Creating Multiple Sources Of Income

in Project HOPE2 months ago

Image source - Pixabay

As an entrepreneur, you should not let yourself get satisfied with your current income, no matter how lovely or huge it is. You should always thrive to increase it. You should make it seem more like a game, when you reached a high level, you go to the next and higher level. If you settle with what you're making now, next thing you'll notice, will be that, you'll start to grow lazy, and instead of maintaining your current income, you start declining.

That's just how the world works. The minute that you decide to slack, the opposition takes over. We're all in this race, and we have to keep improving ourselves and our income accordingly. Most times when you have an idea of the kind of income that you want to be making and finally you reach it. Most people will be so excited, and forget to create a new and bigger dreams.

Don't let that be you. If you take a look around you, and look through the history books. You find that the wealthiest of men, are those men that have so many sources of income. Some have as much as 5 different sources of income. Therefore, the money just keeps coming in. This way of doing things is so important, because in this fast changing world. You never can tell when one source of income starts depreciating, because of several factors.

man-593333_1280 (1).webp
Image source - Pixabay

As an entrepreneur, having these many different sources of income, will give you untold amount of stability. There are several seasons and times of the year. And you'll agree with me that, most businesses have times in the year when they're doing really good. And other times when they're not doing so good. For an entrepreneur that has several sources of income, when one source isn't going so well. He/she will keep enjoying profits from the other sources.

As the old saying goes, a journey of a thousand miles begins with a step. To create these several sources of income, you have to start from one. When you nurture it, and it's doing well, you think really hard of something else to add to it. Most times, there should be a little connection between your sources of income. For example, an entrepreneur who has a bakery, but buys flour from else where, might decide to start a new business of producing flour himself.

But there's also some things to be watchful of. You have to make sure that one source of income is mature and doing very well, before stretching to something new. If you split all your energy into all the different businesses at once and at the beginning, it might be very difficult. Take it step by step, one source at a time. Another thing to be watchful of, is knowing when you've had enough, and when you don't really need more sources of income, as you might not be able to manage them all properly.

Thanks for reading!

image.png image.png


This is what we are looking for these days
More than one source of income is the best way to achieve economic security in light of these global circumstances

Posted Using LeoFinance Beta