Wednesday, July 9, 2008

Multiple Streams of Residual Income -- What Does that Mean?

As an online marketer I come across people all the time who are in network marketing because of its ability to produce residual income. Some people are very focused on one business and doing well, some are focused but can't seem to get it going and need help. But then there are those who are so unfocused they are in two and three businesses at the same time because they believe in the "multiple streams of income" philosophy. Well, I'm a 'blue' personality type and I even have trouble buying into that philosophy. A blue is generally unfocused, scattered and usually doing two and three things at a time. But, think about this. The bible even says 'a double minded man is unstable in all his ways.' Thus, this philosophy simply doesn't work. So, if you're attempting to build more than one network marketing business (or any two businesses) thinking you are producing multiple streams of residual income, think again. What's really happening is multiple streams of outgo. Each business has a monthly requirement so, if you are meeting that requirement, money is going out. Even if you somehow manage to generate income in one business, the income earned is financing the other one thus, there is really no increased income. Not to mention, you can not get focused.

Here's what my mentor, Michael Dlouhy, says about focus:

The narrower you focus, the better chance prospects & customers will see you as high quality. And NO SERIOUS BUILDER commits to a network unless they consider it high quality. When you promote a smorgasbord of opportunities, you undermine your network. When you try to appeal to everybody with your multiple streams of products & services, smart people will not take you seriously. And why should they? You have no identity in their mind.


No trust. No loyalty. No network. Your people are easy targets for some narrowly focused networker. You waste time & money searching for more opportunities to create your multiple streams. But loss of focus = loss of power.
End of Michael's statement.

Do you see why it is better to find a business that will produce your desired income and put all your time, energy and resources into building that one business. Then, when you get it on autopilot, buy property, buy stocks, bonds, cd's, invest in the forex, etc. That is how you can produce those multiple streams of residual income.

What do you think about that?

If you bought into the "multiple streams of residual income" philosophy or if you are focused but can't figure out what to do next to get your business going, click here for more network marketing insights. It may be just the thing to get and keep you focused and on track.

Be empowered to prosper!

Irma White
A Mentor with a Servant's Heart

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