How To Create Multiple Income Streams

Its fascinating listening to a wealthy man narrate when he made his first billion shillings cheque. Well, most of us are left to just say ‘wow, so lucky!’, and we walk away. Then next thing we do is buy any ‘how to get rich’ book, attend the ‘you can do it!’ seminars as long as they guarantee financial success. Often our financial status hardly improves. After giving a few advises a try we ultimately paint the ‘being rich story’ a myth. The big question is; “Is everyone entitled to financial success?”

Acquire the right skills
The reason as to why some people will remain to be enormously rich is due to their possession of particular skills. The basic knowledge of the market place is that buyers pay for the value derived from a service or product. Hence these wealthy chaps have mastered the art of delivering value to the market place. Our earning capacity will therefore more than often be defined by the quality of skills that we offer at the market place. However, someone might object to such a reasoning and say ‘What if I sell goats and cows?’ This person may beg to differ and say that he or she requires ‘no skills’. There are so many traders in that category and most often we use them as illustrations to the fact that we don’t need to improve our skills. A keen look at these traders will only leave you with one answer: ‘He who has mastered the skill or the art of selling goats and cows makes the most money’. A skill could be learnt from school or acquired through experience, it doesn’t matter. Most importantly, a perfected skill will attract a substantial pay. Just ponder this, ‘Donald J. Trump, the famous real estate mogul, earns so much from his real estate projects sometimes much more than the projected figures.’ Is it that he injects a lot into each project? Not really. He will tell you, “It’s mastering the art of the deal”.

Multiple Income Streams 
In the market place, it’s very common to find some perfected skills but they don’t make it really big. They probably don’t get rich and retire and before they know it, there are others offering better skills in the market. The question is how do they get to improve their earning capacity? It could simply be said that they should get their money to work for them. Literally it’s that simple but practically it could prove troublesome.
If no one ever told you this, please grab it and safeguard it. “Over 90% of the wealthy either have multiple income streams or they distribute their products or services in different markets.” Of course you will need to disregard inherited wealth in this analysis. It therefore follows that, if your plan is to be rich in the next five to ten years, hey, you need to sit down and come up with at least five streams of income that you intend to pursue.

Isaac Mulindwa Jr. (Executive Director; Mulin Group of Companies)
I am privileged to have met this renowned Ugandan entrepreneur quite recently in the company of my elder brother. I must say I enjoyed the conversation as Isaac, as I came to learn, is quite shrewd. If I were to describe him in just a line, it would read: A man who can create a fortune from a simple idea. What really stunned me was when my brother asked him, “So what are you doing these days?” and he said, “Your question should be what am I not doing these days?” Quite hilarious, isn’t it? I expected him to have, say, two companies just to make ends meet but as it turned out he owns quite a good number of ventures and co owns some with other entrepreneurs. Concisely that’s multiple income streams.

A recipe that could suit you 
The phrase ‘multiple income streams’, to the best of my knowledge doesn’t not imply you working for five employers. It simply refers to the different ventures or investments that your income is likely to be pooled from. For instance, a journalist could have a shoe – selling business down town and a website portal to sell those same shoes online. Below is a plan of action that could work if put to practice.

Phase 1
It’s paramount for you to identify what really turns you on before setting off this journey or simply your passion. Sometimes you may venture with the idea of huge profits but you emerge with losses. It’s the passion that will drive you all the way to success. Endeavor to record all the viable ideas that cross your mind in a personal notebook. Big time entrepreneurs such as Richard Branson and Donald Trump will tell you that they don’t record their ideas on their computers but handwritten on their personal diaries.

Phase 2
Form a mastermind group comprising of people with the same financial objectives as you do. A typical group could be made up of between two to fifteen individuals. The essence of the group would be to meet regularly and discuss financial progress as well as partaking in joint ventures. This has the advantage that the group is likely to develop a number of income streams quite easily.

Phase 3
Finally, you will need to shield yourself from possible business risks and failures. This could be partly achieved by being prudent when investing your money. Start with what you could afford to loose. If a million shillings is affordable to you then start with that. Another important aspect would be to form a company or a number of them depending on the particular scenario. The major advantage with companies is that they are legal persons in themselves so in the event of business failure you would stand a chance of not loosing personal property.
Please remember, as you embark on the above recipe cultivate enough resilience and always count your successes probably write them down along the way to your financial success. Good luck.