Airbnb Experts Aaron & Nicole Byerlee reveal the importance of multiple streams of income, but also why you must FOCUS on ONE THING as your main source of income first, before adding a side hustle.
Aaron: Hey guys! Aaron and Nicole Byerlee from BnB Professional Blueprint coming to you for another success tip.
I want to talk to you guys today, we want to talk to you guys today about multiple streams of income. How sexy is it? That why multiple streams of income could be sabotaging your success.
Now, would we like to have $10,000 a month coming in from property and $10,000 a month coming in from shares? And $10,000 a month coming in from business? Yeah, of course, that sounds pretty good, doesn’t it? All on auto product or residential income.
The reality is, I love multiple streams of income but the biggest mistake people make is they try and do everything all at once in the beginning. So I’m going to go and start a real estate business, I’m going to go start a share course, I’m going to go and start a franchise, I’m going to go and do network marketing. I want to go and do an Amazon course. And you’re doing 5, 6, 7 things all at once and the reality is, you might not make any money from most of them. Or you make a little bit of money from all of them because you’re not focused, you’re all over the place, and you’ve only got 24 hours in a day. There’s only one of you. You’ve got other commitments. To put all your time into all those different things, all those different focuses, it’s very, very, very rare and very hard for people to succeed starting out with multiple streams of income all at once.
My tip and in my experience, I mean, when I started under the exact same thing, so don’t worry. I had 8 businesses going all at once. And I was making decent money from one but just little bits of money from all the others. It didn’t really work. The day that I focused on one business was the first year that I made 7 figures. I just got focused tunnel vision. The minute I was passionate, I believed in it, I put work into it, that’s the first time I made 7 figures. And then once that business was set up and it was pretty residual, pretty automated, I then went and looked at something else and set that one up. I said yeah, multiple streams of income is awesome. Right, Nic?
Aaron: But the biggest mistake people can do especially if they’re a new entrepreneur or they’re going from traditional business or employed into new age business is what I call it, they try and do five things all at once. Or you’re juggling family, kids, traditional business, new age business, Amazon business. Get something that pays your bill and feeds your kids, and keep doing that. Then focus on one side hustle. Focus on one sideline, new age business, and make big money in that. Then start looking at multiple streams of income or whatever.
So that’s a big mistake and perception when you talk about multiple streams of income and it sounds sexy, but it can actually sabotage you on your success because you’re not focused.
Nicole: Definitely. And I think the other thing is, if you’re trying to do too many things at once, you’re not going to enjoy it and you want to make sure that you are enjoying it. You want to have fun whilst you’re doing these things. So just make sure that you do focus on one thing because if you’re spreading yourself thin across too many things, you’re also going to be very stressed and it’s also going to affect you and your family and friends as well because nobody wants to be hanging around with somebody that’s grumpy all the time. So you want to be sure that you focus on the one thing. Don’t get overwhelmed with all these things. Just pick one thing, work hard at it, be successful at it. And then once you’ve got that happening, then start branching out to something else, one other thing, and get that and be successful with that and then do another.
Because you know, being a very, very busy mom with a very busy family, I need to make sure that I do focus on things. I’ve tried to do too many things at once, get overwhelmed, get stressed, snap at the kids, snap at Aaron. And you just don’t want to do that. You want to be having fun and enjoying whatever it is that you’re doing. So make sure you do focus on one thing and go hard at it, and be successful at it, and then move on to something else.
Aaron: Cheers, guys. Apply that. Get focused and we’ll see you on the next newsletter.