Internet Marketing Strategy Blog By Roy Sencio

A few years ago when I was still getting started in coaching and conducting training in Junior Chamber International (JCI), I recall distinctly what Cerwin, a mentor of mine in the field, once told me. I won’t quote him as I do not remember the exact same line but I do know that, the gist of it was… “you should know how much your time is worth.” This was because in JCI we volunteered our time in going around the country doing seminars and workshops for JCI chapters and members; we did not get paid for it but these experiences have their own dividends. Anyway, he showed me a way of finding out how much our time is worth. This is a good way to keep us aware and remind us to ask ourselves in everything that we do, if we are either wasting time or gaining from it? Was it time well spent? Or lost.

Fast forward a few years later, when I started marketing online, I was introduced to the phrase, “multiple streams of income”. Often coined by internet marketers, this phrase does not necessarily apply to those who make a living online, but almost anyone who has some sort of income stream. It simply means that to increase how much you are making in a day, you can create multiple streams of income for you, and assign varying amounts of time and effort into each. I realize that since the day I started with a job, I always have had multiple streams of income. In past blogs I stressed the need to create more income streams because at this day and time, it is not enough to simply have a job.

My income streams have run the gamut of advertising and marketing, production, music and entertainment, the internet and a lot more. These are what I have been consistently doing for over 16 years… and does not include failed undertakings such as becoming a small time contractor, fishing business owner, and agriculture land developer, and some I cannot even remember. Yes, you win some and you lose some… but we try to win more than we lose.

Having said that, the principle of multiple streams of income simply is to “not put all your eggs in one basket”. If you only depend on one thing to subsist upon, once something goes wrong and that income stream dries, you are in trouble.

Many may argue that in order to make something successful, you have to give it focus, and that runs opposite to the perceived lack of focus when busy with a lot of other things. Good point! This is why I will show you what the most successful people online or otherwise are doing; using the right gauge or metric to keep income coming and ever increasing.

Just a few months ago, I had the opportunity to watch a video seminar featuring one guy who has made millions online, a leading internet marketer who people refer to as the real deal as far as internet marketing is concerned… he is Mike Filsaime.

I won’t go all out on his talk but I will give you this very important lesson on evaluating your productivity, from the perspective of one who has multiple income streams.

First thing is, find out what your sources of income are.

Then, attach a current figure to these income sources on a monthly basis.

You now know how much you are making every month and from what method or stream; now for each method of making money or income stream you have, try to indicate the number of hours of work or effort you put into that income stream, daily then monthly. This will give you an idea how much time you have spent on it, in a month.

If you are good making a pi chart then go ahead and put it up, otherwise a simple excel file or a text document would suffice.

The result of this exercise shows you what income stream gives you the most income, the least income, and what takes too much of your time and least of your time. With that information you are also able to find out, what income stream makes you the most money with the least effort and the most effort, and what income stream you can leave on its own or need to be hands on all the time.

It is not about maintaining what’s working and improving what’s not; but consideration of the facts and pondering on the following questions.

Will you be making more money if you increase time and effort spent on the income stream that is making you the most money for the least effort? Are the income streams which do not really deliver a lot of income, but require a lot of time and effort, necessary to keep because they influence success of the other income streams, or can you simply just drop it from the list?

Focus is not about specifically concentrating on one thing, or one income stream, but knowing the amount of time and effort to allocate for each to achieve a desired revenue level.

The fact is no matter what we do for a living… whether office worker, sales person or entrepreneur; we constantly deal with multiple projects and competing priorities. But for an entrepreneur these projects or priorities can be actual businesses or income streams.

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You are probably left with any of these questions:
Why are multiple income streams very popular nowadays?
How can I create more income streams?

You can send me an email if any of those questions cross your mind. Email me at Juggling Multiple Streams of Income” by Scott Allen . It gives a good perspective on the need for balance, and provides steps on what to do to create multiple streams of income online.

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