Too Many Eggs in Your Basket?
Having lots of different income streams is something which many people would love to achieve in life and it can certainly be helpful to have lots of different things going on. At times, though, I do wonder whether it’s true that you can have too many things going on and perhaps it might be better to focus all – or most – of your attention on just a couple of things wholeheartedly, rather than doing lots of different things halfheartedly.
Of course, if you’ve managed to develop quite a few different income streams which are pretty much passive, then this would be the ideal. If all of your different projects require a certain degree of your time and effort, however, then perhaps it is time to start looking at which ones are going to be the most profitable and then streamlining things a bit.
If you think about it, this is something that big businesses do all the time. Often times, big businesses have lots of different operations going on at the same time, as they try to corner several different markets within their industry. From time to time, though, they have to review their operations to see which are really profitable and which are not, and then you see a streamlining process where certain sides of the business are wound down, staff laid off or stores closed, in order to concentrate on the more profitable parts of their business.
This is something that could also work for individuals who are trying to build multiple income streams. If you’ve put a lot of time, effort and perhaps even money into a particular venture but it is still not giving you the kind of returns you would hope for, then perhaps the time has come for you to make some difficult decisions. Only you will know when would be the appropriate time to take this kind of action but you only have so many hours in the day, right? So unless you feel that a certain side of your business can justify getting in some outside help to take on some of the load, then it’s possible that your time might be better spent concentrating on other ventures.
Another time this could be true is when all of your different ventures are seriously interfering with other important activities such as getting enough rest, spending time with your family and actually enjoying life! If you are constantly finding that ALL of your time is being taken up with your different ventures because you have so many different things going on, then this could indicate that your idea of creating the perfect work-life balance has gone completely out of the window.
So, if you’re feeling a little overwhelmed by all of the different sideline ventures you have going on at the moment, then maybe now is the time to take good hard look at things to see if your time might be better spent focusing on just a couple of ventures, rather than trying to keep the ball rolling with all of them. Or, perhaps you could draft in some outside help instead.
Have you ever streamlined your sideline income ventures?