Building a Sustainable Business

These days, it is foolish to rely on one stream of income whether it be a job, your networking business, or your investment portfolio. Diversification is much, much better if done well.

The same is true of your networking business. As Mike Dillard pointed out years ago, you don’t own your networking business, your company owns your networking business. If you mess up or do something they don’t like, your business could be gone over night if they revoke your distributorship. Or what happens if the company goes out of business or gets shut down? What would you have left?

Again, diversification is better. Here are three other ways that you can generate income from the internet alongside of your primary opportunity:

• Affiliate Programs: Many leaders have produced training programs that are meant to teach networkers how to build their business. These programs focus on everything from getting leads, to sponsoring them, to leading a team. Many times these leaders have programs set up where they will pay you a commission for anyone that you send them who buys one of their training courses. This can be another great source of income.
• Ads On Your Blog: If you are a successful networker or are on your way to becoming one, you should seriously consider blogging about what you’re doing. Chances are, there are many other networkers that will be excited to read your stuff. If you get enough traffic, you can usually make some revenue from putting ads on your blog, even if it’s just AdWords.
• Join Another Company: I know that the company you’re with is probably great, but if you’re getting enough leads, why not get started in a second one at the same time? Of course, it’s better to get one running before starting another one, but starting in a new company is a great way hone your skills, make sure you don’t lose your edge, and keep your business diversified so that if one company goes down, you don’t lose everything.

Building a sustainable business includes many other things of course such as proper accounting, setting up an LLC or other business entity, and measuring your ROI. Diversification, however, is one of THE most important factors in creating a sustainable business that you can rely on year after year after year.