Many people and especially big business have been using the theory of multiple streams of income for years to help insure their income. Really being able to make money from multi sources is truly the best way to make an income that is going to be able to survive the loss of one source, if not more.
Basically for anyone that is not aware of what multiple sources of income actually is, it is making income from many different places. So rather then making a single stream of income where you may earn $600 a week from working 40 hours for another business. Multiple Streams of income is spending a few hours a week working on a few different things. So maybe you work work on a website that makes $100 per week, you have a market stall on Sunday’s that makes $200 per week, Maybe mow a few lawns for $100 a week and do a little web consulting for 10 hours a week that makes you $300.
That was a fairly simplistic view of what it is, and while the multiple streams may seem a little bit disjointed, the different streams of income can really be this different and work fine. What the primary difference is between a single stream of income and multiple streams of income is the big difference. If you have a single stream of income be it a business, or a job and you lose your job or the business fails then you have lost your only source of income. However if you have multiple streams of income, and from the above example maybe only mow have as many lawns, then you lose $50 in income, then you have lost just 7% of your income, not 100%.
The real benefit in looking to have multiple sources of income is when you look to attempt to control them. Some control or at least attempt to even out the sources is really needed. The real benefit in having multiple sources is that if you lose one your still have others providing your income, if you have one of your multiple sources providing still a large proportion of your income, you can still be leaving yourself open to losing a major source of income. The best way to combat this is an attempt to limit one source to 20% or less of your income, or more so to not limit one source but push for all sources to increase evenly, rather then have one source gain a lot, while the others stay small.
It all comes down to thinking in multiple’s and looking at how you can make use of automation to increase the number of streams of income your have.