, like a book, write for a magazine?
Look at your present income source. How much time does it take to produce your current income? Estimate, how much do you earn per hour. One of the goals to keep in mind is your new income source should help you earn more per hour? If you are already in business, this question is very important to ask yourself.
Have I optimized my current income? Are there avenues you have missed out on?
- Compare it with your new income source you are thinking off?
- How much learning is involved?
- How much time do I need to put in before it takes off?
- Do I have to manage the whole thing myself?
- Would I be better off just investing in the new venture and take a cut?
If you think managing 1 source is difficult, then if you have 2, it can be twice or more as difficult.
Having said all that, here are some resources that I have found useful for me. Entrepreneur.com has many useful resources. Besides business planning, I think marketing is a very important aspect if you want to optimize your strengths to create alternative income channels. Gmarketing.com which talks about guerilla marketing, marketing with low cost, have some useful tips as well.
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