Hydra- cut one head off two grow back.

Hey,

One of my favorite one-liners is from Dan Kennedy - "one is the most dangerous number in business."

One of anything is never good.

One key employee who you are dependent on.

One major client who accounts for most of your revenue.

One top affiliate who brings in the majority of new business.

One bank account located in one country.

One best selling product.

One sales video which brings you all your front-end buyers.

One CRM that does all your orders, email marketing, task management, affiliate tracking.

One programmer who built your entire IT infrastructure.

I've had ALL the above scenarios happen personally, where I was overly dependent on the one person / source.

And in every single case, it ended badly for me.

So I've learned the lesson, and you need to learn it too, that you never want to have too much dependence on any one thing.

The same goes for income streams.

I always tell people to focus on getting one substantial income source up and running before you go find others. I define substantial as 100k / year or more.

But once you have one... then it is a good idea to go seek others.

I personally have a lot of income streams. Obviously MOBE is my main source of income, but over the years I've made a real effort to create more. And I'm constantly thinking about ways I can get paid from new sources... with the goal of getting to the point where if any one source of income was shut off over night... it wouldn't cause me more than a few days of stress.

I like to think of the mythological Hydra creature... where for every head which was cut off, 2 would grow in it's place. I want my income streams kind of like that. Losing one does not stop my networth from increasing every week.

When you start a company, keep your eyes open for ways to diversify – right from the beginning. Obviously, you should stay focused and get your first company or first product launched properly before starting another project. Just be aware that you can and should add income whenever and wherever you can. When you have a good idea, write it down for some point in the future.

Which brings me to the second question.

How can you create more income streams? There are a couple of ways.

For starters, you need to sell more than one or two products, or promote a company that does.

If you're a MOBE consultant, you can promote several products like the Platinum Inner Circle that will pay you a commission every month for each person you refer to the program. Also, consultants who sell customers into our Diamond Mastermind, Titanium Mastermind and other similar programs receive large commissions for every referral. So even within MOBE there are a lot of ways to earn from different income streams.

In addition to promoting MOBE products, our consultants can promote products from any other company – I think the best thing to do is promote other products that MOBE customers want and need.

An email autoresponder, a copywriting course, web hosting, things like that.

From one customer, they could have 5 separate income streams!

If we're talking things like email autoresponders, maybe that's only $15 / month.

But that's still $180 / year, and with 10 customers each paying you that, that's almost $2,000 / year extra for no additional marketing expenditure.

It all ads up. And those extra little income streams can be what pushes your average customer lifetime value high enough to make all your ads profitable.

You can find literally dozens of good companies / products to promote as an affiliate in the marketing you're already doing to your leads.

So make that a focus moving forwards. Ask yourself constantly, "how else can I get paid by helping my existing clients in other areas of their life?"

How to Write Good Emails to Your List

You've heard that you should be building your list and emailing it daily.

Does it seem intimidating to come up with a different email idea every single day? It doesn't need to be. There are plenty of ideas for email topics, and there is a certain way to present them to increase the effectiveness they bring to your business.

In this video, filmed at a Bonus day during the Titanium Mastermind in the Bahamas, Michelle and Bill Pescosolido give you some ideas and tips for writing good emails to your list.

3 Things You Must Do When Your Business Gets Bigger

Are you committed to growing your business bigger and bigger?

Then there are some things you can't escape. I didn't always want to hire staff or write out standard operating procedures, but there came a point where I had to accept that it was the only way to get my business to the next level.

In this video, I talk about 3 necessary implementations I've had to make at MOBE as the company has scaled bigger.

When is it Justified to Use a Credit Card?

Credit cards have somewhat of a bad reputation. Some people recommend to stay away from them at all costs.

However, there are many cases where it's justified to use a credit card. As long as your purchase meets certain criteria, using a credit card can make you richer instead of poorer.

In this video, filmed at the Super Charge Summit in Las Vegas, Scott Zuckman tells the story of one of his early real estate investments that he successfully financed with a credit card.

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Talk soon!

Matt Lloyd