so let's talk about multiple streams of income one of my favorite things and we
all love to have multiple streams of income right we want business a paying
us X amount of dollars and business be paying us X amount of dollars and we
don't necessarily want to rely on single income that's coming in now in this
video let's go and talk about the myth right what is false and what is true is
are we using this idea of multiple streams of income to sell something and
unfortunately a lot of people are so we're gonna talk about how do we
systemize and build a business for multiple streams of income that way you
can go ahead and free yourself right experience more life travel the way you
want to that's what we'll talk about in this video
hey guys my name is Sam Kwak one of the Kwak Brothers, real estate investor and in
this video we're gonna talk about one of my favorite subject right and that is
the idea of multiple streams of income now first of all we're all hyped up
right we're like man multiple streams income let's go let's go go Andy might
be signing up for one business to the next and building next business and at
one time I honestly thought building multiple streams of income and then you
have to have eight different startups going all at the same time so that's
myth number one is that you do not absolutely want to you and it's least
effective method is to start 10 multiple streams of income all at once right this
doesn't work that way right though there are ways to get to that level but if
you're just getting started in your entrepreneurial life you are not going
to want to build ten multiple streams strings streams of income all at once
and it's totally ineffective and this is one of the biggest myth that I'm really
frustrated with when a lot of people will sell us on the idea of multiple
streams of income they think a go out there and build ten businesses or ten
streams all at once right not gonna happen so the proper way
to do it and we're gonna go in and I'll give you the steps to do it the proper
way to do it is to build one stream at a time right you take a look at any
successful individuals or successful entrepreneurs you'll notice that they
had a phase of building one stream and then moving up to the next stream and
moving up to the next stream now doing that in itself is definitely an art in a
science and we're gonna talk about again I'll explain to you what it is but I
just wanted to make sure that we're busting all the myth because there seems
to be a lot of myth out there that is telling people to go ahead and build ten
streams of income all at once so we have to get rid of that notion so here's how
I've been able to build multiple streams of angry and usually it runs in a three
to five year phase so each stream yeah it takes about three to five years and
you might be wondering well that that's a little too much I don't want to spend
three to five years just to build one streams of income now I'm just talking
about average now as you progress and as you become a more well rounded
individual and well rounded entrepreneur this process becomes easy but when
you're just getting started it's easy gonna take you three to five
years just to go that first stream of income right so the idea looks like this
so in your in your business there's usually four steps in become in building
your business that's self-sustaining and let me just tell you guys right now if
you're if you are self-employed and you're the only person working your
business you're not going to be able to scale that business fairly quickly you
can meet some tools you're gonna need employees you're gonna need virtual
assistants you're gonna need all those facets of the business to really build
multiple scenes with the streams of income because if you are working on one
business and you are the only person in that business working you know
generating profit then you aren't gonna go jump into the next reams of income so
the first thing that has to happen is the creation right you need to create
the business right what is your business do you sell products do so on a service
if you are a photographer you need to start understanding well am I the only
talented individual that can do this how do I automate this process so we're
gonna jump from creation to building
okay to automating and sustaining so first you're gonna have to create the
business and then you're gonna have to build it you have to get to
profitability and a lot of people don't understand this because they're just
they're so romantic they're so excited they're blinded by right just to create
creation in the building aspect of it so you have to have a profitable system in
a process in place because if you don't have this part it's hard to do that the
automation part so you got to have the building phase done you need to know
what's sustainable and what's profitable and another that's another mistake that
I see is that during the building phase or even before the building phase people
spend way too much money and throwing money at it investing money at it
thinking that that's gonna help grow the business now it may but a lot of times
just figuring out what's profitable it doesn't take a whole lot of resource of
money to do so for example let's say you start a bakery business right and gonna
start do something else generic let's say you're building
bakery business well you need to understand in that building phase what
works in marketing what works in production what makes people buy what
makes people come through your store and pay the price that they're gonna pay
that's the part we're gonna figure out once you have a profitable system right
once you have the system in place in the process then you know you'll know how to
exactly automate because when you have the system okay
working for your business right all you have to do is replace you replace
yourself right in your business by hiring employees hiring managers hiring
assistants to just run the system so instead relying on you relying on you
being there in your business now you're relying on the system the business is
being run on a system so McDonald's is a good example McDonald's right it's not
it's never really people dependent it's more so system dependent where you can
get a 16 year old a 17 year old or even an 18 year old to run as a McDonald's
successfully I'm profitable so this is the part where you have to be really
good at and a lot of people unfortunately don't make it past this
because they're afraid to jump into the next level which is the automation right
in the automation you're hiring people you're hiring for the role right and
here's a mistake that I see a lot of people doing is they hire just for the
sake of hiring all right you don't want to do that you want to hire for a role
right you want to break down your system and say well in my system I need let's
go back to the bakery example I need a cashier
I need the Baker right and I may need a manager
okay and previously you may have been cashier Baker manager right you you were
the sole opportunity preneur but you're breaking this down to a system where you
need a cashier you got a baker you got a manager now this is scaleable to where
you got one person ringing the register you got another person doing the baking
right because if you have one person doing everything right you're not going
to be as efficient and effective in all three areas nor a single person can be
so you're going to start breaking this down to
right cashier Baker manager and as your business grows you're gonna start adding
more people under underneath the category you're gonna have multiple
Baker's you can have multiple cashiers you may have one or two managers right
and you're gonna grow in proportion to where you can handle hundreds and
thousands of customers coming in and out so in the automation phase right you're
gonna hire the cashier Baker manager and you may implement software system to
make this more fluid right - to allow your your employees and assistants - to
work in a more efficient manner there's automation systems such as workflow
automation task automation marketing automation those are all part of that
step right here so once you automate the business right where you're no longer to
cash your Baker and the manager you got these people going now you have a
sustainable system where it's profitable right you're making money without you
necessarily being there all the time so now the next thing you gotta do is you
gotta sustain that growth right you can't just stay in one right
you can't just plateau so in sustaining mode you may still involve yourself in
this business maybe one or two hours a week we're working directly with a
manager to see how the business is running but really in this step you're
just calling the shots right you're just making sure that hey my company is gonna
go to this direction or that direction you're just calling the shots as to
where is the business going to go in the next 10 20 years right you want to have
a sustainable business so in sustaining mode not only are you growing but you're
also adapting making shots making decisions changing and adapting to the
new market forces but the actual operation the actual the running of the
business should be done by your people by this the system the tools that you've
you've employed then you move on to the next business to the next steps so if
you were a bakery business maybe you move on to something that's similar to
saying flour manufacturing business and I mean the flour for bread right not you
get it so you get to the next business that your next most
familiar with that's my tip and that's another mistake that I see is that
people go from one industry and jump ship to another industry and they fail
right because they don't know there's a net repeat there's a learning curve to
when you move to a different industry so for me I'm in the real estate investing
industry and if I were to boom my next business it's gonna have it's gonna be
about real estate right it's gonna be about renting and fixing and flipping
houses so when you look at this industry you have to kind of find your passion
right you say well I love cooking I love baking that's what I'm gonna start with
great so you start with the bakery business and then when you have it
create it build it build it automate it and sustain it and then you move to the
next business where again going back to that example might be a flower
production business where you're you're taking wheat and making flour or you
might be doing maybe another aspect of the business where you're taking this
business online right instead of doing a brick and volton mortar maybe you want
to ship baked goods to people and you want to build that business so inside
inside of the business industry you're you're branching off to the next kind of
aspect of that industry another good idea good example is let's say you start
an auto mechanic business same thing right you're gonna create it build it
automate and sustain it iron the right people in place in the
right tools and you're working with Carter so maybe you jump to the next
stream of income which could be auto dealership or you may get into collision
repair something that has to do with your industry because I've seen people
who used to be in let's say auto mechanic industry and these jump ship to
my industry real estate investing they have a huge learning curve and in fact
they get to a point where they they're like so concerned about the next
business that they let this business that they've built suffer and ultimately
everything just crashes you don't want to do that you still again there's the
sustaining part that's the part where well you have whatever you built right
the cycle of building it for three to five years if you don't keep the
sustaining then you're going to start losing your streams of income
so just to recap let's break the notion and break that myth that you can you can
build multiple streams of income all once right not gonna happen you have to
build one stream of income at a time right your focus right has to be about
building one stream and then moving into the next stream and then in that stream
right now you're gonna get to a point where you may have ton of ton of money
you may have ton of capital liquidity to where now you can buy businesses that
are already operating and you may just go in and and do these two things right
maybe the business is already profitable you just pick you just need to pick up
the the automation and sustaining part right or maybe it is already sustaining
and you you want to get in and just buy the business how to CEO
hire the employees hide the manager and let them run the show this is kind of
how Shark Tank works right Shark Tank you guys know America's one is one of
America's favorite TV show that's what the investors that's what the Sharks do
is they buy businesses pieces of business they just get involved in the
sustaining an automation model some businesses already again I said they're
already sustaining and they just need to buy the business and let a cash flow and
collect the dividends and the profit so that's later down the road most of you
guys getting started right you don't even have to think about that just focus
on this right work on your craft of creating building automating and
sustaining and then once you go through that experience you know exactly where
that businesses is in in terms of this phase and this phase usually takes about
anywhere between three to five years okay to really go through that phase and
you look at any business whether it's a mega data Empire like Facebook or your
local bakery business you'll notice that they go to the same phase where first
year they're not gonna hit profitability they're just working on their system and
what works and figuring out what pays and then from there you start breaking
down the system and then ultimately sustaining that business of growth and
moving on next business that's what a true
entrepreneur that's what a true entrepreneur means right you need to
create a system that is sustainable and you're moving out to the next business
so there you guys have it multiple streams of income we're breaking it down
and this is more of an overview right we can go and talk about the marketing the
sales the operation financing all of that definitely for sure and now go
ahead and keep you guys updated with more videos in regard to that but this
is the idea behind building multiple streams of income and I know we're all
geeked up about it we're all hyped up I'm me too right this is how I've been
able to build multiple streams of income in fact I have four multiple streams and
four streams of income today and we're building the fifth one now and here's
another thing you may decide that one stream of income may not be something
that you want to keep so you saw the business right or you totally drop it
right that that may be a strategical move that you have to decide on to make
sure that you're staying is staying more efficient you're spending less time
doing the work and creating more money because after all we all want to become
free and independent financially free and just be able to travel right
experience more alive take control of our situation and overcome obstacles
that's all the things that we want to do for sure but the strategy portion you
have to really understand that so guys that's pretty much it for this video if
you guys want to learn more definitely do subscribe to our YouTube channel and
click like on this video so I can provide you guys with more business
development tips and ideas for you guys to go and take on and build your
business and make more money alright guys take care and I'll see you guys in
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