Business Talk

Multiple Streams of Income

I’ve been working for myself for twenty years, dappling in some sort of work that brings in extra income for close 25 years. One thing I’ve learned from fellow entrepreneurs is you need to have multiple streams of income for those just in case times.

Trends come and go, businesses take off then fail, recession hits and all three can take their toll on your bottom line. I’ve always followed the multiple income stream theory and I think it has kept me afloat many times. However, recently I’ve been wondering if it’s such a great thing.

Besides my writing, teaching and coaching, I have t-shirts I sell on Merch by Amazon, my journals I sell on Etsy, my vintage jewelry I sell on Etsy, my handmade, recycled jewelry I also sell on Etsy, writing classes on Skillshare and finally my blogs.

In my last post, I said I believe the reason it’s so hard to make money these days is because it’s so easy. Lots of other people are doing the same thing as me. The time I’m able to spend on any one venture is limited because I’ve tried to have as many streams of income as I can. Others have probably thought the same thing.

As I make my plans for 2020 which is not only a new year but a new decade too, I’m rethinking my goals. Do I drop one of these streams of income so I can devote more time to the others? It will free up my time to do something I haven’t done for any of these sidelines and that’s promote them.

I hope this short post has made you think about whether or not multiple streams of income are a good or bad thing especially in this highly competitive global market.

I’d love to hear your thoughts so leave a comment.