When I started my blog 9 months ago I was having all these misconceptions about passive income and multiple streams of income. I wanted it to be successful so quickly that when it didn’t happen so fast, I gave up. 5 full months wasted because I was believing the wrong things.
If you can resonate with what I am saying, then atleast I am not alone. But if you are just starting off on this journey to multiple streams of income, then let’s unfold all the misconceptions.
1. You can be absent
You can just set up your blog, your YouTube channel, your online store and automate everything. You do not need to be present.
In real life, you will need to be present more than you can begin to imagine, especially in the early months of operations. You need to be active in each of your multiple streams of income. Another thing you should not forget is that the industry changes. The internet keeps on improving. Customer expectations also change, so if you are stuck in the past your stream/ streams of income will also fade away. You need to be present, even if you have hired employees to assist you, you should check in with them time and again.
2. Overnight success
Most people out there think that starting a multiple streams of income is going to take them just a few weeks to set up and to start earning money and becoming successful. They couldn’t be any wrong.
People need to realise that this will not be an overnight success. It takes soomuch time. There is lots and lots of research that needs to be done beforehand and even during every step of the way to a successful income stream. You need proper planning, you should know your niche and what is it you want and what is it you are willing to offer.
3. Focus on 1 stream.
Focus on one main stream, put all your money and time in to just one thing. This is not axactly a good thing to do.
You should diversify your streams. Do not focus everything on one stream because you risk losing it all. Yes you should focus on one thing at time at the beginning, so that you can complete the setup and get it running. Once you done with that build another stream of income and then when all are running and growing you can focus on both of the streams. You can create as many as you think you will be able to handle.
4. Just create and money will come
This is the most common one, people want fast things. If you think that you only have to put on 30 minutes everyday and get rich in a few weeks, forget it. I am guilty of this, but I had to learn patience.
You will have to market your product/ business. You need to invest in advertising. The easiest one is social media marketing and email lists. You need to learn SEO, industry groups and forums. so no quick money here.
5. You need lots of money to start
Some people think everything is just free, while some people think that it is very expensive. If you fall under each of the above, you came to the right place.
It is not all free. You will need data/ WiFi connection. You will need certain apps and while some are free, some apps require a subscription fee. It is not expensive either. Starting any online business, any freelancing will just require +- $ 150 (+- R 2000.00). So stop worrying yourself and get started. And all the best.
6. No skill required
Most people are saying that if you need to get another stream of income you don’t need any skill. If you have heard this before, know that they told you lies.
If you are going to depend on your talent/ or flair only you are not going to make it. You need to learn, you need to up your game. Invest in learning the skill that is required in the field you have chosen. If it is painting, then invest in a painting course. There are lots of free courses, articles and videos now. You will need to invest your time.you can learn every skill only if you put your mind to it.