I have long been an advocate of multiple income pathways. I originally came across the idea of these pathways or ‘streams’ when I read the books of Robert Allen. It made perfect sense not to put all eggs into one basket, but to look for, and develop, various income development strategies.
My approach has been to develop what I refer to as ‘macro-pathways’ – property, Forex trading, internet marketing, and small business. I’ve struggled to maintain the balance for about six years, and I’m now coming to the conclusion that to diversify so widely is not necessarily the best thing.
So in the interest of my own health I’ve decided to put Forex trading and small business on the back burner, to let property coast along, and to really concentrate on internet marketing.
Does this mean that I’ve given up on the multiple income pathways? – Not on your life! I still believe in diversity, but I’m now working towards a ‘micro-pathway’ model. What does this model look like?
Well, I’ve just been reading the excellent book ‘Escape from Cubicle Nation’ by Pamela Slim. Pam refers to a study in ‘Multiple Streams of Coaching Income’ where readers are encouraged to juggle around the mixture of things they want to offer. For example, as well as the normal income from coaching, it would also be possible to offer monthly teleclasses, monthly web site membership, ebooks, and more.
The model is taken further with potential earnings for the products on offer. For example:
Obviously the figures will vary from month to month, but I’m sure you get the overall picture. Taken over the course of a year, the figures above would give an income of $68,690. Is this a figure you could live with? If not, have a look to see which services you could tweak, or could you offer something else?
It’s a very interesting multiple income model, and one that I’ll be investigating further in the months to come. I know that my services will be a bit different from those given in the table, but it will be exciting to discover just what I can offer!
Keep dreaming those big dreams!
p.s. Membership sites are potentially very lucrative sources of income, and in the future I will be very keen to set up my own – you can’t beat recurring income! To get started I thoroughly recommend that you have a look at a product by my good friends Neil Stafford and Neil Travers – just click on the link below!