A great way to make more money is to create multiple streams of income online.
It’s not just a question of dollars, though.
Earning money from multiple sources protects your income and can make life in the office more interesting.
Find out more about that and how you can set up multiple income streams.
There’s one mistake that new internet entrepreneurs often make — they don’t focus on one stream of income at a time.
They try to launch multiple sources of income right from the start.
Because they don’t have a good foundation, these streams never really take off.
Focus all your energy and attention on one stream first, like affiliate marketing.
Dig it deep enough so that it won’t run out easily. Also, have a bit of patience with it.
Don’t expect it to make you a millionaire overnight.
Once you establish your mainstream, the need to branch out and create multiple streams of income online will follow naturally.
The Benefits of Multiple Sources of Income
When you create multiple streams of income online, you not only make more money but you also enjoy a few other big benefits:
A more diverse business portfolio, which means better financial security. If earnings from one stream fluctuate, you can fall back on the others.
- More money, which means more free time. Nine times out of ten, it’s easier to create multiple small streams of income than a big one.
- New business opportunities and possibly new business partners. As you create multiple streams of income online, new niches and new possibilities open up to you.
- A more exciting life. Managing multiple streams means using new tactics and tools. Your online business life stays fresh.
- New possibilities. You can turn multiple interests and passions into income streams.
As you can see, creating multiple streams means more than making extra income online.
Exploring new income opportunities online can be one of the best business decisions you’ve ever made.
How to create multiple streams of income online
Start from your main stream. This could be a product, a service, an affiliate marketing program, or anything else.
Take this core stream and diversify it into an additional stream.
This helps you scale your business and ensures that the new stream matches your vision and your audience.
Let’s say you’ve set up a website and joined an affiliate marketing program.
Through it you get paid commissions for promoting products in your niche.
Using this as your starting point, you can create a few new relevant income streams:
- Launch an eBook on the same subject you write about on your site. Cover it more in depth, so that the people who download it feel its value and share it with others.
- Implement a paid subscription system on your site that brings premium content to your subscribers. With a large audience, you could be making plenty of money even on small subscription fees.
- Create a blog if you don’t have one already and advertise ad space on it.
- Develop a paid video course that teaches your audience how to do something or how to solve a problem.
- Turn your knowledge into a counseling or training service for smaller businesses in your niche.
- Introduce a product or service that solves the problem you’ve been addressing in your posts.
With many of these income streams you can recycle your existing content.
You just gather it together, shape it into a new form, and launch it in a new format.
In this way, you don’t have to invest too much money to create multiple streams of income online.
Now let’s go a step further.
Here’s a simple step-by-step guide to creating multiple sources of income that will actually work for you:
- Grab a piece of paper or your favorite mind-mapping tool.
- Write down in the center of the page your main income stream. The stream that right now brings you money.
- Draw four lines from it — one for Products, one for Services, one for Advertising / Affiliate Marketing, and one for Other.
- Draw new lines from any of the categories above. Here are some examples:
- Focus on the passive income streams. These are the ones that, once you create them, keep bringing you money without requiring extra work. An eBook is a passive income stream — if it’s good, people keep downloading it
- months, even years after you’ve launched it. Coaching services, on the other hand, require more work.
- Set up one extra income stream at a time. This is very important. When you’re not sure which to add, compare two or three new stream ideas to find the one you enjoy implementing the most.
- Give each new stream a limited trial period. See how it goes. If you can’t make extra income online with it, drop it and try another.
In this way, your new income stream can be directed at your existing audience.
You won’t have to search for a new audience and establish yourself as an authority before it.
You know why some marketers don’t succeed in establishing multiple income streams?
In their effort to cover as much ground as possible, they try to sell things to audiences whose trust they haven’t won
in the first place. But you won’t be making that mistake.
Now you can create multiple streams of income online in a safe and effective way. You know how to come up with ideas for new streams and how to implement these ideas.
You stand a better chance of making money online than ever.
Don’t forget to check out our other articles for more tips on making money online. Go for it!