Internet income while extremely rewarding when it starts to flow should never be your only source of revenue. We’ve all heard the term “multiple streams of income” but how exactly do you go about turning those magic taps on, and just where will the money actually flow from?
Building any business takes work!
It’s important to realize from the outset that while making money online is fun and exciting, it’s also a fair bit of work. Building an online business takes just as much effort as building a physical one, though I will admit there are way more tools and resources you can use to leverage yourself online and if you can master a handful of those tools, you’ll have a much easier time of it.
Internet Riches $$$
Too often people flock to the promise of internet riches, and then bounce around from idea to idea, consuming much, but creating little. If you’re going to make money online, you’re going to have to add value to people’s lives and be willing to charge them for that value.
“Remember money is nothing but a representation, a means to measure the exchange of value between people.” Tony Robbins
Focus all on conquering that first revenue source, then the second.
You should focus your time and resources into building up your first primary source of revenue for your business, whether that will be selling a product, or service, or perhaps promoting someone else’s using the affiliate marketing strategy popular online.
Whichever you choose focus on that first client, or customer and over deliver on value to the point where that client will have no choice but to share the incredible deal he’s managed to get for his/herself. Word of mouth advertising is considered one of the strongest forms of referral marketing you can manage for your business.
How much is enough?
Determine right from the beginning what amount you’ll be satisfied with where this income stream is considered (remember, you’ll have several when you’re finished) and apply 100% of your efforts towards achieving that goal. You may want to set aside a certain percentage of profits towards your next revenue stream you’ll be conquering once you’ve gotten this first one established.
Setting aside a war fund
Once you’re happy with the flow from your first primary stream, you’ll be taking that 10% or so you were setting aside and adding it to your 100% of effort that you’ll now be using to focus on taking over the next stream. You can choose another primary one, or perhaps add a secondary to the first.
Quite often a lot of time and money is spent on driving traffic to your site in order to sell enough products that you’ll be able to add a secondary simply by leveraging that traffic and offering a complimentary side item. For some that might be advertising a complementary company (preferably one that doesn’t compete directly) to your readers, or adding in an affiliate product that ties in with your readership.
Building multiple streams of income isn’t difficult
Using this simple yet effective approach, it’s only a matter of time before you’ve got several income producing revenue streams coming into your business. It’s important however to keep a finger to the pulse of your business and monitor and measure the important metrics that make up your business so you’ll know if you need to spend time shoring up a previously built revenue streams.
Nothing lasts forever
Nothing is forever and the main reason you’re building multiple streams is because some will eventually dry up, or even die altogether. You should continuously be on the lookout for new opportunities to add to them, and to continue to innovate your own product/service lineup to add more value to your clients which will effectively increase your business market share.
Conquer one, move onto the next! Rinse and repeat!