Multiple Streams of Income (MSI)
Is this what you think of when you hear “MSI”?
You know, the concept of having income coming from different sources:
- Your job
- Your spouse’s job
- Your investments
- Your savings accounts
- A Home Business
That’s not a bad idea, is it?
The reality for most people, however, is that they don’t have much in the savings account (and the interest on it is so minuscule these days!) and they can’t afford to spare any of their money on risky(?) investments.
Many folks, especially those who have no saving or investments or who have lost (or fear losing) their jobs, DO think about having a Home Business of sorts. Even if they do a little research on Home Businesses, however, a lot of them who get started with one often find several that they like and they then try to work those several at one time. This quite often leads to a loss of focus, a lack of in-depth knowledge about any one business, a haphazard or sporadic advertising/promoting/recruiting dilemma and inevitably the killer of most Home Businesses – ‘burn-out’.
A good friend of mine recently pointed out a fallacy of trying to generate ‘MSI’ from multiple MLM Home Businesses. He said, “Why don’t people consider each one of their downline in their company as a separate ‘stream of income’?”
I was, frankly, floored at the glaring simplicity of his question!
Each one of your downline, especially those on your frontline (first level/generation), SHOULD be treated as a separate income source. Naturally you want to find a good stable company to work with, but using your energy to build a team and an income in ONE company is less stressful than trying to work with multiple companies. Becoming VERY knowledgeable about ONE company’s products, payplan, marketing techniques, etc. is always better than being half-smart about several.
Think of how much time and effort you can save just by having one set of promotions, one selection of presentations and one set of rules and regulations to worry about! And the synergy from working with several people in ONE business pays off in creativity, training and execution as well.
As I sat thinking about this, and wondering how to show my team the value of Following Up with their prospects and team members, I decided to look at the VALUE of each member on my frontline in my particular company. In other words, what was the ‘stream of income’ I should look for WITHIN my own company and team?
I was flabbergasted! In my company, with a monthly outlay of under $18, each one of my frontline team members holds the potential of being worth almost $50,000-a-MONTH to me. WOW!
Now THAT’s a ‘stream of income’ I can live with! The only questions now are:
- how many of these MSI do I want?
- what will I do to teach, mentor, coach those on my frontline to make sure they generate that MSI for me?
- how can I show them how revolutionary this concept is, so that they also concentrate on generating their MSI within this company?
I have some work to do!
And you’d better believe – I’m HUNGRY for my MSI!
Leave a comment – What do YOU think about this?