How Not to Create Multiple Streams of Income

I just read an article by an mlm guru. The guru stated he believed in multiple streams of income because at least four mlm companies had failed him in the past. Did you get that? Four network marketing companies failed him. In fact, he said that the owners of the first company he joined were not the type of people he wanted to be associated. His second company was a start-up company that ran into legal issues after the very first year. He only joined that company because of their proprietary, cutting-edge products. The third company switched from multi-level marketing to direct sales, thus, eliminated the multi-level compensation plan and thereby cutting their commission checks by 90%.

For this reason, he always has more than one network marketing business going so as not to put his eggs in one basket.

His experiences are not unique to network marketers unless they have a crystal ball. Okay, there is no such thing as a crystal ball. Oh really. I beg to differ. The Mentoring For Free Training & Education System is just that. Mentoring For Free teaches you exactly how to know that you know that you know if a network marketing company will fail you. We teach you how to determine if the mlm company owners have integrity (a company that changes from mlm to direct sales does not have integrity.) We teach you why to never join a start up company (too risky as most start-ups never survive past two years). We teach you that having proprietary, cutting-edge products should not be the main reason to join a company. While I agree with him that nothing is ever 100% guaranteed, there is a way to know if you at least have a chance to create residual income in a work at home business that will last for years to come.

These are only a few things we teach at Mentoring For Free.

While I believe in multiple streams income, I don't believe you should have more than one mlm business at a time. If you do, where do you focus. If you do, which product or service do you promote. If you do, will anyone take you seriously? Our heavy-hitter guru feels that all you need to do is use an automated downline builder to generate leads and sell your products and/or enroll your new distributors. Then all you have to do is focus your energy on training your new affiliates after they join you in business. He hasn't realized that network marketing is a relationship business and people generally do business with people they know, like and trust.

What about you? How do you feel about multiple streams of income? As I mentioned, while I believe in multiple streams of income, working more than one network marketing business is not how to create those multiple streams.

Be empowered to prosper!

Irma L. White

If this information was helpful, click here for more free network marketing training, strategies, tips and resources to help you reach your business goals.

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.

Result?

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