How many streams of income should I have in my business? Is it best to have a company with 100% one stream or more? I heard that the average millionaire has seven streams of income. How is that possible and is it true?
Michael – It is an entrepreneurial myth. The reality is that this thinking causes many businesses to go out of business within 10 years. The way for an entrepreneur to succeed in the beginning is by focusing on the one core thing that their business is all about. Be know for that one core thing. Then when you have the business built up and systems in place, and the business could honestly run its self then you definitely look at other streams of income. The formula for success is to know your one thing.
“Keep the main thing the main thing the main thing.” Brendon Burchard
They didn’t start multiple streams of income at the beginning. They started off with one thing.
You need full systems in place before you diversify your income streams.
Lori – You need to have multiple revenue streams, but you need to perfect and be good at one thing first. You can have passive revenue streams (real estate, stocks, creating courses, speaking, etc). Once you perfect one thing then you need to look for subsequent revenue streams. Is there another way that they can have an additional revenue stream from their current business.