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Multiple Streams of Income

Monday, July 24 2006
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Frank Ross

In this blog post, I talked about using QuickBooks to track multiple business entities in your home-based business. Why would you use multiple business entities? Why not just stick with one thing?

Having more than one revenue generating business component is known as 'multiple streams of incomes'. This is advantageous for lots of reasons, but probably the biggest one is to help insulate against business failure. If one part your business starts to fail - for example, the product line is no longer in demand - then you would have other parts of your business to rely on.

When you're first starting out, you're probably only concerned with getting that first entity going. That's probably overwhelming enough. That's ok! But keep this mantra in mind for your future home-based business growth plans: Multiple Streams of Income.

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Latest Comments in  posts

Great comment. The first stream of income (cash flow) is the hardest. However, we've found a network marketing opportunity that is helping us fund other streams of income. Check out http://www.probizop.com/foodnutrition for more info!
By: Brion on 7/24/06 at 12:00 PM
Multiple Streams of Income
I agree, definately multiple streams of income reduces your risk of business failure. We are QuickBooks ProAdvisors, while QuickBooks consulting & training is our primary stream we also have affiliate sales of QuickBooks checks (some of the cheapest I've found for lower quantities) as well as QuickBooks software (lowest price I can find aside from Sam's Club - Retail). Our newest income stream is Merchant Account Sales (We enable business the opportunity to accept credit cards)...our niche in this market is we are agents for Innovative Merchant Solutions (IMS), an Intuit Owned Company - so all credit card transactions are kept 100% within QuickBooks and we give away the QuickBooks Pro 2006 software with every new signup and waive the setup fee...we will also discount the monthly service charge by $5.00 to $12.95. Sorry to look like a sales pitch - but, it's a great offer...the point is within any industry there are definately multiple streams of income available. thanks, Brandon Morris brandon@barons-swsupport.com ...
By: Brandon Morris on 7/27/06 at 12:00 AM
Multiple Streams of Income
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