Reasons why every entrepreneur should have multiple streams of income.
It's great when you are your own boss which means you need not answer to anyone, you have leverage to create your own personal schedule and make critical decisions, verses working a 9-5 job you are obligated to answer to someone else and perform within their time and schedule don't get me wrong you'll have to invest more time and effort when running your own business especially if it's upcoming and you desire it to be a success nevertheless you have more flexibility and better advantages.
ADVANTAGES AND DISADVANTAGES
When you have a job you are entitled to a paycheck weekly or bi-weekly,but operating your own business, you have to work at creating income.''no work no pay''
But the disadvantages of a job is INSECURITY, because at any point in time your employer might decide that he or she no longer need your services or that company might end up going out of business.
I'm not saying that everyone is made for entrepreneurship there are many career driven people who are very successful from earning a paycheck.
but for the ones like myself thats passionate about entrepreneurship we have to make plans to become secure especially financially by creating MULTIPLE STREAMS OF INCOME and having passive and active income.
Active income can be your blog monetizing it by doing blog collabs,sponsored posts and adverts, by always creating valuable content, because building traffic requires action
'' BE AUTHENTIC BE YOURSELF''
Build your knowledge base ,by reading and researching stay one step ahead in your niche and always try to be in the know.
Know your target audiences so that you are aware of what to add to your service.
Income earned without being actively involved, this means that you continue to make an income with little effort and maintain cashflow, think of it as earn while you sleep.
TYPES OF PASSIVE INCOME
Write a book
Property investment Network marketing
Etsy or Ebay store
Online digital business is an inexpensive way to go during an initial stage.
VALUE OF SERVICE
2.Build a community ; social networking/social media
3.Website or blog, build your email list by converting followers into clients/customers
4.Offer free content this raises your credibility
Be organized by planning your day, start by setting goals break them down monthly then separate them into weekly goals.
Sometimes we have all these ideas in our heads but we don't have a clue where to start, then it's time to invest in your vision, you might need to hire a coach to help you find your purpose or take these ideas and turn them into a kickass dream business that you have always wanted.
I myself have been in that same place and that's why I created the 6 weeks self discovery program for the female entrepreneur who is ready to take her passion discover her purpose and become financially free to live the life of her dreams.