All Wealthy People Have Multiple Streams Of Income - So Should YOU! To build wealth, we must establish multiple streams of income or what is known as Diversification.
Today, I want to share with you one of
most important strategies in building wealth, one that can improve your chance of online success.
It is strategy of: DIVERSIFICATION
The dictionary meaning of word diversify is: to make diverse or various in form or quality; to give variety or diversity to; finance, to buy (securities) in varied businesses or industry. In other words, don't put all your eggs in one basket.
Have you heard of a Diversified portfolio? This is where someone's portfolio is made up on many types of assets/ investments. For example, that portfolio may be made up of stocks, bonds, gold, silver, and real estate. In this example should stock market take a nose dive, which it has been known to do, investor in this example possibly taking a great loss from that downward slide would not be left in a state of bankruptcy from having had bottom fall out. Most likely their bonds and gold would still be maintaining a high value.
There is a proverb which says: "to everything under sun, there is a season......a time to be up and a time to be down". A time will come when a particular venture will take a down turn. If you have diversified your income, then bottom will not fall out for you when one income stream takes a nose dive.
This can easily be related to "job" environment. It is now common place to hear of major corporations forcing employees into layoffs or early retirement. Why? because they have re-organized and now must boost their profits. So, what does this do to you that faithful employee of 15 or 20 years? You guessed it. That source of your income is Gone! What then?
When your income is Diversified into multiple income streams, and there comes a down turn you are not wiped out financially. There would still be a productive income streams.
How can you apply Diversification to your current business?
* Offer your customers and prospects more choices.
By offering more choices to your customers and prospects. In so doing you are offering more opportunities to purchase from you, and giving them more options, which makes them more likely to purchase multiple items, and return to your site more frequently. For you this increasing average amount of profit per order, and increased traffic. This also offers you ability to easily Duplicate your efforts.
An example of this would be: You have a website currently selling an Affiliate reports...'How To Make Money Online', do you suppose you would provide a better quality of service to your customer and prospects, if in addition to your report, you also provided other Affiliate reports relevant to their success in marketing 'Making Money Online' report? Sure you would. Do you think your customers would be more satisfied and your income would be greatly increased? You bet!
It would also open opportunity for your satisfied customers to spread word. Word of mouth advertising is still by far best. It carries with it a built in testimonial.
