This past weekend I was fortunate enough to be in Portland Oregon and drove the Oregon Coast. It was a wonderful experience and I highly suggest it to anyone who has the travel bug. Hopefully most of you! I did find myself thinking about the various entrepreneurs I met along the trip and it immediately made me think about multiple income streams. On this trip, I truly found more meaning and value in why we all should strive to have multiple income streams.
One evening I found myself walking around the downtown food truck areas where multiple vendors have food ranging from Greek euros to Asian specialties. It was an excellent experience but a conversation I had with a vendor made me rethink the concept of being an entrepreneur with multiple streams of income.
The entrepreneur that I met explained that he recently started his food truck stand within the past year. This food struck truck stand is more permanent and he keeps it there on a regular basis (see above). However, it was his story of how he got his start in the multiple businesses that he is operating that made this particular meal special.
He explained to me that his start came about with mobile food trucks when a friend of his asked him to invest in a hot dog food truck. Both of them continued this for multiple years and expanded to three different food trucks. He explained that it took a lot to get off the ground and the toughest struggle was year one but after the second year their food trucks had multiplied.
We Can Build Multiple Streams of Income if we Focus and Persevere
In this case, the individual struggled during the first year but continued and eventually created multiple food trucks that created multiple income streams. Think about it! One idea, focus, and perseverance and the entrepreneur had multiple income streams.
His next step on his entrepreneurial journey included building a website. He explained to me that he started an online business and blog focusing on creating mobile restaurants. I asked him why he did it and he explained that he did it because he had time.
Recognize You Have Time to Foster Your Interests
Here he was able to translate his experiences with food trucks into a thriving blog and even created courses for individuals to start their own mobile restaurants. When I asked him how we was able to focus on multiple business ventures, he explained that he is absolutely in love with the mobile restaurant industry. Seeing him succeed showed me that all of us should respect the time we have and focus on our interests. He was able to create additional income streams by following his passions and utilizing time.
The interesting part about all of this is that I met him in a parked food cart that was nothing more than a small food stand. I asked him how he got into the business of standalone food carts in parking lots. He explained to me that they have multiple food trucks operating, the online blog focusing on mobile restaurants, and they knew there was opportunity to get involved in the local Portland standalone food trucks scene. In fact, he explained that he operated and owned three different standalone food trucks in the parking lot in addition to his other businesses.
With Multiple Income Streams, You Can Experiment
The business owner was able to create actual food trucks, a thriving blog, and multiple standalone food carts in parking lots locally in Portland. He was able to test out these ideas one by one by creating multiple streams of income. If it was not for his perseverance, his time, and continuing to create, he would have never been able to accomplish what he has so far.
As an online entrepreneur or even an entrepreneur and general, you have to focus on diversifying your income. In his case, he had actual physical businesses as well as online businesses that all interacted with one another. This allowed him to create diversification of income streams.
Another experience on my trip further cemented my belief of needing multiple streams of income. I walked into a printing shop (Oblation Papers & Press) and the shop specialized in creating various paper products ranging from thank you cards to business cards. I spoke with one of the individuals working there and she explained they also made paper in the back. In fact, they sold it across Oregon. I thought it was absolutely amazing that in an industry that is been taken over by digital products, this company was able to succeed by creating those multiple streams of income: Printing Cool Paper Related Products and Making Paper!
In Tough and Competitive Industries, Multiple Income Streams Help You Survive and Thrive
The paper industry is one that I would consider to be a tough industry largely because there is so much digital competition. However, a tough industry could also be an industry in which there is significant competition within your niche. It could also be an industry that appears to be dying, such as the camera business. However, being able to focus on revenue-generating opportunities even in these tough markets will allow you to be successful.
For example, if you are developing your own personal blog or website you can focus on sponsored posts, reviewing products, discussing recent books on the topic, and much more that will allow you to generate those multiple streams of income. In the digital world, you could easily maintain a personal blog about photography but also maintain a shopify shop that includes camera and photography related products to purchase. If a brick-and-mortar store can create multiple streams of income related to their niche, you can too!
You Need Multiple Income Streams Because You Have the Ability to Create Them
When I was driving along the Oregon coast I found that several street side vendors were selling various products and services. Each day that passed was a day in which I continued to see them on my drive. These individuals were carving wood into statues, blowing glass to create beautiful ornaments, and other various crafty trades. What amazed me though was that these individuals were spending their time creating and spending even more time focusing on selling the products where they could.
Of course success means different things to different people. Some are just happy that they have the ability to create their products and hopefully somebody buys it. Some are only happy when someone buys the product or those products end up in the various stores in the small towns on the coast of Oregon. However, seeing this type of entrepreneurship gives me a renewed focus and that all of you can succeed.
We have talked about various income ideas on this website. Here are a few:
- 4 Niche Business Ideas You Can Start Today
- Ongoing List of Profitable Niche Website Ideas
- Building a WordPress Membership Site
Above all, as an entrepreneur you need to focus on creating that online blog for that online website and focusing on building that product. Once you build that product you can then turn on your creativity and sites to different projects. This will allow you to create safety and diversification as an online entrepreneur. Multiple income streams are not a necessity, but in my opinion they are the streams that allow you to continue to create. Drop a comment if you have ever had unique experiences highlighting why you need multiple income streams.