Browsed by
Tag: multiple streams of income

[Video] Flip It! Are You Building a Business Or Are You Just Making Money?

[Video] Flip It! Are You Building a Business Or Are You Just Making Money?

A few years back, there was what I call a “launch business phenomenon” (for lack of a better term) in the Internet Marketing/Information Product Industry. In a nutshell, these were “businesses” that relied on the product launch for  their main source of income.

These entrepreneurs would do 1-2 product launches a year, make 7-figures, and spend the rest of the year delivering the program and planning for the next launch while hanging out at the beach taking selfies to post on Facebook.

Needless to say, it was a great gig. Yes, there were a few intense weeks during the launch itself, but for the rest of the year, you only had to work a few hours a week.

However, like most things that are too good to be true, this idyllic way of earning a living didn’t last. Unfortunately, it also left a lot of unnecessary pain and anguish in its path.

You see, the launch business fed into this whole Internet business myth of working only a few hours a week and cashing in massive checks. Sure, that was true for some people. But, not for most.

But, here’s the thing. A launch business isn’t a business. In fact, I would go so far to say any business that is based around one or two income streams isn’t a real business.

Yes, it’s a way to make money. But, it’s not a business.

So, what IS a business? And do you have one?

To answer that let me ask you a couple of questions.

• Do you have to be personally involved to make money?

This one is probably the biggest. If your only source of income is to be personally involved, maybe even selling your time, you don’t have a business.

What you likely have is a job.

A true business generates income for you regardless of whether you’re personally involved or not. You would be able to go on vacation or take the afternoon off because your kid is sick and not have to worry about income fluctuations. You may even be able to cut how much time you spend working in your business without seeing a drop in your income.

• Do you have multiple sources of not only income but also prospects?

Most stable businesses have multiple ways of finding new customers. They are usually advertising on multiple platforms, not just Facebook. They’re using a variety of marketing campaigns and strategies, not just one complicated funnel or one or two product launches.

They also tend to have multiple offers and are making money selling multiple products and services.

Now, that doesn’t mean you have to start spending thousands of dollars on advertising or creating dozens and dozens of products, but it does mean not putting all your eggs in one marketing strategy basket OR one product basket.

There is a bit of a fine line here between spreading yourself too thin because you have too many products and services and leaving yourself too vulnerable, because the vast majority of your income relies on one or two main strategies or products. I would encourage you to slowly add marketing strategies and product offers to your mix, to make sure you ARE getting a return on your time and money investment, and then you can also slowly add to your team to support what you’re doing.

Of course, all that said, maybe you’re not interested in building a business. Maybe you really are just looking for an income stream. For instance, maybe you’re a massage therapist or a freelance graphic designer and you love what you do and only really want to sell your time. If that’s the case, then go for it.

But, just don’t confuse what you’re doing with building a business.

What you’ve done is create a way to bring income into your life, which is fabulous while it lasts. And, never forget streams have a way of drying up pretty quickly.

(And if you’re wondering exactly how you can get everything you want simply by flipping your perspective? Check out the first episode here.)

If you liked this episode, you may also like my “Love-Based Online Marketing” book — you can check it out here.