Here is a good example of why it’s very important to have multiple income streams. (MIS)

At the end of last year some of my SFM colleagues and friends and myself embarked on a new venture. 

We set up an Amazon and Ebay business that sold in the UK and in America. We followed a training programme called Amazing Selling Machine (now called just Amazing.com) 

We decided to sell products in two areas - Home and Cellphone Accessories. Both these categories were chosen from what ASM taught. 

We decided our first 2 products would be a selfie stick and a vegetable spiralizer. We sourced manufacturers in China who would make the products for us, rebrand them and package them with our own brand name. 

After rejecting a few samples we settled on the best manufacturer, ordered the products and got them shipped to Amazon’s warehouses in the USA. 

It all took quite a while but the products looked fab and things were looking good. 

We set up the websites and marketing systems using all our SFM back office resources and started marketing back in July.

No sales.

We decided to spend a little on paid advertising.

No sales 

We had an emergency meeting last week and 6 out of 8 of us decided to call it a day. Two of the guys have taken the business over and we wish them the very best of luck with it.

Why did this happen? 

A combination of reasons really. We all run a number of businesses (multiple income streams) and found that we just didn’t have the time to focus on the Amazon biz. Also several of us had family commitments and were moving home. 

We had also underestimated just how competitive selling on Amazon really is.

It just didn’t add up. 

So whilst we were all pretty gutted - none of us are quitters by nature - it was the right thing to do. Maybe we’ll all come back to it or will work on another venture in future. 

It’s a double edged sword. The great thing about multiple streams of income is that if one doesn’t work out it’s not the end of the world.

The flipside is that you can stretch yourself too thin by taking on too many projects - that’s really what happened here.  

But being able to pick and choose is a wonderful luxury - one that you don’t have with a 9-5 job or traditional business. 

If one of your streams is costing you money instead of making it - or if you just lose interest in it you can just move on. 

What I love about the SFM platform is that is has several income streams built in that are automated - so you earn them without getting over stretched. 

As it happens I’m already looking at several new ventures - one of which might take me to Iceland to do some motorsport filming - stroll on! 

Cheers