No one wants to be a one-trick pony. When it comes to business, this can break you during hard economic times. Here are some ideas for creating multiple income streams.
When some people think of multiple income streams they think of “get rich quick” schemes that do nothing but take your hard-earned money. However, there are other ways. And for online business owners, creating multiple income streams can buffer you during times when another income source may dry up.
Ideas for More Income
* Find new clients within your niche — Maybe you have one main client. This may be the case if you are a freelancer. Begin looking for other clients. If you are a freelance writer for instance, try writing for sites like Elance to find new projects that can increase your monthly income.
* Set up a blog — Blogs are not only a good place to communicate with your market, but also a place to earn a bit of extra income. Find ways to monetize it.
* Keep your job — Whether you are starting an online or offline business, it can be slow going the first few years. It is unwise to give up your job until you see a consistent turn of profit that can meet or even exceed the income you will be losing. It will take a balancing act to get everything done each day, but you will have that security of knowing your bills will be paid and your family taken care of until you can leave that job for good.
* Create a product of your own — Maybe you provide a service working for others such as ghostwriting or virtual assisting. But you can also create an informational product that talks about the niche that you represent. If you are a life coach, create a workbook or video series that talks about how to become a life coach.
Another idea: Create tools that your clients or others can buy from you that speak of handling a specific life situation. This is another way to brand yourself as an expert in your niche.
* Write an ebook — Ebooks are the wave of the future. They are easy and quick to download so your buyers have the information in their hands in less than 60 seconds. You can sell them on your website, blog or on another site for greater exposure.
* Affiliate marketing — The best thing about affiliate marketing is that the person with the product gives you all of the tools that you need to promote their product in your affiliate toolbox. This makes it easy for you to begin taking advantage of this stream of income. And, your revenue can grow as your business grows.