How to Build Multiple Streams of Income

so let’s talk about multiple streams of
income one of my favorite things and we all love to have multiple streams of
income right we want business a paying us X amount of dollars and business be
paying us X amount of dollars and we don’t necessarily want to rely on single
income that’s coming in now in this video let’s go and talk about the myth
right what is false and what is true is are we using this idea of multiple
streams of income to sell something and unfortunately a lot of people are so
we’re gonna talk about how do we systemize and build a business for
multiple streams of income that way you can go ahead and free yourself right
experience more life travel the way you want to that’s what we’ll talk about in
this video hey guys my name is Sam Kwak one of the Kwak Brothers, real estate investor and in this video we’re gonna talk about one of
my favorite subject right and that is the idea of multiple streams of income
now first of all we’re all hyped up right we’re like man multiple streams
income let’s go let’s go go Andy might be signing up for one business to the
next and building next business and at one time I honestly thought building
multiple streams of income and then you have to have eight different startups
going all at the same time so that’s myth number one is that you do not
absolutely want to you and it’s least effective method is to start 10 multiple
streams of income all at once right this doesn’t work that way right though there
are ways to get to that level but if you’re just getting started in your
entrepreneurial life you are not going to want to build ten multiple streams
strings streams of income all at once and it’s totally ineffective and this is
one of the biggest myth that I’m really frustrated with when a lot of people
will sell us on the idea of multiple streams of income they think a go out
there and build ten businesses or ten streams all at once
right not gonna happen so the proper way to do it and we’re gonna go in and I’ll
give you the steps to do it the proper way to do it is to build one stream at a
time right you take a look at any successful individuals or successful
entrepreneurs you’ll notice that they had a phase of building one stream and
then moving up to the next stream and moving up to the next stream now doing
that in itself is definitely an art in a science and we’re gonna talk about again
I’ll explain to you what it is but I just wanted to make sure that we’re
busting all the myth because there seems to be a lot of myth out there that is
telling people to go ahead and build ten streams of income all at once so we have
to get rid of that notion so here’s how I’ve been able to build multiple streams
of angry and usually it runs in a three to five year phase so each stream yeah
it takes about three to five years and you might be wondering well that that’s
a little too much I don’t want to spend three to five years just to build one
streams of income now I’m just talking about average now as you progress and as
you become a more well rounded individual and well rounded entrepreneur
this process becomes easy but when you’re just getting started
it’s easy gonna take you three to five years just to go that first stream of
income right so the idea looks like this so in your in your business there’s
usually four steps in become in building your business that’s self-sustaining and
let me just tell you guys right now if you’re if you are self-employed and
you’re the only person working your business you’re not going to be able to
scale that business fairly quickly you can meet some tools you’re gonna need
employees you’re gonna need virtual assistants you’re gonna need all those
facets of the business to really build multiple scenes with the streams of
income because if you are working on one business and you are the only person in
that business working you know generating profit then you aren’t gonna
go jump into the next reams of income so the first thing that has to happen is
the creation right you need to create the business right what is your business
do you sell products do so on a service if you are a photographer you need to
start understanding well am I the only talented individual that can do this how
do I automate this process so we’re gonna jump from creation to building okay to automating and sustaining so
first you’re gonna have to create the business and then you’re gonna have to
build it you have to get to profitability and a lot of people don’t
understand this because they’re just they’re so romantic they’re so excited
they’re blinded by right just to create creation in the building aspect of it so
you have to have a profitable system in a process in place because if you don’t
have this part it’s hard to do that the automation part so you got to have the
building phase done you need to know what’s sustainable and what’s profitable
and another that’s another mistake that I see is that during the building phase
or even before the building phase people spend way too much money and throwing
money at it investing money at it thinking that that’s gonna help grow the
business now it may but a lot of times just figuring out what’s profitable it
doesn’t take a whole lot of resource of money to do so for example let’s say you
start a bakery business right and gonna start do something else generic let’s
say you’re building bakery business well you need to
understand in that building phase what works in marketing what works in
production what makes people buy what makes people come through your store and
pay the price that they’re gonna pay that’s the part we’re gonna figure out
once you have a profitable system right once you have the system in place in the
process then you know you’ll know how to exactly automate because when you have
the system okay working for your business right all you
have to do is replace you replace yourself right in your business by
hiring employees hiring managers hiring assistants to just run the system so
instead relying on you relying on you being there in your business now you’re
relying on the system the business is being run on a system so McDonald’s is a
good example McDonald’s right it’s not it’s never really people dependent it’s
more so system dependent where you can get a 16 year old a 17 year old or even
an 18 year old to run as a McDonald’s successfully I’m profitable so this is
the part where you have to be really good at and a lot of people
unfortunately don’t make it past this because they’re afraid to jump into the
next level which is the automation right in the automation you’re hiring people
you’re hiring for the role right and here’s a mistake that I see a lot of
people doing is they hire just for the sake of hiring all right you don’t want
to do that you want to hire for a role right you want to break down your system
and say well in my system I need let’s go back to the bakery example I need a
cashier I need the Baker right and I may need a
manager okay and previously you may have been
cashier Baker manager right you you were the sole opportunity preneur but you’re
breaking this down to a system where you need a cashier you got a baker you got a
manager now this is scaleable to where you got one person ringing the register
you got another person doing the baking right because if you have one person
doing everything right you’re not going to be as efficient and effective in all
three areas nor a single person can be so you’re going to start breaking this
down to right cashier Baker manager and as your
business grows you’re gonna start adding more people under underneath the
category you’re gonna have multiple Baker’s you can have multiple cashiers
you may have one or two managers right and you’re gonna grow in proportion to
where you can handle hundreds and thousands of customers coming in and out
so in the automation phase right you’re gonna hire the cashier Baker manager and
you may implement software system to make this more fluid right – to allow
your your employees and assistants – to work in a more efficient manner there’s
automation systems such as workflow automation task automation marketing
automation those are all part of that step right here so once you automate the
business right where you’re no longer to cash your Baker and the manager you got
these people going now you have a sustainable system where it’s profitable
right you’re making money without you necessarily being there all the time so
now the next thing you gotta do is you gotta sustain that growth right you
can’t just stay in one right you can’t just plateau so in sustaining
mode you may still involve yourself in this business maybe one or two hours a
week we’re working directly with a manager to see how the business is
running but really in this step you’re just calling the shots right you’re just
making sure that hey my company is gonna go to this direction or that direction
you’re just calling the shots as to where is the business going to go in the
next 10 20 years right you want to have a sustainable business so in sustaining
mode not only are you growing but you’re also adapting making shots making
decisions changing and adapting to the new market forces but the actual
operation the actual the running of the business should be done by your people
by this the system the tools that you’ve you’ve employed then you move on to the
next business to the next steps so if you were a bakery business maybe you
move on to something that’s similar to saying flour manufacturing business and
I mean the flour for bread right not you get it so you get to the next business
that your next most familiar with that’s my tip and that’s
another mistake that I see is that people go from one industry and jump
ship to another industry and they fail right because they don’t know there’s a
net repeat there’s a learning curve to when you move to a different industry so
for me I’m in the real estate investing industry and if I were to boom my next
business it’s gonna have it’s gonna be about real estate right it’s gonna be
about renting and fixing and flipping houses so when you look at this industry
you have to kind of find your passion right you say well I love cooking I love
baking that’s what I’m gonna start with great so you start with the bakery
business and then when you have it create it build it build it automate it
and sustain it and then you move to the next business where again going back to
that example might be a flower production business where you’re you’re
taking wheat and making flour or you might be doing maybe another aspect of
the business where you’re taking this business online right instead of doing a
brick and volton mortar maybe you want to ship baked goods to people and you
want to build that business so inside inside of the business industry you’re
you’re branching off to the next kind of aspect of that industry another good
idea good example is let’s say you start an auto mechanic business same thing
right you’re gonna create it build it automate and sustain it
iron the right people in place in the right tools and you’re working with
Carter so maybe you jump to the next stream of income which could be auto
dealership or you may get into collision repair something that has to do with
your industry because I’ve seen people who used to be in let’s say auto
mechanic industry and these jump ship to my industry real estate investing they
have a huge learning curve and in fact they get to a point where they they’re
like so concerned about the next business that they let this business
that they’ve built suffer and ultimately everything just crashes you don’t want
to do that you still again there’s the sustaining part that’s the part where
well you have whatever you built right the cycle of building it for three to
five years if you don’t keep the sustaining then you’re going to start
losing your streams of income so just to recap let’s break the notion
and break that myth that you can you can build multiple streams of income all
once right not gonna happen you have to build one stream of income at a time
right your focus right has to be about building one stream and then moving into
the next stream and then in that stream right now you’re gonna get to a point
where you may have ton of ton of money you may have ton of capital liquidity to
where now you can buy businesses that are already operating and you may just
go in and and do these two things right maybe the business is already profitable
you just pick you just need to pick up the the automation and sustaining part
right or maybe it is already sustaining and you you want to get in and just buy
the business how to CEO hire the employees hide the manager and
let them run the show this is kind of how Shark Tank works right Shark Tank
you guys know America’s one is one of America’s favorite TV show that’s what
the investors that’s what the Sharks do is they buy businesses pieces of
business they just get involved in the sustaining an automation model some
businesses already again I said they’re already sustaining and they just need to
buy the business and let a cash flow and collect the dividends and the profit so
that’s later down the road most of you guys getting started right you don’t
even have to think about that just focus on this right work on your craft of
creating building automating and sustaining and then once you go through
that experience you know exactly where that businesses is in in terms of this
phase and this phase usually takes about anywhere between three to five years
okay to really go through that phase and you look at any business whether it’s a
mega data Empire like Facebook or your local bakery business you’ll notice that
they go to the same phase where first year they’re not gonna hit profitability
they’re just working on their system and what works and figuring out what pays
and then from there you start breaking down the system and then ultimately
sustaining that business of growth and moving on
next business that’s what a true entrepreneur that’s what a true
entrepreneur means right you need to create a system that is sustainable and
you’re moving out to the next business so there you guys have it multiple
streams of income we’re breaking it down and this is more of an overview right we
can go and talk about the marketing the sales the operation financing all of
that definitely for sure and now go ahead and keep you guys updated with
more videos in regard to that but this is the idea behind building multiple
streams of income and I know we’re all geeked up about it we’re all hyped up
I’m me too right this is how I’ve been able to build multiple streams of income
in fact I have four multiple streams and four streams of income today and we’re
building the fifth one now and here’s another thing you may decide that one
stream of income may not be something that you want to keep so you saw the
business right or you totally drop it right that that may be a strategical
move that you have to decide on to make sure that you’re staying is staying more
efficient you’re spending less time doing the work and creating more money
because after all we all want to become free and independent financially free
and just be able to travel right experience more alive take control of
our situation and overcome obstacles that’s all the things that we want to do
for sure but the strategy portion you have to really understand that so guys
that’s pretty much it for this video if you guys want to learn more definitely
do subscribe to our YouTube channel and click like on this video so I can
provide you guys with more business development tips and ideas for you guys
to go and take on and build your business and make more money alright
guys take care and I’ll see you guys in the next video well hello there you made
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