Multiple Steams of Income or to Diversify or Not in MLM?
This topic and question has been around for awhile and has mixed opinions on the subject, and while I don’t think one is right and one is wrong, I do believe that everyone is unique and what fits one person doesn’t necessarily fit another and of course everyone measures success and what they want and are trying to achieve differently.
To me there are “online marketers” and those who “market their mlm online” and there is a difference. I believe that online marketers tend to diversify more with ebooks, membership programs, advertising programs, affiliate programs, and as distributors for a network marketing company or companies, often times focusing on just 1 or 2 network marketing companies but possibly have others as “passive income streams” that they include in their signature lines, blogs, personal websites, or even the occasional tweet. Then there are those who are involved typically just in network marketing and market their opportunity online with a variety of online methods. I think while similar there is a difference, at least to me.
As far as mlm is concerned, I used to believe in the camp that one MUST only focus and be involved with one company to be successful, and for many that is the case. Diversifying or working more than one network marketing company is going to vary alot by individual based on their time, beliefs, skill sets, and their connections, marketing outlets and what they do. But as I’ve marketed online, I have begun more to believe that many can diversify if they do it wisely and of course in moderation. Can and should everyone diversify? Probably not… Again, it is going to depend on the person.
My main focus is Network Marketing, as I truly believe in residual income and that average people can do extraordinary things in this business and it’s provided a great deal of freedom in my life. As an online marketer, however I do have multiple streams of income in various programs, most of the time simply because they fit into my online marketing niche, some of them just happen to have a marketing plan behind them. My Network Marketing focus and attention belong to one company that I believe deserves my full attention for my success and the success of my team members, that’s not to say I don’t have passive income from other what I consider to be “online marketing programs”.
If you plan on being involved with more than one network marketing company you need to keep in mind that your marketing costs, daily time spent, and focus will be divided. There are some exceptions as to programs that I consider “passive” meaning it’s income that comes in with little maintenance, meaning they take very little of your attention.
If you choose to diversify and work multiple companies, you still need to make sure that you are giving your downline and team members your FULL attention and make sure a good support group and upline is in place for those times that you are unavailable, for most people they will find they have the most success giving their all to just one company.
Now with that said on there is one thing I want to mention and that is that even with a great skillset, management skills, amount of daily time to devote to your businesses, etc… you still need to focus and keep a limit to what is comfortable for you. I prefer things that compliment one another in my chosen niche and can be marketed almost exclusively online and believe that two is probably the limit, unless I run across something that can be marketed in a way that doesn’t take much attention from the other things I am doing.
On another note, even with multiple streams of income, some of them you want to be passive income streams meaning they don’t really take much of your time and attention for the income to flow. If you do diversify and have multiple streams of income, you don’t want to fall into that trap of promoting everything and anything that comes along, be selective on where you put your time and attention. I’m sure we all have those contacts that send us 10, 12, 15 or more emails every single month on a different new and “hot” program or company, heck some send me something new just about every day, in those cases you just need to learn to hit the delete key!
You don’t want to be that person that is constantly sending the next best flavor to your list every other day. I honestly believe that doing that won’t lead you to the success that you are looking to create. If you do decide to diversify and get involved with more than one company always remember if you find you can’t devote enough time and attention to more than one, more importantly to your team members, then you may want to consider focusing on just the one you are most passionate about BUT still continue to support everyone in your respective companies.
So I am not saying I think someone should or could go out and successfully build 3, 4, 5 or more network marketing companies at one time, but if you feel you can give your BEST to more than one company why not. Even better give your energy to just that special one or perhaps two and have others that just fit into your realm that you can do on a passive basis without distracting from your primary objective. More often than not, your main focus will always be where your income is the greatest.
So for Multiple Streams of Income, only you make the rules for you, just do so in moderation and always remember to give 110% to everything you do!
Live For Prosperity,