Having multiple revenue streams is essential for several reasons: 1. Risk Mitigation: Relying on a single source of income is risky. If that revenue stream dries up, the business could face severe financial difficulties. Multiple streams provide a safety net. 2. Increased Revenue: Different revenue streams can complement each other, leading to overall higher income. 3. Market Expansion: Different products or services can attract different customer segments, aiding in market expansion. 4. Innovation: Diversifying revenue streams often requires creativity and innovation, keeping the business dynamic and competitive.