In this episode, Lorie and I discuss some of the options for diversification strategy available to go-getters today, as well as the pros and cons of diversification—to help you make more informed decisions and strategies for your business.
What’s In-Store for You:
If you’re a go-getter—then you are probably looking for ways to diversify your income.
And you know what? That’s a good decision!
In this day and age, there are quite a number of options that can actually help us earn and grow our income.
But take note though: Before you go jumping on that new “multimillion” bandwagon that you heard about—you need to be careful.
Not every opportunity out there can actually bring you the desired results. What are the pros and cons of a specific platform? How should you approach a specific option? What is the time and energy commitment? By knowing which is which, you get to minimize unnecessary risks—and you get to reap more benefits as well.
Now, you might be asking yourself: Why should I diversify or look for additional means of income, when I’m already doing quite well with my job or business already?
Well, if you ask me—it’s all about grabbing the opportunity to grow and become an even better you…
When you are successful in diversifying, you are able to increase your income. You don’t have to put all your eggs in just one basket. You are able to earn while ensuring that your lifestyle fits you. You are able to make your future better.
Of course, that doesn’t mean that you’ll automatically become richer when you diversify. In fact, diversification may involve certain risks or cons.
Fact of the matter is: Diversifying will mean more work for you. And if you are unable to strategize or manage your time (or actions) properly, chances are it can make you lose your focus. In some unfortunate cases, people may even lose friends along the way. Or—you might get way over your head.
But as in all endeavours—your success will lie in your own hands, and on how you actually go through with it.
So, do you want to take the chance and learn how to diversify your income—and increase your chances for earning even more?
Here are some good options that you might want to start with:
Affiliate marketing – in this strategy, you don’t need to have a product or service. All you have to do is simply promote someone else’s product—and earn commissions for each sale coursed through you. And take note: Don’t underestimate this option. A lot of people are actually earning hundreds of thousands (even millions!) of dollars through affiliate marketing. Of course, you need to dig deep into it first before proceeding.
Online Training – if you already have an existing business, then why not provide online courses to interested people? Through this strategy, you are able to establish yourself as an authority in the field. It adds prestige to your brand—and surprisingly, you also get to become better at what you do by dealing with students. Oh and don’t forget: You get to earn more at the same time.
Multi Level Marketing – first, let me give a disclaimer here: This option is not for everyone. If you plan to engage in this strategy, you need to be doubly careful. Admittedly, however, a lot of people have earned big bucks through this platform. But again—please be careful.
Lorie and I delve more about diversification, as well as the different aspects of the money-making options that I mentioned above. If you want to know more about how you can get more income by diversification, please tune in…
Highlights and Takeaways Mentioned in this Episode
- Learn about how you can diversify—in order to earn greater income.
- How you can earn good additional income, while living the lifestyle that you truly want.
- The “red flags” to look for in certain business opportunities.
- How to hurdle hardships and failures in your diversification efforts.
- Detailed analysis of certain diversification options—and how to approach them for success.
- Understanding how you can make diversification work for you.
Our quote is from a well respected person in the business world today: Warren Buffet. He says:
Wide diversification is only required when investors do not understand what they are doing.
To me, this quote is telling us that we need to understand every endeavour that we are doing or planning to do. Understand deeply!
In order to reach success—we need to work hard for it. If it were easy, everyone would be doing it – it’s that simple.
We need to do our homework, regardless of the type of steps or actions that we need to undergo. And instead of transferring liability to other people or to circumstances “beyond control,” we should try to take responsibility for our actions. This will help us learn a business at a much deeper level—ultimately making us better at what we do.
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Ok, so now it’s our turn: What do you think of diversification? What options do you think can help you gain more income? Please share your thoughts by commenting below…