I am a beneficiary and advocate of this message:
BUILD MULTIPLE INCOME STREAMS
I always had an entrepreneurial bug, but I thought my career path would be the typical safe, corporate job.
I wrote a thread on how to build multiple income streams on Twitter (click here to see the twitter thread). If you like it, follow me on Twitter (@jasonalba). And please share this post or those tweets – more people need to see this type of message.
Build Multiple Income Streams: #1
Tips on how to build revenue streams, and what streams to focus on (following up on a thread with @nickrusso42518 and @rsg_consult). Click “Show this thread!” for more! 1/16
Build Multiple Income Streams: #2
Near the beginning of my journey I sat down and counted 10 revenue streams I was either working on. That was too many to “focus on.” I was surprised I had developed that many. I chose two or three to really focus on and let the rest just sit there (just in case :p). 2/16
Build Multiple Income Streams: #3
Right now I have a small handful. Two years ago one of my revenue streams was a full-time job (for 10 months, long story). There is no shame in counting a job as one of your revenue streams. My goal had always been to have my job NOT be my primary revenue stream. 3/16
Build Multiple Income Streams: #4
Think about products (scalable… create once, and sell thousands/millions) and services (not scalable, but you can make money immediately, especially if you have time). I’m mostly a product guy, but I’ve done consulting. Fun, rewarding, but, for me, more of a time filler. 4/16
Build Multiple Income Streams: #5
Selling your own stuff is HARD. You think making your product is hard? Wait until you make it and no one buys it. I think marketing is the hardest thing in the equation. 5/16
Build Multiple Income Streams: #6
You have to be honest with what you are really good at, how you can help others, and what that value is. Please do not price your offering based on what you used to earn per hour. Rather, price it based on value delivered and “what the market will bear.” 6/16
Build Multiple Income Streams: #7
As I look at where I’ve been I see many of the failures and “false starts” helped me get to where I am now. I have learned things from every failure. Don’t get discouraged if you fail and pull the plug on an idea. Learn and move on. 7/16
Build Multiple Income Streams: #8
My most productive times were when NO ONE wanted to talk to me. Job search going bad? That’s when I came up with JibberJobber. Speaking from stage slowed down? That’s when I started doing @Pluralsight courses. 8/16
Build Multiple Income Streams: #9
When there was a lull, I wrote a book, or came up with a product like the https://t.co/oYWpUE3jJv. Right now the world is in a lull, and we (YOU!) have time. Will you binge-watch shows, or will you do something to create and build? 9/16
Build Multiple Income Streams: #10
Analysis paralysis: I appreciate planning and preparing but sometimes you just have to roll up your sleeves and do as much as you can figure out how to do. Trust that you’ll figure out a little more, and a little more. You don’t have to know it all before you get started. 10/16
Build Multiple Income Streams: #11
Which streams to focus on? For me it was which were actually producing revenue, or would help me produce revenue (some have never been profitable, but they turned out to be great “marketing strategies”). If you shift your focus, make sure it is for strategic reasons. 11/16
Build Multiple Income Streams: #12
I didn’t want to speak professionally because “I had nothing to say” and “nobody would listen to me.” Then I got offered $5,000 to SIT ON A PANEL at a conference in Orlando and all of the sudden I was like “I love speaking (for $5k)!” That launched my speaking career. 12/16
Build Multiple Income Streams: #13
People weren’t clamoring to find me and buy my stuff, though. I had to figure out marketing, branding, my niche, my message, delivery, etc. When I self-published I had to learn the ins and outs of that. 13/16
Build Multiple Income Streams: #14
When I created my first courses (even before @Pluralsight) I had to learn how to record, edit, and get the video to a DVD, as well as all of the labeling, shipping, etc. It took a long time to figure it all out. Put the work in! 14/16 (by the way, check out my most recommended job search courses here)
Build Multiple Income Streams: #15
For most, it won’t be easy. But it is totally possible. IT IS ABSOLUTELY WORTH IT. I figure if you are going to put the effort in for someone (like your boss), why not put the effort in for YOURSELF and your future? 15/16
Build Multiple Income Streams: #16
PS: I could go on. I hope this thread helps someone 🙂 There will be many downs, a few ups, but imagine having multiple income streams 5 or 10 or 15 years from now so losing a job would be completely inconsequential. It is a beautiful thing! 16/16