Generating three, four, five, or more revenue streams in your home-based business certainly ensures safe and sound cash flow. After all, the marketplace is cyclical. So if one of your profit centers takes a hit and goes south, another will probably be on the rise. And you won’t be as panicked as you’d be if you relied on a single revenue source.
But how can one person best juggle multiple profit centers? That is, without going a bit, well, nuts?
Use a calendar.
This would seem like a no-brainer. But for those of us who fly through life by the seat of our pants, it’s not. We try to keep everything in our head. That’s never a good idea.
At the start of every work week, block out time for each of your mini-businesses. Some weeks, you might leave an income stream alone entirely. If one of your revenue streams is a new launch, you’ll probably want to devote more hours to it than you do a longer established one.
Always be ready for chaos.
When you direct several ventures at the same time, you live at the tipping point between smooth sailing and anarchy. Always think positively, but be prepared for things to go wrong. They will, eventually. But the proper, optimistic-but-expectant mindset will get you through the rough spots, guaranteed.
Keep your focus.
No matter how many different revenue streams you handle, keep your focus. And that must be aimed at one thing and one thing only — earning money.
Don’t waste your work time with things that don’t directly produce income. Save the little things to fiddle with in your spare time. Or better yet, delegate that stuff to a trustworthy friend or family member who’s looking to help out or even earn a few extra bucks.