Have more than one source of income
Have more than one source of income
Owner: Dan Schawbel
Business type: Branding agency

In order to fund Millennial Branding,LLC, I created different revenue streams instead of relying on a single source of income.

These sources included having a subscription-based magazine, advertising on two blogs, a personal branding consulting agency, speaking engagements and events.

This gave me the cushion of $20,000 I needed to invest more in areas of the business that required more time and money to develop.

Business owners shouldn't rely on one funding channel because if it's not bringing in enough money, they will go out of business.

By Scott Gerber, contributing writer @CNNMoney - Last updated November 22 2011: 5:59 PM ET
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