I was recently at a networking meeting and met a really nice woman. After several minutes of conversation, I asked her what she did. She excitedly launched into how she was a real estate agent, but that was slow right now, so she was going back to giving massages, but she was also selling Mary Kay cosmetics.
While I was trying to process all of those unrelated businesses, she dug into her purse and handed me a card that listed her as an Ambiance Coach. I questioned her about that since it didn’t seem to fit with any of the businesses she’d mentioned. Amazingly, she said, “Oh, I’m also a distributor for PartyLite Candles.”
Doing four totally different businesses with different target markets is the wrong way to establish multiple streams of income. Why?
1. You appear schizophrenic to everyone you meet.
2. You waste time and energy working to capture the attention of multiple markets.
3. Your mind has to keep track of systems and information for four companies.
Don’t get involved in too many businesses and kill any chance of success for any of them. There are two ways to create multiple streams of income that make sense:
1. Same target market, multiple offerings.
2. Same offering, multiple target markets.
Photo by madaboutasia