Finally we have arrived in the end of article series, Multiple Stream of Income. In order to avoid confusion, it is better to read the first and second parts of the article that have been posted before. A little recap, in the first part there was a little image of the concept in multiple streams of income especially the differences between having multiple streams with having multiple sources.
Meanwhile in the second part, I have talked about the experience of a businessman in applying the concept of multiple streams. Now, in the third part, we will discuss about the tips and tricks in applying the concept of multiple streams of income (MSOI). Are you ready?
The followings are several things those will need to be checked in applying MSOI:
1. MSOI doesn’t mean doing a lot of things at the same time, therefore, FOCUS in one stream and one source of income first, when the stream ABLE TO RUN BY ITSELF, we may FOCUS TO OTHER stream or source of income.
2. The GOOD or SMART WORKING SYSTEM is needed in order to make an income source run by itself.
3. The good or smart working system is the system that will need our helping hands as minimum as possible. The key is TO CHANGE/DESIGNATE the routine tasks that we’ve done all alone before.
4. In order to find which task that can be done by other people, we need to DO THE TASKS ALONE at first. It will be better if we ever FAILED so that we will be able to avoid mistakes while designating.
From the explanation above, it can be seen that actually the things we’ve learned before have already headed towards MSOI. It is coincidence? Of course not. I was not kidding when I mentioned that MSOI is the ideal concept that should be applied by every businessman on internet. I mean it.
Two more things those might become hesitations are (1) when is the right time to change from one source of income to the other source of income, and (2) when changing, what is the next destination of income source will be chosen?
For the first question, the answer will be relative. Basically, when we feel that business has been steadied already – working as minimum as possible and achieving income as maximum as possible, I said relative because the one who can determine the limit of minimum and maximum is ourselves. To put it simple, when you are just sitting prettily at home but the income is kept on flowing in.
For the second question, improve your source of income by searching the source of business income on internet that seems to be similar with the one you have done before. For example from PPC to direct ads or from affiliate to CPA. It meant to save time from learning the techniques needed.
When you’re stuck or in other words all the sources of income from one type of internet business have been done (except for the ones considered being impossible to be done or you are not interested in doing it), then you can move to the other types of internet business. For example, from monetizing blog to the affiliate marketing.