How multiple streams of income work

The goal of every freelancer or entrepreneur program is to develop multiple streams of income. Now, the author may say things like freedom or stability or passive income. However, the object is always the development of multiple streams of income.

The reason is that multiple streams of income will provide you with the best means of mitigating fluctuations in the economy. A lot very serious people like to use the notion of avoiding revenue concentration to describe the simple act of not putting all your eggs in one basket.

In fact, you also may hear that you need to sub-optimize your marketing efforts so that you can broaden your revenue sources. This means that attracting new customers may force you to do things that may not be the most appealing for your current customer base.

The hard truth is that pursuing one opportunity consumes energy that could be used to pursue other potentially more lucrative opportunities. So, you may want to be a consultant or a coach. However, the only means of marketing you currently have available is a long-neglected blog.

You know building traffic to your blog will increase your visibility. On the hand the other hand, the time spent researching future blog posts will cut down on your billable hours. And setting up a podcast or YouTube channel is completely out of the question. This is where you may want to consider subscription services as a way of managing multiple streams of income.

Individual revenue streams are less of a concern for subscription services. These new revenue streams simply become additional distribution channels. So, you can manage your income streams in the same place that you manage your content. You simply concentrate all your income streams into one hub or membership site.

Furthermore, you have a lot of software options when it comes to managing your income stream. You have proprietary hosted options like Squarespace or Magneto. You can also choose to use an open source option that sets on top of WordPress.

Even here you have choices. For our conversations, we are going to talk about MemberPress as the software that we suggest for you. The reason is that it is the software that I use when setting up membership websites for paying clients. It all comes down to how much time you want to dedicate to managing the backend support software for your subscription service?

As you know, the key to success for subscription makers is doing the work. The more time that you can dedicate to doing the work, the more value you can produce for your fans. Content may be king. However, value rules the roost. And producing just the right amount of value is more of an art than it is a science.

Zachary Alexander