MLM Help – Multiple Streams of Income
This chapter is being written while spending time in the Philippines doing some of my missions work. The beauty of residual income empowers me with the time and financial freedom to do so.
This third season of business is much safer, and with that feeling of security creates a more enjoyable journey. The foundations are in place, including the crucial one of multiple streams of income.
Although I assume FULL responsibility for my previous devastating personal income collapses, at the risk of sounding like a victim, let’s look at them from another angle.
As I sit here and write this, I’ve been open in letting you know this is my third climb to the top of freedom producing residual income. With the lessons learned and outlined in this book, my future is much more secure this time.
BUT, for a moment, let me point out the main factor in each loss of income:
#1. The first time that my full time residual income was lost was primarily due to an industry going through changes fast. We will see more and more of this in the days ahead, and already are. Whole economic sectors will die or shrink at the waves of global changes.
We were selling long distance packages before the days of public or mass use of cellular or VOIP technology. The rates were dropping fast, but we had a good contract that stayed very competitive for a season. Then MCI/Worldcom went bankrupt.
The deterioration of my income primarily and squarely is traced back to this event. Many people look at network marketing with suspect. This event had nothing to do with network marketing.
I’m appealing to my true blooded, kindred spirited, entrepreneurs. I’ve talked to thousands of you over the years. Regardless of how solid you think your primary company is, you are vulnerable if you not developing multiple streams of income.
Almost every industry is teetering in these hours. Even many areas of the health and wellness industry will tumble in the coming days due to legislation and competition. This competition will not only be from other similar competitors, but competition for the consumers shrinking disposable income.
MLM Help – Developing Multiple Streams of Income
Developing multiple streams of income must be a foundational paradigm for you to thrive in the days ahead.
#2. The loss of my subsequent full time residual income in many ways has the opposite elements. It was a small privately owned company. It had to do with core values and relationships. The primary reason for my loss of income actually didn’t have as much to do with me as it did other “players” in the company. The point that is to be underscored here is that like the first time, this situation was such that most of the scenario I had little control over. Other people’s decisions would dramatically affect my future.
No matter what company or industry you represent, if you are relying on a single contract or income source, you are vulnerable. Every company is fragile in these days. AND – for the first time that I can remember in my lifetime – EVERY industry is vulnerable also.
MLM Help – Exploring Options
Most progressive companies are obtaining the services of the best representatives by understanding the economic climate and paradigms of these days and allowing flexibility in the representative sales forces. If you are representing a company that instills fear and promotes restrictive and controlling parameters on its representatives (another valid name for an independent sales force), you will want to explore other options. The very fact they are dictating such policies is evidence enough to suspect the company is in trouble. It is human nature to pull back and become defensive when we feel threatened. The same is true for organizations of any size.
As my good friend Ann Sieg stated in one of our conversations: “Never, ever, ever put all your eggs in one basket.” She and I learned that the hard way. I think she would agree that the 8th Great Lie of Network Marketing is that a person should only have one stream of income.
The Filipino grocery store here in the big city is similar to the American model. I just got back from one. After going through the different departments (with the only big difference is the meat counter where the fish look back at you) you then follow the flow past the pharmacy, through the household goods, and even through the magazine racks on the way to the check out. A grocery store. A pharmacy. A dry goods store. A magazine store. All in one. Multiple streams of income.
MLM Help – Wise Up
It probably isn’t a conspiracy, but after seeing one of my full time incomes being swept away because I didn’t understand the foundational element of having multiple streams of income, I begin to wise up.
You see I had been told by people that were proven to be untrustworthy:
“You can’t chase two rabbits.”
“You can’t chase two bouncing balls.”
You know what I discovered? I wasn’t chasing rabbits – or balls! I was planting crops!!! The more and better seeds I have with diversified crops ensure that I will always have a good harvest, even if one whole crop fails.
Companies need to wise up to the fact that their best independent representatives are those who crave true freedom, and these types will perform better with freedom, or gravitate to those companies who do.
Without multiple income streams, the independent representative is much more vulnerable to the whims of the company. And if the company fails at some point, as what happened to me, than 100% of your income is obliterated.
Companies who engage independent contractors need to protect themselves legally, but often the language and intent of the policies are designed to instill irrational fear into the hearts of new entrepreneurs.
Develop this foundational piece of multiple streams of income.The economic shaking and shifting of the last couple of years is only going to intensify. Those with foresight will diversify their income and investment strategies. This is the harsh reality of the turbulent seas of economic upheaval we will continue to sail.