The need to set up multiple streams within related businesses.

[Etini Willie]

The concept of multiple streams of income cannot be over-emphasized. It is called the key to oceanic wealth. With multiple streams of income, you as the owner of the streams are like an ocean being fed by many rivers. But one of the major challenges with the concept is how to set up multiple streams of income. In a bid to set up multiple streams of income end establishing all sorts of businesses that they find very difficult to manage. At the end of the day, they would have wasted time and resources just to set up multiple streams of income.

I want to state here that in trying to establish streams of income, and you are in a part sector of business, you don't establish another stream in another sector if the first one is not firmly rooted. As an upcoming business that wants to set up another stream of income, it is better you set up a stream within the same sector. Like if you started with makeup, you can set up another stream in hair and bags. Not to go and start selling goats. That's two unrelated businesses and it would be difficult for you to succeed that way.

 

[Augusta]

I totally agree with your assertions, it is easy to manage another stream of income from the same line of business As an upcoming business that wants to set up another stream of income, it is better you set up a stream within the same sector. You are already in this sector so you know a lot about it. so it just to start another for ease of operation.

Like the illustration you used a person that started with makeup will be likely to do well with hair and bags business. Not starting a total diffeent of selling foods These are unrelated businesses and it would be difficult to run successfully.