Growing Multiple Income Streams — How To Build Multiple Businesses Without Losing Focus | TBS #248

Podcast

A lot of you guys know that I have around six different income streams. This includes things like drop shipping, niche information products, coaching, a service business and affiliate marketing.

So how do you focus on building multiple business and income streams without burning out and losing focus along the way?

The answer is by focusing on one thing at a time.

I don’t actually focus on my service business, drop shipping, affiliate marketing and others things at the same time. I usually have long immersion phases where I go deep and focus on one thing.

And once the thing I’m focusing on is building momentum and requires less of my attention, I move on to the next thing.

For example:

I might hustle to get new service clients for a month or two.

I’ll send out cold email campaigns, focus on social selling, networking, scheduling calls and meetings and talk to prospective clients. This will take up most of my time and focus and I’ll reduce all distractions.

Once I have a bunch of new clients, serving those clients actually takes less time and I can focus on other things like e-commerce.

So then I might focus for a month on launching a new store.

Or I might work on a big product launch for an information product, or for a digital product, and that will use up most of my time and energy. So I don’t do all those things at the same time with my full focus.

I choose one main focus and get really immersed. And all the others things go into “maintenance” mode and get just a little bit of focus.

After a while you can also rotate your projects to make sure all of them keep up the momentum. If you don’t focus on a business or project for too long, it starts loosing momentum and you’ll lose the business. So it’s all about finding a balance and maintaining things.

Also if you don’t have the willpower or productivity to handle multiple projects like this, it’s probably better to focus just one one for now.

You can always add additional income streams down the road.

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