Why Should I Have Multiple Streams Of Income?

why should I have multiple streams of income

Why Should I Have Multiple Streams Of Income?

Nowadays, creating multiple streams of income is no longer an option, it has become a necessity. There’s no such thing as job security any more and anyone who desires more financial stability has found himself  in a position where he needs to consider creating at least one additional stream of income. What are the benefits of creating multiples streams of income and why should I bother?

Creating additional streams of income is essential to protect yourself and your loved ones against the unavoidable, such as economic downturn or a job loss. Consider the risks that come from relying on one source of income, such as a job or a business. Creating an additional stream of income can generate an extra cash flow in times of hardship.

Your additional income streams can be active, passive or a combination of the two. Active income streams may pay you for doing something that you love,  while passive income streams can provide income for you without your having to do much of anything at all. There’s always the option of combining the two. The more diversified your income streams among different industries the better you are protected against major losses during downturns in one market. This is also one of the reasons why the wealthy become and stay wealthy.

Creating your additional stream of income is easier than you thought. Here’s how:

1. Make sure your primary source of income is secure.

Don’t start building a second stream of income until your primary source is secure. Whether it’s a day job or a business, make sure your primary source of income is reliable enough before you embark on the next step. I strongly encourage you against quitting your job and starting a new business. “I’ll build a website and they’ll [the customers] will come”. It simply doesn’t work that way! It might take more time and effort to create an additional income stream than you had initially thought.

2. Identify your unique gifts and abilities.

Every person on this planet has unique gifts and abilities that differentiate them from others. What knowledge, experience or abilities do you have that other might be willing to pay you for? Remember, what might be common knowledge to you isn’t for other people.

3. Identify your market.

Based on your unique talents and abilities, who are the people you can help or who will pay your for the solution you offer?

4. Know your target market.

Ask your prospects what their needs and desires are rather than second guess and only then create a solution.

5. Find a mentor.

Rather than trying to figure it all out on your own, find someone who has already achieved what you want and model their behavior.  You might even wish to consider hiring a coach.

“Nobody said it’ll be easy, they just said it would be worth it”. It might take a bit of sweat and tears before you create an additional stream of income, however, it’s well-worth the financial security and freedom that comes from having multiple streams of income.

Source: http://www.entrepreneur.com/article/239960

How to create my own product?

How to create my own product?

Creating your own product is easier than you think and does not require an inhumane effort and long hours of work. You don’t even need the skills and experience to make it work for you. In fact, you don’t even need a big budget to create your own product. 

The first step in creating your own product is understanding your business objectives and marketing strategy, whether your goal is to create a passive income stream or building a list. Think in terms of who your target market is. Don’t make the mistake of leaving your marketing strategy to the very end of your product creation efforts. You want to make sure there’s a demand for your product first.

Do I need the skills and experience to create my own product?

If you think that in order to create your own product you need the skills and experience to make it work think twice! You don’t need ‘A’ levels, you don’t even need experience of your product or service, knowledge and skills.  All you need is the ability to find the information you need and the ability to work hard.

Any man is educated who knows where to get knowledge when he needs it, and how to organize that knowledge into definite plans of action.

Napoleon Hill

With that being said, if you lack the necessary knowledge, skills or experience there are ways you can bypass this by e.g. outsourcing, hiring a ghost writer, partnering up with an expert, private label rights etc. 

Do I need a big budget to create my own product?

You can start with no budget at all.

What product can I create?

The dumbest mistake is viewing a design as something you do at the end of the process to ‘tidy up’ the mess, as opposed to understanding it’s a ‘day one’ issue and part of everything.

Tom Peters

Essentially, we can distinguish four main types of product you can create online – text, audio, video and software. Text and audio are a good starting point, however, their perceived value is lower hence the return on your investment (ROI) is also lower. Video creation, on the other hand is more time-consuming but offers a better ROI than the other two digital products. Software products are the hardest to create, however, they also yield incomparably higher profits than any other digital products.

Now let’s get to the nitty-gritty of digital product creation…

How to create my own product?


Text product is by far the easiest digital product you can create, however, it’s unlikely you’ll make a significant amount of money from an e-book or report.

Step number one is finding and researching your niche. Keep in mind that you need to make sure that there’s a demand for your product first. It might be worth considering writing an e-book on a subject you already know a lot or are passionate about.  Generally speaking, how-to books providing an answer to a specific problem sell well.

Can I write my own e-book if I’m not good at writing?

If you’re not particularly good at writing you may want to consider hiring a ghost writer. Typically, a ghost writer is someone else you pay to write your e-book while you’re the one retaining full rights to the e-book.

You may also want to consider recording yourself talking. Once you’ve done that you can have it transcribed for you and then edit your content.

Optionally, you can also use Private Label Rights. Generally speaking, private label rights products are products you can buy and re-sell as your own.

Private label rights is a concept used in internet marketing and derived from private labeling. It’s a license where the author sells most or all of the intellectual property rights to their work. The license is defined by the author of the work and has no legal definition.

Public domain is yet another option to consider when creating your own product. Public domain products are products that no longer have a copyright (most books written before 1923 and some before 1977). Similarly, as in the case of PLR products you can sell and/or edit a public domain work as your own.

Works in the public domain are those whose intellectual property rights have expired, have been forfeited, or are inapplicable.


An audio product has a higher perceived value than an e-book meaning that it can be sold for more. Typically, an audio product can be sold for anything ranging from $27 to $147.

You may wish to consider creating an audio course, bringing in an expert, running a question and answer session, getting interviewed or creating a show. 


Software is perceived as a high-end value product and offers the highest return on investment, however, of all four main digital products it’s the hardest one to create as things can often go wrong… With that being said, creating your own software can prove to be rewarding in the long-run.

There are a few things to consider before creating your own software such as outsourcing, hiring a programmer, its time frame, design and customer support. You might want to ask yourself the following questions before you create your own software product:

  • Is your software unique?
  • Who will use your software?
  • Why will they use it?
  • What does your software do that other software doesn’t?
  • When will they use it? 
  • How often will they use it?
  • Where will they use it?

If you want to learn more about digital product creation watch the video below for a more in-depth process. I highly recommend you read Leon Jay’s Do Less Work, Make More Money: A Step By Step Guide To Doing Business And Making Money Online
for more tips on How To Create My Own Product.

Source: Do Less Work, Make More Money: A Step By Step Guide To Doing Business And Making Money Online by Leon Jay