1. Money

Discuss in my forum

Keeping Up With Business Growth

How to Manage Multiple Streams of Income

From , former About.com Guide

Know the difference between maintenance work and growth work. There's no such thing as truly passive income. At the very least, you have to collect your check and deposit it, right? Most "passive" income still requires a certain amount of maintenance work. Rental property has to be managed, websites have to be kept up-to-date, etc. Maintenance work has to be done on a regular basis, usually weekly or monthly, and there are detrimental consequences if you don't get it done. Growth work, on the other hand, doesn't have anyone waiting on it but you. Make sure you know how much maintenance work your various projects require so you know how much time you really have for growth projects.

Work only one growth project at a time, and work on it 'til it's working for you. This one is above all the unique key to making this paradox work that most people don't know and don't do. There is absolutely no sense in spending a few hours a week on each of several projects keeping them all inching forward little by little. The trick to both finding focus and making multiple streams of income is to work on one thing at a time, and work on it until it is at the next plateau. If a project is first starting out, do whatever it takes to get it to the point that it has a life of its own. That may mean just getting it to the point that you can share it with potential collaborators or customers, or it may mean getting it to the point that it can start to generate income. Once a project has started earning revenue, let it work for you passively while you work on something else. Think about it - if you're working on four one-week projects, do you went to finish them all simultaneously at the end of four weeks? Of course not! You want to finish one the first week and let it work for you for three weeks, finish another the second week and let it work for you for two weeks, etc. Doing it this way, you get your projects working for you for six extra weeks vs. the other approach!

Follow these simple steps, and you'll soon learn how to live the paradox of focusing on multiple streams of income!

  1. About.com
  2. Money
  3. Entrepreneurs
  4. Entrepreneurial Lifestyle
  5. Life Balance
  6. Juggling Multiple Streams of Income: How to Maintain Focus While Growing Multiple Businesses

©2013 About.com. All rights reserved.