Rack your brains! Read! Network with others! Research! Ask for help! Please use this time wisely to start the process of building another income stream.⠀
Due to the recent outbreak from Covid19. The world has changed. Like it, don't like it, agree with me, disagree with me, it has.
Whilst investigations are ongoing to look into the actual cause of the outbreak, the damage is easily viewed across the world both financially and culturally, which has not been helped by the inaccurate media scaremongering.
“The world has changed. Like it, don't like it, agree with me, disagree with me, it has.”
Focusing on the UK, it has shown how exposed the majority of workers are in the UK when relying solely on one income. Whilst some have taken reduced pay, some furloughed and some losing their jobs altogether it is certainly scary times, not to mention the virus itself. We have been hit in some areas of our portfolio but still count ourselves lucky as we know this will all be recovered.
Property
I created Clarke and Clarke Properties to support our property portfolio growth within the UK. Having flipped properties, purchased buy to lets in my own name, purchased a property at auction and converted into a 6 Bedroom HMO in Leeds with no prior property training from the age of 23. I decided this side hustle, needed to be my full time hustle. To go far and reduce the amount of mistakes I was making, I needed education, no more stabbing in the dark!
I decided to spend a small fortunate on several property education trainings which gave me a heart attack at the time but looking back was worth it's weight in gold as it gave me the kick up the arse I needed.
If I started in property today I don't believe I would have had to pay a small fortune as the property education market has changed and there is so much free and useful content out there with lots of lovely people willing to help.
Fast forward 4 years with Clarke and Clarke Properties and we have built a multi-million pound portfolio with the help of our loyal investors and I am very happy with the direction the company is going. I have an eagle eyed plan and have built an amazing power team to help my business get there.
Have I made mistakes? Course I have. Has it been hard? Course it has. Have I been ripped off? Course I have.
Will I ever be ripped off again? Hell no!
Mistakes need to be made in order to grow. It is difficult to describe them as mistakes, as they are only mistakes if you do not learn from them.
Know your business, know you goals and most importantly, know you stress levels. It is easy to run away with yourself and be too busy to actually enjoy your personal life. I have little ones at home who I want to watch grow up which has shaped my strategy and business. I know how many projects I can juggle at a time. Could I run 20 projects at the same time? Yes. Do I want to? No.
Multiple Income Streams
So, back to the title of this post, multiple income streams.
When we first opened the company we had laser vision property. Everything was property. Property, property, property. This was fantastic and it helped us get to where we needed to be but we did evaluate after year 2 and felt financially exposed. We began investing our funds into a private hedge-fund recommended and used by a very trusted business partner who'd been involved for 4 years prior.
After successfully running our own funds for 12 months we extended this opportunity to close friends, family and selected investors.
Property is our main focus. The profits from the hedge fund has enabled me to have another stream of income for my sister business. I am using this income to reinvest in other businesses, some stored away for a rainy day and to also fund our own property purchases along side investor aided purchases.
As of the 3rd quarter next year I will be looking to buy into up and running businesses and also willing to look at new start up companies.
Although we've all been thrown a huge curve ball this year, please use this time to starting planning your next income stream. If I or my team can help you in any way, drop me a message and let's have a chat.
Special shout to anyone who's been affected by Covid19.
Catch you soon!
Daniel
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