I used to work for a company that put all of its eggs in one basket by relying on one big contract from a major corporation to fund its entire operation. You’ll notice I said used to because this strategy back fired on my former employer and when the primary source of income refused to renew its contract with my employer everyone, including top management, were let go.
We can learn a lot from this short story; however, the main point is you should always have another source of revenue to rely on when your main source dries up. This also applies to your online home based business because you never know when your current lucrative niche will become saturated and your main income stream will either dwindle away gradually or it will disappear suddenly and completely.
So the question now becomes how do you guard against this happening to your Internet enterprise? The answer is very simple really; you simply establish more than one income stream when you’re creating your business. This of course is the first reason why you should have several sources of revenue and here are three other compelling arguments in favor of having multiple wage generators for your venture:
1. I’m sure everyone can see this reason coming because if you do the math multiple revenue sources translates into more total income and profit for your home based business. Some earnings may be greater from one source than another however, when they’re all added up at the end of the day you have more total income than you would if you only had one stream to rely on.
2. More avenues of revenue mean more niches for you to target which translates into more subscribers as well as a larger email list for your business. Of course we all know, as Internet marketers, the money is in the list therefore, the bigger your list the more current revenue you’ll have and the greater the number of clients you’ll have to rely on for future income. This will help ensure the long term viability of your Internet enterprise.
3. Nearly all of the successful marketers, or so called gurus, online have several income generators in place so having numerous sources of revenue of your own will help enhance your image within Internet marketing circles and you will soon be viewed by your peers and your prospects as an expert in your field. This will encourage more people to do business with you by becoming paying clients and by becoming business partners by approaching you to form joint venture agreements.
So as you can see having more than one income source is a must if you’re serious about becoming successful with your home based business online.
