29 Sep How to Create Multiple Income Streams the Fun Way
I grew up living with my grandparents, and they taught me at a young age that there’s a gazillion different ways to make money.
My grandmother made most of her money by running a small daycare from her home, but this wasn’t enough for her.
She didn’t want to be dependent on my grandfather…having to ask him permission to buy what she wanted. She wanted financial independence…
…so she set out to create multiple income streams and make the most money should could with the hours she had in each day.
I remember her taking on lots of jobs to make income.
She took on a contract with A-Quality, the local pool company, to sew blue nylon pool skimmer nets together. After all the kids went home at the end of the day, she stayed up into the night sewing nets until her fingers bled from all the sharp nylon pokes.
I’d wake up in the morning to find long strands of blue nylon scattered all over the dining room floor, which I walked over and around so my feet didn’t get poked by the sharp fibers.
My grandmother also painted ceramics, which she sold at craft shows…and sewed doll clothes…and cleaned offices on the weekends. She was ALWAYS working. She was always stressed and tired.
But she was making good money.
She’d successfully created multiple income streams…just not in a very fun way.
Because this was my model growing up, I did the very same thing at the start of my career. I hustled and worked 2-3 jobs at a time.
Creating multiple income streams made so much sense to me. I wanted to be absolutely certain that there was money coming in from numerous sources, so if one source crapped out, the others would sustain me.
But like my grandmother, I was tired and stressed out all the time. I was making good money, but I wasn’t having fun doing it. I knew that wasn’t sustainable, so I decided to figure out how to create multiple income streams the FUN way.
Turning to my psychology background, I reminded myself that SINGLE TASKING is the real way to success and multi-tasking is a sure fire way to burn out, make mistakes, and waste time.
So, I applied this fact to my business and decided to focus all my time, energy, and attention on ONE thing…ONE income stream…ONE service. At that particular time, my focus was put on delivering psychotherapy to clients…and nothing else.
It seemed a bit counterproductive to devote all my energy to just ONE income stream when my goal was to create multiple revenue sources…but I trusted my “hut” (heart + gut) when it told me to do just that.
My goal was to become the best damn psychotherapist I could be and to make my counseling practice as profitable as possible…and not devote energy to any other business or service until it was. I streamlined processes, hired a team as business picked up, and raised my rates as I gained experience and results.
The entire process was so much FUN, because I wasn’t pulled in a million different directions, trying to do a million different things. I had one goal that I was completely devoted to, so I made fast progress. It felt so much better than trying to do #allthethings like I’d seen my grandmother do all those years.
Once my counseling practice became a well-oiled machine that was making enough consistent income to support myself and my staff, I used some of the money to start working on my next project: building an online business doing 1-on-1 MONEY THERAPY.
Again, I focused on ONE service and creating that ONE additional income stream rather than trying to create five different services and three different programs all at once.
After I got really good at 1-on-1 MONEY THERAPY and was making consistent income from that, I used some of that money to work on creating the MONEY THERAPY Online Program (which opens in December 2020).
The process of creating multiple income streams in a fun ways is super simple:
- Focus on ONE business/service/income stream.
- Make that income stream as awesome and profitable as possible.
- Take some of the money you’re making from that income stream and invest it in your next business/service/income stream project.
- Make that second income stream as awesome and profitable as possible.
- Rinse and repeat.
Having multiple income streams to support you financially is awesome-sauce…but only if you do it the fun way instead of the hustle and grind way.
I learned the hard way that you can’t create multiple income streams by multi-tasking unless you want your soul to die a slow, painful death…and I’m sharing this wisdom with you so you can spare yourself the agony of chasing after a million different business ideas at once.
So, now I want to know: What’s the ONE thing you’ll focus on now to create a consistent stream of income?
Money love & hugs ($O$O$O),