You may be reading this article because you’re looking to start a business — to get out of the rat race of a J-O-B, where you don’t have the flexibility to be at home with your family or the potential to make money beyond your current salary.
Or you may already be an entrepreneur, but flexibility doesn’t seem to be in sight for you. You’re working long hours and stressing yourself trying to get or keep your business going.
Either way, this article is for you.
So, the cliff notes version is to develop multiple streams of income. Currently, my wife and I have 16 different streams of income, including:
- Selling products on Amazon
- A Private Label Course/Coaching Program (http://provenprivatelabel.com)
- Amazon Legends Program (http://amzlegends.com)
- Q4 Success Group
- Live Events
- Book Sales on Createspace and Kindle
- Book sales on my own websites
- Affiliate marketing
- Other courses
- Consulting Jobs
Let’s dive in a bit to take a look at how we got to this point and the steps you can take to do this as well.
Determine Your Vision
In January 2009, I wrote these six little bullet points in my journal under the heading “My Dream Position”:
- Flexible Hours
- High Pay
- Work from Home
- Vacation time whenever I need it
- Great people to work with
- A cause, mission, and vision I love and am passionate about
Because I was able to determine exactly what I wanted, it helped me make decisions in my business. If it didn’t look like those decisions were going to put me closer to one or more of these six bullet points, then I didn’t do it.
I encourage you to start by asking yourself 3 Questions:
- What does your ideal day look like?
- Where do you want to be 5 years from now?
- What is your motivation for achieving these things?
Write down your answers to these questions and refer to them often — as you make decisions and as you plan your days, weeks and months. Then begin to look at ways that you can make them happen.
Your answers to those three questions are your big goals (some folks call them BHAGs – Big Hairy Audacious Goals). Now, take those BHAG’s and break them into bite size pieces. If I want to be doing ______ 5 years from now, then what would need to happen this year to put me on the track to reaching that goal.
And then break down even further, if I want to do ______ this year, what would I need to do this month to put me on track to reaching this goal.
And then again into weekly and even daily increments. Write it all down and keep track of how you’re doing.
What Is Your Why?
Now, let’s go back to question #3, above — your motivation for achieving these things.
I want to encourage you to dream again, to believe that you don’t have to settle, that you don’t have to live an ordinary, mundane life. Your dreams can still come true.
But the truth is, we can develop our goals, even write them down and figure out what our next big step is, but if we don’t have a definite “Why” — a reason we are passionate about for doing what we’re doing then we are not likely to be successful.
So, identify your why. Why do you want to start or grow your online business?
My whys were and are:
#1 being able to have a daily impact on my young son’s life by being at home with him
#2 having enough income to give to charities and causes I believe in
So what’s the value in this? When the going gets tough, and it will, or when you get frustrated or tired, and you will, you can go back to your whys. They will keep you moving forward.
Learn Everything You Can
Now, this may seem obvious, but it’s a point that can’t go unaddressed. Be sure to build into your daily and weekly routine some specific time to learn.
- Read Books – Here are my top 3 recommendations to start:
- Silent Sales Machine – If you’re thinking about starting a business, I recommend you get this book, Silent Sales Machine. It is the book that got me started and it’s author, Jim Cockrum, has been the most influential person in my business. Grab it here – Silent Sales Machine
- Streams on Income – There are so many strategies to make money online that it can be overwhelming. In Streams of Income I’ll show you the 3 main ways that are proven and that I’ve used to create 16 different streams of income. Grab it here – streamsofincome.com
- 48 Days to the Work you Love – In this book my friend Dan Miller shows you how to find meaningful, satisfying daily work. You can get it here – https://www.amazon.com/dp/B07K9DRS83
- Watch YouTube Videos – YouTube videos are such an amazing FREE resource. I put a lot of webinars on YouTube to help you get started. Find my channel here – https://www.youtube.com/channel/UC_loBnTJ-QrhHOTDzbViP4g
- Take Courses – the top “Get Started Course” in my opinion is the Proven Amazon Course. It includes everything from Amazon Basics and Online Sourcing Strategies to Amazon Merch and Inventory Management. Get it here – Proven Amazon Course
If you’re not quite ready for that course then you can get Amazon 101 for only $97! Amazon 101 Course
- Go to conferences – Here are 3 conferences I’ll be going to this year. Click to find out more:
- Get in a community of like-minded individuals. Don’t do business alone. Start with this Facebook Group – MySilentTeam
When you’re ready to go to the next step, I recommended some looking at my Amazon Legends Group – amzlegends.com
Find Some Low Hanging Fruit
There are dozens of ways to get started in the world of selling physical products online,
including Amazon, eBay, Craigslist, and local Facebook groups. In my opinion, the best place
to start is with Amazon.
We got started by browsing a local thrift store and finding items that were selling for
more on Amazon than what I could buy them for. It’s not unheard of to buy an item for $2
or $3 and sell it for $20, $30, $40, or even $50 online.
Another source of inventory can be retail stores. We (or one of our team members) can
go into a store like Walmart and find items that we can make a profit on. There are many sellers
whose whole business is based on items they source at stores like Walmart and Target.
And one of the easiest places to start is by looking around your house. I bet you have hundreds of dollars of inventory sitting there that could be used to start your business.
Once you determine your starting point, really focus there for a set time. As entrepreneurs it is easy to get distracted by so many great business ideas that we get too many things going at first.
So get one going and watch how the opportunities come to take that one stream and branch it off into a new one.
Serve and Build Relationships
Even if you are selling products online the key to success is service. Provide a ton of value to your customers and your communities and work hard to build relationships. Whether it’s repeat customers or building for future partnerships or finding resources and vendors, it’s all about relationship building and first asking how you can serve them.
Don’t Give Up
Building a business is not a walk in the park. It takes time, focus, energy, strategy and more. But it can be done, and YOU can do it. So don’t give up too easily. If you hit a road block, ask for advice in your groups or look at ways you can hire a coach or mentor.
And when it gets a little tough, go back to your why. That will be enough to keep you going toward living your multiple income stream dream.
You can do it!!
By God’s grace Ryan has built a thriving online business with multiple streams of income ranging from selling physical products to a variety of books and courses on the topic of starting and growing an online business. Ryan’s passion is to help people discover their gifts and talents and use them to fulfill their purpose in life – thus the reason for this book.
Ryan is happily married to his wife, Melane, and is a proud father to his son, Callen. They reside in Southlake, TX.