As you may recall, last week, I wrote about the importance of not keeping all your eggs in one basket or — rather, why you don’t want to depend on one business (model or product!), or one marketplace as the sole source of all your income. This week, I thought that I would follow that up by talking about why you need to diversify those eggs, or rather how you can create multiple streams of income.
Creating multiple streams of income provides you with two things. First, it gives you the ability to create or increase your profits faster, and second, it gives you the benefit of added security. This means, that if the profits dry up in one area of your online business, you still have another stream of income that you can draw from.
The thing that I really love about multiple streams of income is that it really doesn’t matter what type of business model you’re involved in, you can still create them.
Here’s some ideas to help you get started:
Sell your products in multiple marketplaces. This is one of my favorites. It use to be that most sellers either sold on Amazon, or they sold on eBay, but few sold on both. Now, a lot of sellers choose to list their items on both of these websites and other marketplaces such as Bonanza and Etsy as well. This not only helps you reach out to more potential customers for your products, but if something goes wrong with one marketplace (your account is suspended or the company decides to hold your funds for a while), you still have other marketplaces where you can continue to sell.
Join an affiliate program or create your own. Affiliate programs are great for two reasons. If you create your own, you can reach more potential buyers for your products and you are basically getting other people to help you sell your product. If you join an affiliate program, you are given a unique link that you place on your blog or website. Every time someone clicks on the link and buys the product, you make a little income. This is a great way to have a small trickle of money floating in each month and it can really add up.
Create an e-book. This is one of my newer interests and one I am truly fascinated with. Are you passionate about a particular subject, or have knowledge about something that makes you an expert? If so, write an e-book! The thing I really like about e-books is that you can publish them on Kindle Direct Publishing (KDP), and from that moment on, you never have to do another thing with it (if you don’t want to). Every time someone buys it, you’ll receive a little money, and unless you remove the e-book from the system, it will always be out there. This is called passive income, and while it may only be a few dollars here and there, once the e-book is complete, you never have to do another thing with it. (You SHOULD, but that’s something we’ll talk about one day in another blog post…)
Internet Marketing. First off, we’re talking about the traditional form here. After all, if you market any type of product on the Internet, you’re an Internet Marketer. Don’t forget that.
Creating a product and selling it on your own website, it still one of the most proven ways to make money on the Internet. Some of the rules have changed since Google switched up their algorithms with Panda, Penguin, and Hummingbird, but for those willing to do the research, it is still a viable option for making money.
So, tell me — what are your favorite ways to create multiple streams of income? Leave me a comment below.
~Until next time