Income from a few streams
I always wonder whether to depend on one income stream, trying to find an answer to whether I am doing the right thing. My decision has pros and cons, but I have decided to go for my answer: making money from a few streams.
Most of us do business on the Internet, and while doing so, we depend on platforms to promote our products and make money. They are happy to do that because they also make money while promoting our products. I, too, do it the same way, but the question is whether it is advisable to depend on one platform to make money continuously.
For example, I create online courses, publish them on one of the platforms, and wait for payment from them. It seems okay that you will get some money at the end of each month, but that varies a lot, so you cannot make a financial plan with that income. I decided to make some eBooks and books from my courses and use another platform to sell them. In the same way, I do coach sessions with a third platform.
When I say this to others, they look surprised and tell me I must concentrate only on one avenue to make money and stick to it until I become an expert. I want to understand how that can stop me from becoming an expert in what I do if I have organized my work to check and correct daily progressions. That argument may be suitable for people who do not schedule, face too many distractions, or are at the learner stage.
If you organize and gain enough knowledge in that niche so that you can do everything, there should be no problem. But you might face a few hassles as far as marketing is concerned, as marketing is an entirely different aspect of a business, so if you can afford it, try to get some help to overcome that hurdle.
These are the pros I discussed regarding getting income from several projects. Depending on one task for a long time depends on one platform to promote your products and make you money. Say you are an online course creator and publish on one plan, and fortunately, they are selling your product well and making you good money. Suddenly, something happens; they close your account, and what will you do after that?
How do you manage many projects and become successful?
Ordinarily, young people have many chances to succeed as they have fewer distractions than older people. Therefore, you can manage and succeed in running many projects. Still, it would help if you had a real passion for it, and you must develop the capability of multi-tasking simultaneously. My female friends do this by looking after the family, maintaining their house, working, and having a business. So, how do they do it? It is straightforward; they organize themselves well and manage their time well. If you are passionate and determined in life, you can achieve anything. Let me give you the tips to do it to help you if you want to run many projects.
Planning.
First, get yourself organized; otherwise, you will mix up things and try to spend more time on one job than the other project, and then you will end up losing the project. You need to organize yourself more, primarily if you work from home, because of the possibility of getting too many distractions.
Passion
It is difficult to continue with your projects if you do not have the passion, as you will lose interest after some time; therefore, you must make sure you take up projects that you love; otherwise, you will be wasting time and money in the long run. Then, you must focus on things that bring in cash; otherwise, it will become difficult for you to have a continuous interest in the project, which might make you feel like a failure. Therefore, you must do something that you love and be able to monetize the project as well.
Transparency.
Transparency is vital for a businessperson to get the confidence of your customers and your staff for the business’s long-term survival. If not, you may become successful in the short term, and quickly, it will disappear when others need clarification about what you are doing. It is essential to maintain ethics in business for long-term success and survival. Another thing is to keep communicating with your customers and staff to run the business properly. They will expect clear communication from you; otherwise, your customer might get fed up and leave you. It would be best to let people know that you will be going on holiday and might be busy for a short period, and they will understand.
Mechanize
It is another vital aspect of running your projects smoothly, as you can schedule everything and set the dates for you to release. Social media posts could use the Hoot Suite. When you plan and mechanize your business and personal life, you use an autoresponder to automate your emails, press releases, and newsletters. You can contact your customers and send out reminders about what you are doing for your business. Then, you can write blog posts and schedule the release date in WordPress. This way of handling your business will give you a clear direction to control your work, and the tasks will be distinct.
Outsourcing
For small organizations, outsourcing permits them to work with the base of professional and gear consumption. For instance, a little firm outside city cut-off points can outsource its vehicle, subsequently making it extra for it to gain transport, cutting the expense of fuel, and sparing its assets. Another original case is telemarketing and publicizing. Numerous organizations want to outsource this promotion feature to proficient call focuses and advertising offices, killing the need to frame a whole unit committed to this errand. Also, because the outsourcing customer has a wholly settled foundation dedicated mainly to the administration, there is no need for a bit of business to build up its inner base to suit that administration.
Keep your limits
It is always good to keep everything within your limits; if not, there is a possibility that you will become exhausted, which will bring you down. We all like to do things, but will the time permit us to do what we want? I don’t think so. Therefore, avoid unnecessary events and meetings only if they are helpful to your business. Try and concentrate on getting relaxation from your work at least once or twice a week, then get yourself ready for the hard work.
The above tips are helpful if you plan to set up many projects. Good luck!
