owoyemi kazeem

Am a Creative Graphics Designer

[owoyemi kazeem @RolandKimberle2]

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[Engr. Dannie Gee @gee_engr]

One of the pitfalls of many young entrepreneurs is the myth of multiple streams of income.

Get it right, you'll flourish.

Get it wrong, it might be the beginning of your financial woes.

However, I want to share my insight on this using a hypothetical story of my two friends, Philip and Fortune.

Philip is an e-commerce entrepreneur who in his quest to create multiple streams of income, delved into "multiple hustles."

First, it was forex. When he couldn't find the right balance, he switched to crypto.

Then, crypto has a very steep learning curve, and he couldn't cope. Before then, he had already lost a substantial amount of money in the learning process.

He would later venture into piggery business, and just like the first two, he suffered losses too.

While at his "multiple hustles" trials, his e-commerce business, which was the mainstay of his finance, took a nose-dive.

And the reason wasn't far-fetched. All the money he used in funding the other businesses came from his e-commerce business.

And none brought back any returns.

It took him a while before he realised he was on a "Multiple Distractions Of Income" jamboree and took a turn to revive what was left of his already dying e-commerce business.

That's it about my friend Philip.

Let's look at the story of another friend of mine, Fortune.

Fortune is also an e-commerce entrepreneur just like Philip.

During the same time when Philip was juggling multiple hustles, Fortune was able to create multiple streams of income by creating more value chains within his e-commerce business.

As someone who was already versed in the business of selling fitness products online, he created a course on it and started selling it too alongside running his business.

He also went on to launch a virtual coaching program.

The coaching program was for mentoring people who were interested in starting up an e-commerce business, especially with regards to selling fitness products online.

That wasn't all.

He also started an e-commerce consulting business running on the side too.

The consulting business was borne out of the need to help struggling e-commerce entrepreneurs get back on track and scale their business.

Offline vendors who sold fitness products also sought for his knowledge on how to launch the business online.

With these demands, his consulting business boomed.

Deep-pocket fees were paid for his services.

Every year, he organises a physical conference for e-commerce entrepreneurs, which generates additional revenue for his business.

And the turn up is usually massive.

Last time we spoke, he talked about becoming a major wholesaler of fitness products so that other Ecom vendors can directly buy from him instead of importing or buying from other wholesalers.

Another income source idea - all within the same business.

Just from one business, Fortune was able to:

__ Create and sell courses.
__ Launch a mentorship program.
__ Offer a consultancy service.
__ Host a high-ticket conference.
__ Become a major distributor.

Fortune succeeded in creating multiple streams of income all from his existing e-commerce business.

I hope you pick the lessons here and apply them to your existing business top

Diversification within the same business is the core idea behind "Multiple Steams Of Income."

Don't get distracted juggling multiple hustles.

Learn to create different value chains within an existing profitable business before taking a different path.

[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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[owoyemi kazeem @RolandKimberle2]

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