Focusing on Multiple Income Streams Is Stopping You from Earning More Money
Here’s how to use what you already do and 10x your income without working on ten different things.
I enjoy watching YouTube videos of people flexing their income streams. I tell myself it’s for inspiration, but the reality is clickbait gets me sometimes.
If you have nine income streams, you probably do not have an optimal business. Even five is too much, in my opinion.
The worst part is that aspiring entrepreneurs or side hustlers want to copy those people.
Here’s how to stop worrying about income streams and make the one you already have get more results.
Increase the Output
A man who chases two rabbits catches neither.
Think about it. Why learn a different business model when the one you are doing right now took you weeks or months to understand? Why try to win over another algorithm or a different audience?
Find what moves the needle and do more of that.
That sounds easy, but you have to get more efficient at your current work.
For example, a while ago, I had problems coming up with story ideas. That made me waste time and even try other side hustles. That’s a mistake because creating content is what moves the needle.
Instead, I was tempted to try other things because I thought I could make money with those. The opportunity cost is high and usually not worth the effort to start something else.
Diversify in the Same Business Model
If you haven’t mastered a medium, then don’t diversify.
If you don’t earn enough money from a business, it’s because you don’t know the ins and outs of it. You must learn to use it to its full potential before moving on. Ask yourself, is this everything I can do to make it work?
You can always find more angles for your business.
For example, building a newsletter, creating digital products, creating a value ladder, selling services, and outsourcing the work to be more efficient. You can spin a business model or side hustle in many ways, and because you already have experience, it’s faster than starting from scratch.
Another idea here is to repurpose.
This means to take your content and just copy-paste it onto another platform with similar characteristics. For example, from Medium to Twitter (X) or LindkedIn. This is easier to do than creating videos out of it, even though that could work, too.
Passive Income Is Not That Passive
Creating a new passive income stream sounds great, but it has some downsides that most people don’t know.
Not every attempt to create a passive income stream will be successful. A few days ago I wrote about an ugly website making $5,000 a month. The website is running almost on autopilot.
But the truth is not everybody can pull this off.
Your first attempts might be unlucky.
If you have the time and resources to try, go for it. If not focus on what you already have and what is working.
Use Your Time to Take a Break
If you don’t take a break from work, you will become bored and boring.
Seriously, this is underrated in the hustle culture, but it’s worth taking a break sometimes. Take the time to rest, talk to people, practice gratitude, or meditate.
When you’re refreshed, your productivity returns.
You’ll find yourself tackling tasks with renewed vigor and creativity. Solutions to problems that previously seemed impossible might suddenly appear crystal clear. It’s a cycle of positive reinforcement.
The more balanced and rested you are, the more efficient and effective you become in your professional and personal life.
