I’m a little nervous for this episode, but it’s been on my to-record list for quite a while. The reason I am nervous is that we are diving head first into why you shouldn’t have multiple streams of income in your business.
I’ve been avoiding recording this episode because I personally have multiple streams of income in my own business. BUT I believe I could actually be making more money if I didn’t have so many different streams.
This episode is discussing that and how more income streams isn’t always better. Here are the main topics in this episode:
- More businesses, more problems
- Getting to six figures before adding another income stream
- Adding income streams can split your attention
- Why being impatient can lead to the wrong business move
- Refining your core service
- Doing the hard and thoughtful work rather than busy work
- Passive income is not truly passive
- Don’t start a business/income stream from panic, worry, or fear
- Those opportunities aren’t going anywhere; you can make any time good timing
- You owe it to yourself to wait
- I thought the only way to scale my income was to add more streams
A few highlights from this episode:
[5:49] – I can confidently tell you that the best way to get a business to six figures is to have one core service or offering in your business and learn how to scale that.
[10:54] – Scaling to six figures should be about constant refinement. How can I make this better? How can I make this experience most seamless? How can I stand out more?
[17:38] – Your time is so much better spent on one thing. It’s going to move the needle so much more in your business.
I’m so curious to hear your thoughts on this episode and not having multiple streams of income! Share in the Facebook group or DM on Instagram @maddiepeschong.
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