I certainly believe that we need multiple streams of income but how we go about this process is key. I have watched people, with money, make the mistake of trying to start too many streams of income at once. Simply throwing seed everywhere and when something, anything came up, they abandoned what they were working on or what they had promised to others to work on to grab onto this little reflection of income. Many of them see someone else making money in their fields and try to get into that field. Many label this as being diverse yet when it comes time to pay the bills from the first business many cannot pay the bills or their people.
Yes, I have watched people that make over $50k a month avoid paying bills because they cannot account for costs and expenses. Many of them are juggling money to pay the smallest of expenses. Many also try to get free labor because they feel it is all right for people to do things for them for free. If you follow these practices you will not be able to grow your business. Pick one field that you know you are talented and gifted at doing. I like to reference the parable of the talents Matthew 25:15-29 KJV or Deuteronomy 8:18 NIV.
Next, decided on the services or products you can afford to offer. Business owners have a cost because we do not earn money without investment. The investment consists of time or money and in most cases both. Many think someone that is earning money in a field they have cultivated for years just earned money the next day but a real business owner knows it takes time, work, and money to earn a profit. Profit is different from sales. We need to know what our bottom line is in business. What will it cost to offer that service and what do you need to charge to cover the cost per job? How many sales and how much do you need to earn in sales do you need to receive to cover the cost of doing business and to earn a profit? Avoid the pitfall of seeing money come in without having a grasp on spending. When starting a new venture you will need to know or at the very least estimate the cost.