Having multiple income sources is a good dream. The reality of course is not that simple. As I look back over the years as well as recently, when I start a new venture, your first income source will be neglected to a large extend.
I think many who tried to do this in before will agree with me. There are exceptions. If you are entreprenuer-ly savvy, and have set up people to manage and supervise your business, then starting a new source will be easier. It does not mean you would not lose money in this new venture, but at least you won’t end up losing money here and also suffer reduced income from your established income source.
Having been in this position before and recently, it reminded me the importance of focus. Focus on your strengths. Think how you can leverage off what you are good at already. Try to spin off a new income source from that instead of breaking new gound.
This does not mean not creating income sources from new areas. Just count your cost before you begin.
I’ll share more thoughts and observations on this in the next few post.
Related Articles:
Tis make sense. In the past, I did not have ppl to run my first biz and found myself losing money till I learned the hard way to prepare for it.