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Creating Multiple Streams Of Income Online
Everybody knows the phrase, there are multiple ways to skin a cat, but not many entrepreneurs believe that there are multiple ways to earn an income. Robert Allen was probably the first person to coin the term, “multiple streams of income” and it is in fact a brilliant strategy to get rich and stay rich.
Creating multiple streams of income has become a reality for entrepreneurs all over the world because of the opportunities that the Internet has created and here are just some of the many ways to help you get started building your income portfolios.
1. Google AdSense
Google’s AdSense program is probably one of the easiest ways for anyone, even a complete newbies, to start building a passive stream of income. AdSense is a pay-per-click advertising network that pays you every time a visitor to your website clicks on an advertisement. Apart from placing a simple piece of code on your website that AdSense provides, the only other “real” work you have to do is create relevant content and drive traffic to your site.
2. Create An Online Directory
Online directories make great bait for search engine spiders because of its ability to create lots of content very quickly. You can place AdSense on your directory and watch your income grow, but an increasingly popular way of building a passive income with an online directory is by selling text links.
Selling text links is like selling advertising space except that instead of displaying banners, your directory displays links. You could offer a monthly, yearly, or even a permanent option to build this type of income.
If you don’t want to create a directory but you already have a website, you might consider creating a category where you place links to other websites for a fee. The higher the page rank of your website, the higher the fee you can demand.
3. Get Paid To Review Products
Another increasingly popular way of creating a new revenue stream is to become a paid blogger. You simply start a blog and get paid to review products, review someone else’s blog, or review just about anything an advertiser would want reviewed. Services like ReviewMe.com and PayPerPost.com caters to both bloggers and advertisers who are interested in this business model.
4. Create A Membership Site
If you have information that you think people would be keen to pay for, consider starting a membership site. Impose a low monthly subscription fee and offer information that is exclusive to this community. If you think your information is worth a higher subscription fee, then raise the price. Prospects will pay if they know the information is made exclusively for them.
5. Selling Domain Names
Buying and selling domain names is a great way to build your income fast if you know what you’re doing. There are folks making a full-time income doing this, but there is a learning curve required to achieve optimum results. There is money to be made in selling domain names so learn the trade if you’re interested.
6. Affiliate Marketing
Probably, the most popular business model for earning an income online, affiliate marketing is a really simple way of creating a new stream of income online on a very low budget. Affiliate marketing is about selling someone else’s product or service for a commission, without having to deal with customer payments and product deliveries on your end. Amazon.com is a perfect example of how affiliate marketing works and is definitely a great business model to get into.
If you already have a subscriber base, then consider selling them your expertise via a series of paid teleseminars. Offering paid teleseminars is a wonderful way of helping your customers and prospects learn more about your products or services. You can monetize your paid teleseminars even further by recording them and selling them in different audio formats, or even have them transcribed to be sold as eBooks.
8. Special Reports And eBooks
If you could record a teleseminar and sell it as an eBook, imagine what you could do with the rest of the intellectual property you own. People love consuming information, and packaging solutions to a problem in the form of special reports and eBooks is a revenue stream that can truly last you a lifetime.
9. Create A Tips Booklet
Very much like creating special reports, but a tips booklet can be shorter and more succinct. I mentioned people loved gaining access to exclusive information, but even more of them love reading a list of tips for quick solutions. David Letterman uses this to his advantage with his Top Ten List and it has now become a favorite segment of his show. You too can use this to your advantage by creating a booklet of “The Top 10 Ways To …” or variations of that to build yourself a nice stream of income.
Creating multiple streams of income isn’t rocket science and is very achievable. All it takes is a little ingenuity and lots of determination to succeed.
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