Unpopular opinion...

Having multiple streams of income is massively overrated.

(100 likes on this tweet and I'll tell you why)

Alright, let's talk about it

First, most of us know the benefits of multiple streams, but let's list a few anyway

- Diversified income
- More interesting work
- Another chance at hitting a "home run"

Not arguing against these at all

What's talked about less is the negative aspect of chasing multiple streams

Namely, spreading your time and money around too thin

This is a big problem for some but not for others

Let me explain...

It really comes down to where you are in your entrepreneurial journey

For the highly successful (subjective, but let's call that $500K+ profit per year), it makes a lot of sense

Diversification is a huge plus, and they have the money to outsource

For the moderately successful (let's call that $100K-499K profit), it still makes sense, but there's some danger

And that's stunting your progress

In this situation, you might be better off focusing all your effort on scaling, though you can go both ways

One more case to note is people who aren't entrepreneurial at all

Taking 9-5 money and focusing on a second passive stream (like dividends) is a very good thing

If they're a bit entrepreneurial, it's fair to have the job plus one side business

Finally, what this tweet is really about is entrepreneurial beginners

Simply put, you should not be worrying about multiple streams if you're not even making a full-time living with your main business yet

Multiple streams is massively overrated... For you

The reason I wrote this is that I'm seeing a lot of beginners on my timeline trying to emulate their favorite guru

They've got an ecom store, $912 in dividend stocks, a personal brand, etc

All tiny trickles of income, no real streams

This is limiting your progress

So what should a beginner do?

Focus on ONE THING, scale it up, then make a decision on pursuing something else

You can also put 95% of your effort into one thing and do a little info/personal branding as a smaller side project

Point is, you want to go deep before you go wide

Stop putting your extra $200 and 20 hours a month into three or four pots

Start putting them in just one, scale it up to at least moderately successful, then start branching out

~~ End Rant ~~

Thank you for reading

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