In uncertain times like these it's imperative to rely not just on our paycheck and pension, but also to diversify and have multiple streams of income coming to us, no matter how small or insignificant they seem.
Most people get stuck when thinking about how to generate multiple streams of income on a regular basis. In my mind, the answer is the internet.
The dot com crash from early in this century is well in the past and it is proven that making money from the internet is far from a fairytale. But it requires a lot of learning, thought and planning.
When you're starting a new internet business to make additional income to diversify your income sources it pays to think a few steps ahead. How to present your new business? How to find new customers? Which voice and tone to use when communicating with customers? And most importantly – how to monetize your internet business.
When we talk about monetizing your business, it is best to think of establishing multiple streams of income from the business itself by generating more money from our existing customers with hardly any extra work.
Lets take a dog grooming business for example. If you go get your dog groomed, there is a high chance that you will need a veterinarian in the area to look at your dog at some point.
- The dog groomer can have a deal with a specific vet to refer customers who need a vet – and get a commission for each customer they refer.
- The dog groomer can do the same for dog food or toys – have a strategic partnership with a dog food shop.
- Or they can sell toys for dogs for a percentage.
This way the dog groomers have created multiple streams of income from the same customer and they would be making much more money than if they were just grooming dogs.
Multiple Streams of Income for a New Millennium.
Many people choose an online business as their second or even third stream of income.
That is a good idea because you are free to work from anywhere provided there's WiFi, you can work the hours you want which makes your schedule flexible, and you are your own boss in all other respects as well.
There are three main types of income streams you can make money from online.
1. Product affiliate sale income.
These types of commissions are based on a percentage you get when you sell a product.
A popular program is Amazon (they pioneered the affiliate mode online). When you sell a product from Amazon, you are typically looking at a 4% to 8.5% commission.
So, if you were to sell a 100$ item, you would receive a commission ranging anywhere between 4$ and 8.5$.
Some products, like personal computers, notebooks and laptops have a commission cap at 25$.
A similar model to the product sale affiliate commissions is the JV, or a joint venture. This is typically done when you have your own email list and you sell other peoples products through your list. In this case, you would typically earn up to 50% to 70% commission if the product is digital.
2. Monthly residual income.
Residual or recurring income is arguably the best type of commissions to make. Basically, you would sell a product once, and keep receiving commission as long as the user is subscribed to the product.
A typical way to earn residual income would be by selling a membership plan to an ongoing training program, website hosting (although most hosting providers avoid this and offer a one time affiliate commission), membership to an dating platform and so on.
The beauty of this type of income is that you do the work once, and the income keeps coming indefinitely.
3. Top tier commission income.
Top tier commission or high ticket affiliate programs that would allow you to get 1000$, 3000$ or even 5000$ commission per sale of a product.
Although it might be harder to sell a pricey product and receive a four figure commission for the sale, I find that to be an option possibly even superior to residual income.
The reasoning behind this is that, to receive 1000$ from Amazon, I would need to generate roughly 20.000$ in sales for them – probably selling 180 products or so, all priced at roughly 100$ – which is not an easy feat.
On the other hand, selling a pricey product, yet one that is full of value, certainly seems harder. And it is harder – it is definitely harder to sell a new car compared to a new tablet, but I don't find selling a new car harder than selling over 100 tablets.
I think all of these three sources of income are worth considering, and a combination of all three would definitely be the best.
Consider This When Your Choosing Your Business Model.
When you're thinking about multiple streams of income ideas, I suggest you look for a program that will let your business monetize customers from not just product sales, but also by receiving residual monthly commissions and top tier commissions.
I chose Mobe which I reviewed here and I recommend you look into it as well as it is a business model that allows you as an affiliate to earn from all the three mentioned sources of income by selling over 40 high quality products for commissions ranging from 50% to 90%!
Mobe also teaches you how to market your business in a step by step manner through it's MTTB 21 step program (to which you can sign up here https://johnmclauchlan.leadpages.co/21-step-optin/
Ways to Create Multiple Streams of Income.
Here are ideas that will help you understand how to have multiple streams of income. You can do each of these separately, but I suggest you do them all in unison so all your efforts get a synergistic effect.
This article on Entepreneur.com is a perfect summary of what I did.
First, allow me to suggest not to even consider quitting your day job until you start making at least as much money via your side gig. You need to have enough money to support yourself as everything takes time – including building up your online business.
Next, think about what you are good at that you could offer to other people that they would be willing to pay for.
For me, I believe I'm a good teacher. I have over 25 years of business experience and have been online since 2008. This means that many people approach me for advice.
I figured out my target market – they (you?) are the people I believe I can help the most. I think it's the people who are looking to build more streams of income and are unfamiliar with the process, or don't even know where to start.
I want to help everyone, but my time is limited. So the best thing I came up with is to this website and help as many people as possible through sharing my knowledge through this blog.
So I've created a solution (a product) – like discussed above, I'm an advocate for Mobe, a great training program for anyone looking to start an online business. I also offer a free 5 Day Attraction Marketing Bootcamp filled with video lessons on everything you will need to know on how to generate at least a 100 leads for your internet business, a day!
The final piece of advice is to make a product of your own that will allow you to help the biggest number of people and to get a mentor who can point out when you're doing something wrong.
If you sign up for my bootcamp, I'll basically be your mentor. And best of all, it's free! Get instant access to my 5 day attraction marketing bootcamp – click HERE.
“Helping You Build Your 6 Figure Internet Business”
P.S. Starting any business can be daunting on your own. Use the link here to talk to one of my business coaches to help you develop a plan over 21 steps to build a profitable, ‘multiple streams of income' Internet business.