Multiple streams of income

[John TS Murphy]

or those of you whom say you have
multiple income streams but they are not home based businesses, do you
mind sharing what they are? I would love to hear what else you are into
that can make someone $$. I assume real estate, stocks and maybe
currency trading.Anything else?</font>

I still have my construction/real estate/property management business. We do rehabs, rentals, small to mid size construction, home repairs, etc. I used to be a partner in an ice cream truck business. Some other stuff should coming out soon as well.

Edited by: John TS Murphy

[JackieUlmer]

Wow! Love this thread. Been there, done that.


The one thing that has stuck out for me above any other is who you attract by being a multiple program builder, or rather, who you DON'T attract.


I get asked ALL OF THE TIME by prospects - "Are you involved in more than one company? I don't want to sign up with someone who is because I have done that before and I don't want to worry about my downline being prospected by my upline for another program."


So, who do you want to attract and will you attract those people with more than one program.


I'm guessing not, based on my own interaction and conversations I have had with other top income earners.


You can have EVERYTHING you want by being laser focused on ONE opportunity and creating Multiple Streams of Income in other ways.


Here are some other ways -


Affiliate Programs online - if you are marketing online, you already know that the online world is built around referrals and companies pay you for this. Create some secondary paychecks this way.


Real Estate - use your network marketing earnings to create other residual based income streams, such as real estate. We've done this quite nicely and this is TRULY retirement income.


Great thread!

[24hourwealth]

Hi,


I am a top affiliate of PIPS


www.24hourwealth.com/pips


I am able to build organizations in 6 different companies at the same time. This builds residual income. The beauty of my business is your "peoples" efforts keep paying you over and over.....when you buy a hat at a "hat" site so to speak, you hope that customer comes back to your site....its a one purchase and done scenario where as PIPS keeps paying me each and every month...


Jeff Casmer

[bobtheteacher]

This is a great thread.


Multiple network marketing companies can be good if they do not conflict with each other, and like has been said, you are marketing yourself as a coach. However, if you market yourself as a coach, you are making the new partner dependent more on you than on your system.


So you have to be attractive as a coach, but have good systems in place to take care of them after their initial break in period. This means having a strong upline, good tech resources, and a simple business model.


I currently run several businesses that complement each other, or provide my prospective partners with a choice. Each has its advantages and disadvantages to a new person. This can be price entry point, autoship or not, product vs. service based, commission structure, recruitment requirements, etc. Some are definitely more passive than others.


Currently working: AmeriPlan (primary), Global Domains International(.WS), PixMeUp, web hosting services, a business directory and local community site, and my new home business resource center, PixYourBiz.


I do recognize that I would be more successful in any of these alone if I discarded the rest. However, I enjoy the variety and stimulation of each, and you never know from which avenue your next great business builder/partner will come from.


Oh yeah, and I am a full time high school teacher, too.


--Bob Jenkins

[philena30]

Yes.. I have more than one, but have one focus for MLM. The rest are for marketing, and like others said in this thread, to compliment each other. Most people don't understand the difference between MLM, and businesses that are tools for assisting MLM and capitalizing with a referral system as well.

[extremelibrary]

I tried doing 2 businesses at the same time and it never worked out. It was easier when I dropped the other business.

[jammintj]

I think I mentioned this before but personally I can't manage two, if I ever did. I just don't get how people do it. It's bad alone that I devote a billion and one hours in my business (because I love it!) so where would I have time to do something else?

Also, just investing in marketing and getting your name out there... Then having to do it all again for another company... Wow! Too much! Lol.

Now I may do affiliate marketing since that seems simple but as far as another "home-based business"... I can't. Maybe in a year or two but I'm too dedicated to my business and team. Just my opinion...

But again, I do admire those who can do both! Maybe I can learn some time management tips from them.

[Cornelius]

I do it because each product line fits with the other. On the financial products marketing side people need Wills/trust and advice on other legal issues. Just from a product stand point it works but I will say dealing with two different downlines and keeping the companies separate is challenging but it can be done.

In my some way warped way of thinking it's like this. What if a person does build a good income with a MLM company and the company folds, terminates the associate or whatever? It's not like a job where you basically go find another one with comparable salary and just keep on moving. If the company for whatever reason stops your income, it's start over time again..

I really like the businesses I am marketing with but I understand it's business. Think of it this way. You have a job and get laid off. then what? You basically just find another one. Now consider your running a good MLM team with solid production. The company closes or terminates you. Now what? What about the distribution machine you built? What about the residuals?

So from a business stand point it's kind of like hedging your options.. Now of course this is just my way of thinking that's best for me.

[jammintj]

Interesting... I never thought of it that way. Good points!

[luvwhatido]

I run more than one business and always has. Yes it can be difficult and overwhelming because you are juggling between the two. What I was doing at first was alternating the days that I run my businesses. I found that was not good because I was having people contact me on the off day for the business that I was not running that day. So now what I do is run generic advertising for my business and alternate the leads between them.

But I found that it is good to have more than one just in case something goes wrong in one of the companies (company closing, etc) that be a way you have a business to fall back on. I learned this the hard with a company I was with, they started doing alot of wrong things and people where dropping left and right and then they had some governmental agencies involved doing investigation and I had all of my eggs in that company then I had to start over with nothing to fall back on.