Surely, you’ve heard it a lot now coming from the influencers, coaches, and many many many masterminds/webinars you’ve been in for business. The life of “living your best life” and having multiple streams of income sounds FANTASTIC!
It would be in theory, however, what is the true cost of having multiple streams of income?
Everyone is so quick about making money and making lots of it but no one thinks about what it will cost me literally, physically, and mentally?
I’m coming from a perspective of someone who has a lot of ideas, has started multiple streams but failed. It does cost money, it does tire you out, and it’s a huge strain on your mental health. I want to share some of my thoughts so that you can also learn how to effectively run your multiple streams without making the same mistakes.
You can’t lack research
You may not have liked it during school, but trust me, if it’s something that you’re fully committed to, you’re going to want to invest that initial time.
You have to research the specs and see if anyone would even be interested in your product (physical, digital, etc.). Consider questions like:
Have you developed some type of brand to make it pop?
Do you have some type of established plan of action to carry this product from production to launch?
Have I done the market research (who will be interested in this)?
Have I set up some trials and got testimonials for it?
If you’re part of affiliate marketing or you’re doing MLMs then:
Do I have a strong network that would trust me and my expertise in the product?
Would people be willing to buy this from me, how can I back up this product?
What is my competition (others who are in the same organization) doing?
What could I be doing differently from the competition?
The Creative Folks (TCF) was intensely thought out. If you look at my excel sheet of ideas before TCF was a concept, you’ll see the initial planning was not easy. I did a lot of research about the core concepts of the business:
Licenses & Legal
Website and Domain
Social Media presence
Bonus tip: On social media presence, I made sure I secured names first even if it wasn’t a name I wasn’t sure about. I also took a dive into the audience. I started researching the hashtags on each platform and seeing if that audience is PRESENT on those platforms.
You don’t need all the social media!
As a sub-part to the research, I really encourage you to tune in here. Not every platform is made for every business, let’s just face it. Can you open an Instagram for your business? Absolutely! Will it gain you new business? Not guaranteed.
I recommend really diving in and looking at each platform and who is active on what. The Creative Folks developed a handy guide just for this.
I also recommend finding the main platform your audience will be on and focus 80% of your content efforts there. Drive engagement, drive awareness, drive brand identity to that page.
Thirdly, I recommend finding a platform where there are small groups and hints of your audience and focus 20% remaining efforts there. Find ways to engage them there and make them want to follow you, then convert them over to your website and email listings so you can forever stay in contact with them!
Passion does play a part
Looking back, that’s what kind of made it all stick out for me. None of my previous projects lasted over a week because I lacked the motivation to do research about it. I realized that researching has helped me test my patience for a project I love, versus a spontaneous project that I didn’t have passion for.
They say, “Do it with a lot of passion, or don’t do it at all.” That’s the key to doing well. You have to be willing to tell yourself at 3 a.m. that you aren’t going to give up this project—you’re going to make it work.
If you have no passion for the multiple streams you’re building, how are you expecting it to work in your favor and make money for you?
Be honest and patient
Not every project will kick off and be profitable immediately, that’s just the truth. I invested over $1,000 into our business before it even made a $1 of profit (according to my records at least, I could’ve wasted much more than this).
Is that true for every business? ABSOLUTELY NOT!
What I am saying is, if you’re willing to invest then it’s going to be a long war. In fact, you’ll win many battles in this war, however, you still have many battles to overcome.
If you want to make a business that’s a one-hit-wonder, to be fair, anything that goes up has to eventually come down. Businesses that are viral hit are possible but take a lot to manage. While I have no experience in “going viral” I truly believe that if you take the time to carve and build a business, it can sustain as long as the product is still in demand.
Think of where Amazon started, it’ll humble you immediately.
On a final note, multiple streams of income obviously sound nice. However, don’t be sucked into the trap and don’t let yourself be sold to a “lifestyle”. Multiple efficient streams of income that truly bring in passive incomes take time to build.
Overall, I’m knowledge-hungry, and I urge you to be, too. Find things that interest you, combine them, modify them, learn them, and ultimately find a way to make it all WORK FOR YOU.
Think of it as simple as:
A product you make/sell/resell requires buyers. → The product you make/sell/resell could potentially have many competitors, so buyers have options now. → How do you make sure buyers are buying from you?
Make connections and increase your networks.
Drive demand for the product.
Piece all these things together and you’ll make a fantastic business/stream of income for yourself!
FEED THE HUSTLE.
Side note: If you have additional questions, I’m gladly open to an email conversation.
Tammy Huynh is a self-taught content creator with an award-winning portfolio and a founder of The Creative Folks, based in Atlanta, GA.
The Creative Folks is a team of content creators supporting businesses with their creative needs and providing resources for any creative that wants to pursue their hustle.