Black Entrepreneur Blueprint 552 - Jay Jones - The Truth About Multiple Streams Of Income

[00:00:12] Welcome to Black Entrepreneur Blueprint, the number one podcast and resource for Black entrepreneurs. I'm your host Jay Jones and Black Entrepreneur Blueprint was created specifically to educate and inspire Black entrepreneurs to launch, build and grow successful, sustainable businesses. Join us as we help build an economic power base in the worldwide Black community by building and supporting Black owned businesses.

[00:00:41] If you're currently an entrepreneur or want to be an entrepreneur, you're invited to join us each and every week here at Black Entrepreneur Blueprint. Welcome to the BEB family and get ready to elevate your entrepreneur IQ. Welcome to the Black Entrepreneur Blueprint, episode number 552.

[00:01:07] I'm your host Jay Jones and today we have another outstanding and informative show in store for you. Today's show topic is the truth about multiple streams of income. The truth about multiple streams of income. All you guys ever hear about from entrepreneurs and gurus is the term multiple streams of income. But how realistic is that and how do you really create those terms? So today I'm going to break down the truth about multiple streams of income and I'm going to

[00:01:37] show you how to systematically create them. Excuse me. Now before we get to today's show content, I just want to share a few things with the Black Entrepreneur Blueprint family. First and foremost, I want to welcome all first-time listeners to Black Entrepreneur Blueprint. Welcome to the BEB family. Please stick around until the end of today's broadcast and I'm going to share all my social media contact information and resource links such as the link to the new revised website

[00:02:08] BlackEntrepreneurBlueprint.com. Now please guys, utilize the site. We spent a lot of time and money on rebuilding it. So when you go to the site, hit the learn tab. There'll be a drop down. And on that drop down, there'll be different topics that you can get free information and content on such as scaling your business, strategy and mindset, e-commerce, everything you need to help elevate your entrepreneur IQ.

[00:02:33] Also, for your first-time listeners, we drop a new episode every Monday morning, 5 a.m. Eastern Standard Time on all your major podcast platforms and YouTube. So wherever you're watching this or listening to it, make sure you hit that subscribe button so you'll be alerted when the new episodes drop. All right, guys, let's get ready for today's show content. The truth about multiple streams of income. Guys, we hear this term everywhere.

[00:03:03] And there's been a plethora of gurus and fraudsters out here basically just scamming the public with all types of different get-rich-quick schemes and things of that nature. But this concept of multiple streams of income is nothing new, but we want to put it in context. And today what I want to do, I want to talk about myth versus reality and some practical income streams

[00:03:28] that we can work off of and some systematic creation of those income streams. So let's talk about multiple income streams. And one of the issues that I have with people that are always pushing this is that they need to be realistic about the income streams. So as a serial entrepreneur for 25 plus years and a business coach for over 20 years, guys,

[00:03:56] I've seen it personally and I work with entrepreneurs who are all over the place. They're scatterbrained in terms of having entrepreneur ADD as I call it. And I have it sometimes too, but I learn how to focus. So one of the things is that one of the myths is that multiple streams of income is great. And yeah, it can be, but if it's done correctly.

[00:04:23] So one of the issues that entrepreneurs have, they try to create too many multiple streams of income before they have one income stream that is consistent. And that's one of the biggest issues that I see with entrepreneurs. They always want to, oh, let me do this. Let me do that. I want to get this, that, and the other thing. And the bottom line is this. You haven't even created one consistent income stream yet. And you're trying to jump to other things.

[00:04:51] Now, excuse me, guys, I have a cold here. But now if you're multiple streams of income is a job, which you're going to get paid for. You have a side hustle. That's another stream of income. If you have investment properties, that's another stream of income. That's something totally different. But as an entrepreneur, when you're trying to create all of these income streams, you need to make sure that you have a primary income stream first.

[00:05:18] Because if you don't have a primary income stream first, guess what? You're going to be in trouble. And that's what I see with a lot of coaching clients that I've had over the years. They're too busy, ready to jump on a new shiny object. And they're making $50 a week on their regular business. And now they're trying to jump over and start another income stream. So sometimes you need to pivot and really focus on one main income stream.

[00:05:47] Now, excuse me, another thing that entrepreneurs really need to focus on is they need to focus on staying focused. All right. Focus on staying focused. Because that's one of the biggest things that gets people off their spot. Because you're looking over here, you're looking over there. And everything you see, you know, is the grass is always greener, as they say. So you're looking at a business opportunity.

[00:06:13] You're looking at something else that's really not in your wheelhouse. And we'll talk about how you can create multiple streams of income from the same business just by changing a few things. And it's so funny because earlier today, one of my best friends called me. And he's back in corporate America. And he's looking to get out. And he's always been in love with the automobile business. And right now he's in the mobility space where he's selling conversion vans

[00:06:43] that have been converted for handicapped people, those mobility chairs, things of that nature. And so he was telling me that his business, the owner of the business has been having problems. They're cutting down a lot of their resources. They're not getting any leads. And it sounds like that business or that owner is about to go out of business. So he was asking me about the mortgage business. Now, previously, he was one of my partners in the mortgage business.

[00:07:13] And he couldn't stand the mortgage business after we got out of it the first time. Trust me, I understand we had, you know, the business crashed in 2008, along with the whole country in the finance industry. And so we lost that business in 2008. And he hasn't been back in it since. But since I've gotten back into the business, the mortgage business, and been pretty successful, he asked me today, man, you making any money in the business? I'm like, yeah, I'm making money in the business.

[00:07:43] But it's something that I don't mind doing. You know, I've set up systems to help generate leads where I'm not out here cold calling, knocking on doors and things of that nature. And I told him, I said, man, stop chasing the paper, man. Focus on a business or something that gives you fulfillment. You know, don't just switch to this business because now it looks like the company you're working for is about to go out of business.

[00:08:11] I say, by the time you get licensed and go through all the testing, it'll be two or three months. And why do you even want to do that when that's really not the space you want to be in? I did an episode probably about two years ago about climbing the wrong mountain. So when you put all your energy and effort into being successful in something, whatever endeavor it is as an entrepreneur, you want to make sure that when you climb that mountain,

[00:08:38] the treasure on the top of that mountain is what you want. If you climb that mountain and exhaust all your resources and your energy and you get up to the top and the treasure in that treasure chest isn't what you wanted, you've just wasted your time. So focus on what is innate in you. And I have the course, Pinpoint and Monetize Your Genius. So and your genius is the intersection between your passion and your talent.

[00:09:06] The problem is most people don't know how to monetize that. So I told him, I said, bro, I said, stop chasing the paper. You've always been interested in cars. You used to be in a car business, dealership business. I said, why don't you create something? Number one, that is in that space. I said, or even better. I said, how about the space that you're currently in? I said, you just told me that your manager stopped paying for lead generation.

[00:09:35] I said, so why don't you create a lead generation company in the mobility space and sell leads to your company and other companies around in that space, in that vertical? I said, everybody needs leads. I said, your company may not want to pay for them because they look like they're going out of business. But every company that wants to grow and scale needs to have lead generation.

[00:10:01] Now, I know I got off the track a little bit, but I'm talking about multiple streams of income and staying focused and doing something that is kind of innate for you, something that's natural for you. So that's one of the biggest issues that I see right now in terms of people that are looking at too many different options as opposed to being focused. Let's talk about some practical income streams. And I'm going to give you guys some real life examples in a minute.

[00:10:31] But let's talk about some practical income streams. So once again, your job is an income stream. So you can have a full-time job or part-time job and you can have your business. That's two practical income streams. You can do investments. So if you're in the stock market, you're in the real estate space where you have rental properties or Airbnb property, short-term rentals. These are things that give multiple streams of income.

[00:11:00] They're not interconnected. But if you really know how to position yourself, you can make money, multiple streams of income in the same business or the same vertical. So for example, when we had our mortgage business back in the early 2000s before it crashed, one of the things that we were getting ready to pull the trigger on, and thank goodness

[00:11:26] we didn't, right before the crash, we were about to buy a Remax real estate franchise. So I was already in the mortgage space. I'm in that vertical already. I'm dealing with realtors all the time. Why not create an additional income stream by now having our own real estate brokerage firm where we have the opportunity to do the mortgages on the properties that we sell and that we buy. It just makes sense.

[00:11:55] Another income stream we had in that business was a credit repair business. And this was a direct spinoff of the mortgage business. We used to have customers that had some credit challenges and we used to farm those out or send those out to an outside credit reporting agency. The guy that was doing it got kind of funny, was taking people's money, wasn't really helping them. So I've been doing this for 20 plus years, so I know how to help people fix their credit.

[00:12:24] And so I started doing it just to help people get approved for mortgages. And it got so bad that we ended up hiring a couple of people inside our mortgage office to start a credit repair company that worked independently, but synergistically with our own mortgage company. So we had other mortgage companies sending over prospective clients. We were getting clients from car dealers, all kinds of different places.

[00:12:53] So that business was an additional stream of income that came off of the main business that we had. So that's a very simple and easy way to generate multiple streams of income. Now you can run into problems, right? Just like with the real estate, uh, Remax real estate and the mortgage company, same vertical when loans get shut down, houses don't sell.

[00:13:19] So you're still going to be hit by whatever happens in that marketplace. Now with the credit repair, that was totally different because even though people weren't buying houses at the time, people were still buying automobiles. So we did have an outlet there. Um, another thing that we pivoted to, uh, and we had another stream of income was called loan modifications.

[00:13:43] So when that crash hit in 08 and people weren't able to pay their mortgages because there were a lot of, uh, what they call option arm mortgages that ended up ballooning up in monthly payments. A lot of people couldn't pay for them. So they would get behind on their mortgages and they were in the process of becoming defaulted and they may get foreclosed on. So we saw an opportunity where we're able to work directly with the lenders since we

[00:14:13] had relationships with them and we put together loan modification packages for some of the borrowers or not some for a lot of borrowers who were, uh, upside down in their mortgage, who were behind on their mortgage and were facing foreclosure. So we were able to monetize that way and create another, uh, stream of income. So it's very feasible and possible to create multiple streams of income.

[00:14:39] You just need to make sure that you have one solid income stream first. That is, is something that you can depend on that. You're not actually, you know, taken away from this income stream to try to start another income stream. And that's one of the biggest issues I've seen, uh, as a business coach, you, you making $25 a month on this income stream. And now you're trying to start another one. You can't do that.

[00:15:06] So some of the practical income streams are once again, your job, digital products, consulting investments, be it real estate, uh, yeah, be it, uh, securities, you know, stocks, bonds, mutual funds, things of that nature, gold, silver, all of that stuff with some practical income streams. Um, one of the things is you want to, uh, you want to be able to emphasize scalability

[00:15:32] and sustainability over quick wins. So sometimes we see low hanging fruit and we'll jump out and we'll do a business or some project and we'll grab that low hanging fruit. And that's great. But what you want to focus on is scalability and sustainability. So when you have scalability, that means you're allowed or you, you, you have the opportunity to grow and scale that business, which is going to generate more income.

[00:16:00] And then when you have sustainability, it means that you're going to be able to sustain this business, you know, through multiple, uh, you know, whatever the economy looks like. So I always talk about building a successful, sustainable business. You can rock and roll for two years straight. Like when, um, before the mortgage crash, I know realtors that could barely sell a house

[00:16:24] were making three, $400,000 a year because mortgages was so easy to get and people were buying houses that they truly couldn't afford. Now, when that crash hit and then they had to get back to work and become a quote unquote real realtor, not just answering phone calls, they couldn't do anything. So you have to have sustainability when you talk about multiple streams of income. Excuse me, guys, bear with me a little bit. I have a cold today.

[00:16:55] Um, let's talk about, um, systematic creation of multiple streams of income. So what I see a lot of people doing is they'll, they'll jump from, you know, business to business or opportunity to opportunity without truly testing the opportunity to see if it's really viable. You know, I always talk about how do you test a business? It's a, or business idea.

[00:17:23] It's not by doing a focus group, which you can do, you know, they'll give you some feedback. It's not by talking to your family. Cause they're going to tell you they love whatever you're doing, but they'll never buy it. The true way to see if a business is viable, if somebody goes in the hip pocket national and that's your hip pocket, that's taking money out of somebody's pocket for them to spend on your product or service. So that's how you, you validate your ideas and launch income streams methodically.

[00:17:53] So I've told this story before on, on a couple of different episodes throughout the 10 plus years that I've been on. But the way you test something, uh, is you want to test something with a minimum viable product. That's not going to break the bank and it's not going to, you know, drain, uh, drain your resources. So years ago I sold a supplement, which was a nootropic and this supplement, uh, basically it's like focus factor.

[00:18:20] It, it had some caffeine in it, which now we know is bad, but this was years ago and would help you focus and be able to concentrate. So what I did was I found a manufacturer for the product. Uh, I took the product myself and I gave the product to a couple other people that I could trust. And before I started selling, I said, yo, let's, let's make sure this stuff is legit. It's real. And it works.

[00:18:46] So about four or five weeks later, I convened with everybody and they're like, yeah, it actually does work on more alert, but bah, bah, bah. I can stay up longer, all that good stuff. So I said, okay. Okay. So the manufacturer, I was private labeling this, and that means putting your label on some manufacturer's product. Okay. So you go into Walmart, you'll see Eggo waffles and you'll also see the Walmart brand great value waffles.

[00:19:14] Same manufacturer is just that the Eggo manufacturer manufactures for great value. All right. Which is Walmart. So, excuse me. So what I did was I got the pricing, uh, for the bottles. The bottles cost me for a month supply of the new tropic. It was about $4. Okay. And I was selling it for 29 95 per month on a monthly recurring billing, uh, plan.

[00:19:42] So what I did was I said, okay, how long will it take you to send me a hundred bottles if I need to place the order? Now I took a sample order of about 10 to 15 bottles. And what I did was before I bought, you know, a hundred, 300, 500 bottles of that label with my own, uh, with my own label on it, sitting in my garage or the basement for the next 20 years, I said, let me get proof of concept.

[00:20:10] So I took a, uh, I got a graphic artist who did a, it's not even a, uh, a picture. He created a drawing of the actual new tropic, the bottle. I put it on a landing page. I drove traffic there. And I said, if I sell 25 bottles within the first 10 or 15 days, I think it was first 10 days. Then what I'll do is I'll call the manufacturer.

[00:20:37] Hey, I need a hundred bottles of the new tropic with my label on it. Get that out to me. Now, previously they told me they could have the product out to me with my labels on in about three to four days. So I went and I started testing these ads on Facebook and people started buying. I said, Oh man. And the beauty of it was that I, it was the, the product was free and I did a, all you pay is shipping.

[00:21:05] So the product cost me about, by the time I got it shipped about $5 and I was charging, uh, six 50 free bottle, first bottle free. And all you pay for a shipping 30 days after I sent that out to you, you would get billed $29.95 until you declined or stopped the monthly recurring revenue. So I was a little bit in the hole at first, but when I started selling those 25 bottles, I called the manufacturer.

[00:21:34] I'm like, yo, I need a hundred bottles. He sent them to me. I sent them out to my customers and it was going great. I was, I was averaging at the height, probably close to about 800 to a thousand bottles at 29 95. And it costs me $5. So I'm making, you know, $24 a bottle minus marketing costs. I think I was down to about 18, $19 a bottle, which wasn't bad.

[00:22:04] And it was on a monthly recurring revenue plan. So if I got the customer once, they were going to keep billing until they stopped. Now the average life cycle, uh, I think was about six to seven months, but unfortunately that manufacturer went out of business and I wasn't able to find a suitable product that replaced it. Everything I tried didn't seem to work as well.

[00:22:30] And I didn't want to sell any crazy products, but that's a way how you can systematically validate your ideas without spending a lot of money. Subsequent to that, uh, one of my other buddies who wanted to start a, uh, a physical products business with me and it was, um, a razor company, right? And so with that razor company, I was telling them, I said, man, we don't need to buy 5,000 razors.

[00:23:00] We just need to buy a hundred of them, test them out. We're not trying to make profit on them. We want to see if they're going to sell. He was like, nah, man, we got it. We got it. We get a better price on it. I said, I know that. I know if you buy in volume, I'm the entrepreneur here. You've been working for corporate your whole life. So I said, when the whole key is bro validation. So he was like, man, well, I want to buy them. I said, well, you go ahead and you do that. You know, you're on your own.

[00:23:29] If you need any help, I'll help you. I said, but you're making a mistake. So he goes and buys like 5,000 of these razors, tries to move them on Amazon and, and, and other places. And he's probably still got them in his garage. Now this was damn near 15 years ago. And he never moved them because he didn't get validation. Now it's not that the razors weren't good, but if you don't know how to market and position those products or services, you're not going to move.

[00:23:59] And today guys, what we're talking about is the truth about multiple streams of income. So we talked about a little myth versus reality, some practical income streams and systematic creation to validate your ideas, identify opportunities and launch your income streams methodically. You know, so this is, this is how you do it one at a time.

[00:24:25] And if you're smart, you'll parlay your main business or a business and then develop an additional income stream from something that you're already doing. Not saying that you can't be successful going and doing a business that's entirely different. But if you have that synergy with something, why not make additional income with it? Here's another real life example that I did, uh, years ago.

[00:24:51] I had an alarms, uh, dealership, an ADT dealership. So I had two offices, one in South Jersey and Cherry Hill, New Jersey, and one in Philly. And so, you know, we were rocking and rolling them opening offices. And the way you had to market back then before the internet was you either had to be on the radio, television, newspaper, uh, or those flyers like money mailer and stuff like that.

[00:25:17] And they were super expensive, especially for, for small and startup businesses. So what I did was I created my own mailer. Okay. Several of them actually. And one of them was called heritage direct where I was mailing out to, uh, nationally to high income black neighborhoods, but I'll get to that on another time. So anyway, I said, man, I'm spending money sending out these mailers and money mailer

[00:25:45] to the houses in, in, in the area around my ADT dealership. And I'm spending all this money and I'm like, I could kind of do this myself. So I said, okay, let me go through the money mailer and let me call some companies that advertised the money mailer, give them a lower price for my new mailer and be able to piggyback on top of that. So what happened was I was making money by being the producer of the mailing piece.

[00:26:15] So I had all the coupons and everything printed and stuffed in the envelopes. You know, they companies that that's at that time, that's all they did. They work for companies like money mailer. So I created that. I had about the first run. I had about 17 or 18 companies in there paying me about three, $400 a piece. And then all I did, I threw my stuff in there and it was free. It didn't cost me anything. I was getting paid to advertise my business.

[00:26:45] Okay. So in addition to generating revenues from selling alarm systems with ADT, I took the synergies of that business and I created another income stream by now generating revenues, but from other businesses that wanted to jump into my, my mail or my money mailer for lack of a better term. And it was so good doing it in locally in Philly.

[00:27:11] I created a, a program called heritage direct and heritage direct had, they were yellow envelopes and we mailed to all your major, uh, the top 10, uh, major cities in the U S Philly, New York, Chicago, LA, uh, Detroit, you know, whatever, San Diego, whatever the top 10 were at the time. And we mailed these to a fluent African American neighborhoods.

[00:27:37] We mailed a hundred thousand pieces to each location. And in that I had advertisers like direct TV. I had national advertisers for hair care, all types of stuff. And I was making a whole lot of money back then. Once again, taking the concept that I already had experience with, not necessarily doing anything crazy or real new, but expanding it to go to a national reach.

[00:28:05] So I started out with Philly and New York and DC at first, and then I started expanding out South and also out to West. I think Miami was in there. Uh, it's been a while now, but, uh, that's how you can, you can monetize guys and create multiple streams of income by using whatever you're currently doing or doing what you're doing and then being able to branch off synergistically with it.

[00:28:31] So before we get to the last segment of the show, guys, before I forget, let me just share all my social media contact information and resource links. Everything I'm about to tell you is on the website, black entrepreneur blueprint.com. Make sure you go to the website, hit the learn tab and check out all the resources we have to help you elevate your entrepreneur IQ free resources, workshops, articles, podcasts, interviews,

[00:28:59] uh, webinars, everything you need to elevate your entrepreneur IQ. Now people reach out to me all the time and I, I try to answer as many as I can, but if it's anything long family, hit me on my email, jjones at black entrepreneur blueprint.com. That's J A Y J O N E S at black entrepreneur blueprint.com. Facebook, black entrepreneur blueprint Instagram. I have two IG accounts.

[00:29:25] The first one is Jay Jones for real J A Y J O N E S the number four R E A L. Second one is black entrepreneur blueprint Twitter or X as they call it. Now you can hit me at Jay Jones zero zero one J A Y J O N E S zero zero one. Uh, LinkedIn connect with me there. Go to LinkedIn, type in Jay Jones, black entrepreneur blueprint, connect with me there.

[00:29:52] Also YouTube, make sure guys, you go to YouTube and hit the, uh, to subscribe button, go to YouTube, type in black entrepreneur blueprint, hit that subscribe button. We have additional content on YouTube that we do not have on the other or regular podcast. So we drop, as I said earlier, every Monday morning, 5 AM on all your major podcast platforms and YouTube. So wherever you're listening to this or watching it, make sure you subscribe and please do me

[00:30:22] a favor. Share the link. If you enjoy the content that, that I've been rocking and getting down with over 10 years, 550 plus episodes. Uh, you know, this is something that I do that's in my wheelhouse. Uh, at speaking of that multiple streams of income come from the podcast. I have advertisers, um, my programs, my online courses, my books, e-commerce, the whole ecosystem

[00:30:50] is basically a flywheel, which generates income. Now I have outside businesses. I have a hot sauce company. I have several product brands, physical product brands that I don't really advertise much on the show, but out of the, uh, black entrepreneur blueprint ecosystem that probably makes up about 35% of my overall, uh, revenues and income each year.

[00:31:15] But everything starts off from the podcast, the e-commerce, uh, products, the, the online courses, everything that's additional income, multiple streams of income. Coming from the one vehicle. And that's what we're talking about. So to me, you don't have to follow what I'm following, but to me, it makes sense. If you find something that's synergistic to what you're already doing.

[00:31:40] Just like the example, I was telling my buddy who's, uh, his, uh, company seems to be getting ready to go out of business. Stop trying to get into the mortgage business or do something else. If you're already in that mobility business, you know, you know, the business upside down in and out, left and right, you know, companies need leads, generate leads and sell the leads. You're already in the space.

[00:32:05] And while you're still there working, you know, don't steal the resources, but look around and, and see who the other players are, your competitors. And they could be some of your first customers. Once your business gets shut down or you get laid off or whatever. So stick to something guys that is either innate with you or synergistic to what you're already doing. I'm not saying dismiss low hanging fruit. You know, I've done that before.

[00:32:33] I've seen opportunities where I went out there, didn't give a damn about the business or whatever. I was just grabbing paper, right? Been there, done that. And it comes to a certain point guys, that you'll understand when you're just chasing the paper, the reason that you're not as successful is because there's no purpose or passion behind it. So when it going gets tough and you're not able to get that paper, what are you going to do?

[00:32:58] You're going to walk away and you're going to leave as opposed to something that you're passionate about, something that fulfills you. Then you're going to stick with it because you're doing it for a higher, you know, a higher purpose. It's not just for the paper. So my suggestion or recommendation to you is try to find something synergistic, something that you have an experience with, even if you have a job, right? And that's one of your income streams.

[00:33:26] And that job is in a specific industry. You may be able to parlay your knowledge and know-how from that job into another income stream, right? So there's people that do that all the time. You know, a matter of fact, there's, I know a young brother who was a teacher. He was a math teacher and he parlayed his knowledge and expertise as a teacher. And he started his own tutoring school and is doing very well right now. He started it on the side.

[00:33:56] So he's taking something that he knows and he's leveraging that, still getting his money from the school district. And he's making additional income by using or teaching what he knows. Let me, let me just tell you guys this. If you haven't been a listener to the show for a long period of time, one of the tenants is that you have to understand there's only six things, types of things that you can sell only six.

[00:34:23] So this will help kind of narrow down what you might possibly want to do. Your physical products, your digital products, and your services. Somebody else's physical products, somebody else's digital products, and somebody else's services. There's only six types of things you can sell. So when you're looking to diversify and create multiple streams of income, those are the only six types of things you can sell.

[00:34:52] One of the easiest ways to create multiple streams of income. If you have an email database and say you're a CPA or whatever, I'm just making this up off the fly. Say you're a CPA and you become an affiliate for QuickBooks, right? Say you work with businesses or whatever, and you do taxes, tax preparation for businesses

[00:35:18] and your clients keeping their notes and stuff in a shoebox. All their papers are all over the place. Hey man, you know, why don't you use QuickBooks for your business? It'll help me and it also help you to understand where your money is going. So he buys the QuickBooks with the affiliate link and now that CPA is making additional income.

[00:35:42] One of the easiest ways guys to make additional income is with your email database. And if you don't have an email database, then you don't know what you're doing in business. You have to have a database. The money is in the data. And once you have an email database, it's as simple as putting a link to an affiliate product or maybe an additional product that you have to help generate multiple streams of income.

[00:36:12] Okay. So if you are a fitness coach and you teach fitness and physical classes and online, you're a personal trainer or whatever. And this is another real life story. I had a buddy of mine who was a personal trainer. I used to go work out with him on the weekends and he'd have these classes. And he was telling me about this multi-level marketing company that was selling this green.

[00:36:40] It's not athletic greens, but some athletic juice or whatever, some athletic greens type of product. And the product was nasty as hell. And I said, well, man, I said, how much do you make from that? And he was like, well, it's $49 per bottle and I make $15 off of that. I said, okay. So I said, he gave me one of them. I tried it. It was nasty as hell. But what I did was I looked at who it was marketed by. I found a manufacturer.

[00:37:10] And this is the crazy thing when I talk about private label. So the multi-level marketing company wasn't manufacturing it, which most companies don't manufacture their own products. And I told him, I said, yo, bruh, I found the manufacturer of this product. And if you buy the product and put your own label on it, it's going to cost you like $6. I said, you're selling the product now for $49 and you're making 15.

[00:37:38] I said, just imagine if you have the $6 product, the same exact product under your brand, you know, ABC fitness company, whatever you want to call it. And you sell it to your customer base at $49. You're making $43 versus $15. You're making 300% more damn near than what you were doing, you know, selling for this other company. And he never did it.

[00:38:06] And I'm saying to myself, that's how you use something synergistic that you already have these clients. All he had to literally do was when he emailed his clients, put a link on the bottom, you know, do a little blurb. Hey, I've got a new green energy drink product or whatever it was. I want you to try it out. Here you go.

[00:38:29] You got a thousand people on your list and just say what, 10% of the people, I'll even say 5% of the people buy it. That's 50 people that paid you $50 that month. So that's $2,500. I mean, yeah, $2,500. So extra income. These are the things, guys, that you have to look at and be cognizant of when you're an entrepreneur and when they talk about multiple streams of income.

[00:38:57] So don't get, you know, off track by doing something that really doesn't make sense for you to do. None of that okie-dokie stuff. Also, you got to understand and recognize, like my mom always said, is remember the source. Remember the source of the information. What's in it for that person? Are they credible?

[00:39:23] Have you known anybody else that dealt with that person or that business or whatever? And you need to be careful because there's a lot of shysters and gurus out there. And on a lot of these platforms, you know, I did a show about this. I don't bring anybody on this platform that I haven't vetted. You know what I mean? So I don't want to bring cats on here that are going to, you know, sell bad products, you know, do things that aren't conducive for the BEB audience, the BEB family.

[00:39:53] So I have to protect my property and I have to protect my audience. I have to protect my BEB family by vetting people that come on. So you guys, you can't believe I literally get probably about 10 to 15 requests a day to come on to the podcast. A day. And, you know, a week I have 70, 75 requests. Half of the cats, I have some people vet them.

[00:40:20] You know, I had all kind of cats over here selling all kind of BS that I wasn't going to put on the platform. And some of it actually didn't even coincide with the podcast. And that's one thing I didn't like. If you never listen to the podcast, don't send me some cat that isn't black to be on the podcast talking about some other stuff.

[00:40:45] Have the decency, the common decency to listen to the podcast, see what it's about. Oh, does this possible guess make sense? But I get people sending me stuff all the time. And I'm like, nah, man, we're not doing that. So I didn't mean to go on that this long. But I just wanted to let you guys know the truth about the multiple streams of income. It is possible. It's doable. Do it systematically.

[00:41:13] Don't get caught up with the flashing bubs over here, the new shiny objects over there. Stay focused. Do something that you have some experience in. Or do something that's synergistic to what you're currently doing. And the biggest takeaway, guys, is make sure that you have one consistent, sustainable income stream before you even think about bringing in another income stream.

[00:41:40] Now, I say this each and every week, family. We get more and more downloads because of you, the BEB family. I appreciate you guys so much. Please continue to spread the word about the podcast, the blog, the ecosystem, the whole online courses, the books. Everything designed to help you elevate your entrepreneur IQ. Remember, it's not about me. It's not about you. It's about us.

[00:42:04] It's about building an economic power base in the worldwide black community by building and supporting black owned businesses. Love you guys. See you same time next week. Peace. Peace. Thank you.