Dear Fellow Renegade,
One of the key lessons I learned about entrepreneurship as a solopreneur the last few years is the value of MSIs.
I first heard the term, most probably, when I took Jordan Belfort’s sales training program for entrepreneurs and other sales-driven careers. The idea with MSIs is that as you grow your business, you don’t want to just rely on one source of income.
Think about it: if you’re a copywriter or a painter, do you want to just rely on that source of income when, as the coronavirus debacle showed us, your main income source can be threatened at any time?
If there’s a lesson of the last few years for solopreneurs and freelancers, it’s that you can’t count on “normal” or “normal times.” We’ve gotten all too associated with the real world of risk, and that global supply chains are as fickle as banana peels, blink and you slip!
So, if you have any chance at all to develop alternative sources of income as a solopreneur or freelancer, you should start doing it. And that’s the whole idea of MSIs.
MSIs stands, obviously, for multiple sources of income. Later on, I learned from Bob Proctor, the late great coach, that MSIs are responsible for just about any great fortune you’ll find in modern recorded history: the Vanderbilts, Carnegies, Musks, and Rick Rosses of the world all have developed strong MSIs.
As a freelancer or solopreneur, you likely have a lot of specialized knowledge that you can package up. Selling or licensing such intellectual property is an easy way into the exciting world of MSIs. Yet another way to do so would be to create software or tools that others can use to get the results you are responsible for in your normal line of trade.
As you develop new intellectual property assets, you will not only grow your income, but you open up the path to escape the Solopreneur Rat Race for good: stop trading time for money.
To your many MSIs!
The Renegade Billionaire Habits Coach
I help solopreneurs get MORE PROFITABLE in WAY LESS TIME, grow and scale their one man businesses into time independent 7-8 figure machines that make money even when you’re asleep. Learn how in my Renegade Solopreneur Profits Bootcamp.