Entrepreneur James recommends building one core business first before adding income streams. He runs a recruitment business and sublets commercial property, with plans to launch buy-to-let property within 12-18 months for passive income. The key: patience and focus before diversifying.
Should you have multiple streams of income as an entrepreneur? So there's a lot of talk around the average millionaire has seven streams of income and should you do that? So for me, I've got I think two streams of income at the moment and obviously I'm working on more. Biggest tip is you're never going to get seven streams of income straight away. Everything takes time. Patience is a big thing. So focusing on one thing, getting that right first. So for me, that was my business, Ronald James, making sure that we've got good, solid clients, we've got a good stream of income, we've got a good team. So I just focused 100% on that. And then second, we bought a commercial property, then we sublet that on to other tech startups. So that gives a second source of income. Third, we have a marketing agency that complements our recruitment agency. So that gives us a different target market sort of and a different stream of income as well. And then what I do with personal investments as well. So there's a different ways that I invest in that money. So if investing in buy to let property is next on our list for property. So I would like to. I know what Grant Cardone talks around. He has his business and then the cash flows and then he uses all of that income into property which gives him passive cash flow. So that's my focus and goal over the next 12, 18 months is trying to get to that stage and then having that different multiple stream of income. But I'm keen to see what everyone else's views are on this. Obviously there's like a lot of different fads on like Bitcoin and different ways to have multiple streams of income. Do you focus on one stream of income or do you have multiple so drop a comment below. I'd like to see what you guys are doing and like and subscribe the button as well and keep an eye on for any other future videos and on the comments I'll maybe reply back and record another video recording. Any other cool subjects that you want to talk about. Cheers. Hi, thanks for watching today's video. If you like what you've seen, please like and subscribe the button with entrepreneur James so you keep up to date with all of the updated videos. If you've got any questions or comment, I'd love to hear from you. So please drop a comment in Entrepreneur James below and we'll look to answer those on a weekly Q and A video. Keep an eye out for any future videos that we'll be posting. I'll be popping the video in here probably every one to two days. Thank you.
