MBA1690 Q&A Wednesday: Should I create multiple revenue streams?

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Hey. Welcome to the Hundred Dollar MBA show, the podcast for busy business builders delivering daily 10 minute business lessons for the real world. I'm your host, your coach, your teacher Omar Zenholm. I'm also the co founder of the Hundred Dollar MBA, a complete business training and community online over at 100mba.net go ahead and check out our Breakout Business Roadmap absolutely free to download over at 100mba.net and today's episode is a Q and a Wednesday episode on our Q and A Wednesday episodes I answer a question from one of you, one of our listeners. If you have a question you want to ask, just email me over at Omar MBA net. Today's question is from Shiva and Shiva asks, hey Omar, Love the podcast. I recently resigned from my job and will be going full time building my online business. I've been blogging part time for some time but now I want to earn money online. Should I start thinking about building and creating multiple revenue streams? Should I start planning and worrying about making money from different channels? I often read this advice on different blogs. What's your take? Would love to hear it. Thanks Shiva. Great question Shiva. My take on multiple revenue streams, especially when you're getting started, might be a bit controversial. I understand why people would advise to have multiple streams of income or to try to make money in different ways, but I don't think it's sound advice when you're starting online. I'll explain why, and I'll also explain what I think you should do instead. So let's get into it. Let's get down to business. On today's Q and A Wednesday, Shiva asks, should she start building multiple streams of income as she starts working and making money online? And just for clarification, many people advise this, like, have multiple streams of income, like make money on affiliate marketing, but also make money with a product, also make money with a service, and also make money through sponsorships. And just basically try to make money in so many different ways as much as possible. Now, in theory, having multiple streams of income is not a bad idea. It's not bad advice. But if somebody told you to start a business with this mindset, with this strategy, I would actually classify that as bad advice. When you're getting started, your whole goal should be to get a win, to get some success, to have one successful stream of income. Often we don't recognize that our energy is limited, our attention is limited, our time is limited. And if we're spreading our focus against different initiatives at the start, it'll be very hard for us to get traction and quickly get a win for our business. Your goal should be to be profitable as a business, to see something work so you can double and triple down and then maybe repeat that process in a different stream of income in a different way, in a different product, in a different service. But a lot of people are trying to get five or six wins simultaneously, and I don't think that's healthy. That's not a good use of your time, your energy, your effort. I want you to imagine you have five shopping carts filled with groceries. These shopping carts are all lined up at the start of an aisle in the supermarket. So you have five carts, five aisles, okay? And your goal is to get all these shopping carts to the end of each aisle, okay? You only have a limited amount of energy and time. So imagine you go to the first cart, and you push it a little bit, maybe a few feet, and then you go to the next cart. Then you push the next one a few feet down the aisle, then the next cart, then the next cart. And, you know, maybe some time goes by and none of the carts actually reach the destination. Never succeed, never gets to the finish line. Now imagine you did the same exercise, but instead of focusing on five carts, you focus on one cart, and you spend all your time pushing that cart down the aisle. You will get further down the aisle because you're not switching one cart to the next. You're not wasting your energy on other carts. You're going to get further along the aisle because you're focused. So what I'm trying to explain here is you're going to get more of a win if you focus on one thing. Now, this doesn't mean you don't try different things or you don't experiment, or you can do small projects or MVPs to kind of figure out what you want to do. But once you are trying to make money, you're putting a product out in the market. Once you're past the MVP phase, you really have to focus and double and triple down. So you're going to get some momentum when you're starting. As an entrepreneur, in my opinion, it's incredibly important to get momentum, to get a win, to really feel a sense of success, because that begins get success, that helps you get success. If you're successful in one area, it's going to allow you to be successful in other areas. So cross the finish line, get some wins, earn some income, be profitable, have a successful business first with a product, with a service, with something that you really, really excel in, Build the system around it, build a team around it, and then you can move on to another stream of income, another business, another product, and do the same thing again. But what happens to a lot of people is they take this advice when they're starting. They try to build all these streams of income. None of them really move the needle. They make a few dollars here, a few dollars there, and they end up giving up on entrepreneurship altogether because in total, they don't have a significant win because they're switching their attention back and forth from one thing to another. They don't have enough resources to hire out, and frankly, they just get tired. It's a whole lot easier for you to gain success and to really have some traction in your business if you focus on one thing. Once you have a viable product that you know your customers want, take the time to improve it, to perfect it, to have a good sales funnel, to get the business to a point where you can start again, building a system and hiring people around you so they can run it for you, so they can run and do the heavy lifting and you can just manage and you can just be the strategic planner of this business and then you can move on again to the next product, the next service, or something that actually helps or supplements that business. If you look at any entrepreneur that has multiple streams of income. Very, very often it will mean that they built one before the other. For example, if you look at Noah Kagan, he first started AppSumo, AppSumo became successful, he took that success and then built another company called Sumo.com, which is a software company. He then took success and built Kingsumo. And then from Kingsumo he built other products like Sendfox and fam. But very seldomly you will see an entrepreneur again doing all of this at once. Even Elon Musk, who's the poster child for multiple streams of income, who has Tesla and SpaceX and SolarCity. A lot of people forget that he was one of the co founders of PayPal and he was able to fund SpaceX and Tesla with the money earned from PayPal's acquisition. So he focused on a win. He got a win first and got some funding. So that's my advice to Yeshiva and everybody who's listening. This is going to be a huge, huge relief on your stress levels now that you can just focus on one thing and just see that thing through the finish line. When I say finish line, I mean a profitable business that you're happy with is sustainable. That allows you to again hire out a team and then move on to the next stream of income.

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To wrap up today's lesson, today's question from Shiva on Q and A Wednesday, multiple streams of income. Definitely sound advice, but do them one at a time. Focus. Get some success. Get some momentum. Build a system, build a team. Move on to the next stream of income. Now the exception, of course, to this rule is when we say streams of income is if you have a product and you're adding add ons. If you're adding some sort of sister products, add on services. Sometimes it makes sense to have these at the start, but please question it before you try to overwhelm yourself at the start. Sometimes they'll delay the launch of your business because you're trying to do too much at the beginning. It's always tempting because you feel like you're leaving money on the table, but you'll always leave money on the table. It's not like the money's going to get taken away. You can always go back to it. The exception I'm talking about here is more of a pricing strategy where you're decoupling or bundling certain services or products in a different way on your pricing page. Thanks so much for asking your question on Q and A Wednesday today. Shiva. If you have a question you want to ask, just email me over@omar00mba.net and I'll make sure to answer right here on the show. If you love today's episode, if you learned something, your mission is to share it. Go ahead and share it on social media right now. Let people know why you love the $100 MBA show. Before I go, I want to leave you with this. Being successful at business is all about managing three things. Your energy, your time and money. Okay? These are the most important resources when you're getting started. Okay. Later on when you start hiring your team are a different set of resources, but you have to be very mindful of how you spend your time, your energy, which also includes your focus and your money. Once you have product market fit, once you know you have something people want, focus, get yourself to success. Thanks so much for listening and I'll check you in tomorrow's episode. I'll see you then. Take care. Of.

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