What happens if something beyond your control affects your ability to get food from one source?
You will definitely starve and finding another source of food to replace the one that you have lost isn’t always going to be easy, especially if you are in a desperate situation. As such, let us look at several ways we can build multiple streams of income online and how it can eventually replace the current income that you have.
This article assumes that you already have a blog with a sizeable amount of traffic and that you are able to monetize the blog through integrating Google ads on the blog. This would have allowed you to make some money from the blog every time someone clicks on the ads as Google pays you for clicks and not impressions. Lets just say that Google stops having this service (Most likely this will not happen but I am using it as an example) and your ability to monetize your blog dwindles to a halt.
What can you do with this website that you have which still brings in the traffic but is no longer making you the money that you need?
Lets look at various possible ways you can create multiple streams of income from that one blog or web site you have.
Write an ebook related to your niche or the topic that you have been writing about on your website. Get a designer to design a great ebook cover that appeals to your audience and start selling the ebook on your website.
Getting an ebook done up is not a very complex process. Even if you do not have the time to write the ebook on your own, you can still get the ebook done up by getting writers to write for you. What you can do is to write out a draft or a list of ideas that make up the structure of contents of the ebook, You can then pass that structure of content to your writer for him or her to complete a whole ebook.
You should work closely with your writer and provide directions to them when the ebook is in the process of being written. Make sure that you read through the drafts provided to you as time goes by and you can get your writer to make changes to the ebook as you deem fit.
Once the ebook is completed, market the ebook on your blog or website and see some money rolling in from the sales of the ebook. You will be surprised that there are people out there who wants to purchase your ebook. People are always looking for great products to buy and books are some of the things that people really like buying. They buy massive numbers of books every single day. Just look at Amazon. See how it has grown to become a behemoth. It will not be possible for it to grow that big if it hadn’t started selling books on its site years ago.
If you already have an ebook, you can produce an audio book to reach out to a greater audience. Some might say that listening to an audio book is not the same as reading a book and you might come across question such as these, “Does listening to audio books count as reading?”
Nevertheless, there are people who wouldn’t have the time to read the book but have the time to listen to the audio book while commuting in a car on their way to work for example. These are people who know the importance of reading and getting new knowledge and they might be working adults that just don’t have the time to read a book.
As such, if you produce an audio book, you might just get yourself surprised with the demand that audio books have from people all around the world. You can also sell your audio book at Amazon and Marketplace. These are sites that have thousands of traffic going to them and when you sell your books at these sites, you can also get the benefits from a hungry crowd that might just buy your books because they are interested in the topic that you have written on.
Creating a bundled product or product bundling is one of the most effective marketing strategies around. The idea is to put a few products together and allow your customers to purchase them at a special price. This way, your customers not only get a variety of products (Which most people will like of course) and they could do it at a cheaper price. Now that’s what usually makes customers take out the cash in their pockets and start giving it to you.
So, lets say that you have a few products for sale and they include ebooks, audio books and posters. You can offer your products at a special discounted price when the three items are bundled together or you could for example give away a poster free when they buy the ebook and audio book bundle. Customers will definitely welcome these offers as it gives them a good feeling in their hearts knowing that they have gotten something of value at no extra cost.
A bundled offer can be complex or made simple. A more complex bundled offer would be a product kit or assemblies that is made up of more parts and contains manuals and follow up videos for example that allows customers a well guided journey to accomplish something. Those kind of bundled products may take a bit more effort and planning on your part but customers will appreciate the extra effort you have put in in order to help them reach their goals.
Above is an example of bundled products. These are products that are offered on Amazon. The bundled offer is made up of a fitness chair, a set of DVDs, a mat, a ball and a set of bands. A customer who is just starting out in Yoga would want to have these products and having an offer that bundles all the products that they need to start practising Yoga would definitely entice them to purchase the bundled offer.
So do consider creating a bundled offer on your web site. You might just add another income stream and allow you to make more money from stuff that you already have.
Another income stream that you can create is by being engaged in affiliate marketing. This means that you identify products that are related to your niche and the topics that you discuss and promote it to your readership.
When a sale is made from your referral, you will be given a commission. Some of the commissions can be quite substantial. You might even get 40 to 80% of the sale price for some products.
There have also been cases where product owners incentivize their affiliates by giving out really cool prizes such as a car to their top affiliates. This is not surprising as some products such as courses can cost tens of thousand of dollars and the amount received from the sales of such products is enough to cover the cost to give the prices and so on.
I suggest that you take a serious look at the opportunity offered in affiliate marketing. Look for great products to sell and think of various ways to get your readers in front of the product being promoted.
Here is another way you can start an income stream without starting a new website in a new topic. You can start an online course than runs for 6 months for example. You can prepare the course materials and sell the course to your followers. Your followers will like it that they have a systematic and organised course that they can refer to and learn from over the next 6 months.
Some marketers believe that a membership model is better because one get recurring income on a monthly basis. Although in theory this is true, there is an issue that you have to remember when you have a recurring subscription model, the issue of attrition rate. Yes, some of your members might leave the membership after a while as some people do not feel comfortable that they there is no end date in the course. Some members are more satisfied if there is an end date and they would prefer to study the course within a definite time period, just like if they were studying a in university or in college for example.
Don’t wait, start an online course now and help others out there with your skills and knowledge. You would be surprised how many of us have skills and knowledge that others need and would pay for.
If you site is getting good traffic from all the various traffic generating work that you have done, you might want to sell ad space to other business owners.
I am not talking about Google ads but rather other businesses who would pay you just to have their banner on your side bar. I personally have done this before on one of my industry portals. Other businesses looking to sell something might want to generate interest to what they are selling through those ads that could be in the form of a jpeg image or even a moving gif image.
One way to let people know that you allow ads to be placed on your site is to have a page called “advertise” on your site or have a small banner on the side bar which promotes that particular service.
Nowadays, depending on traffic of course, you can charge a few hundred dollars for ad placements on your site. the more traffic you can prove that you are getting, the more you can charge advertisers.
Another service that you can sell on your site is one on one coaching and/or mentoring. A service such as this will be well accepted if you are seen as an expert in a certain field. If you have been showing your skills and expertise through platforms such as free ebooks and youtube videos, you would have gained some followers and some might want to seek your advise and engage you as their consultant or mentor.
You can charge for your mentoring services by per hour basis or by the number of days that you are engaged. Some mentoring and coaching services are done through Skype and there are others that are done through email. No matter what the nature of interaction is, there is a demand for such services.
Do up a simple landing page detailing what the mentoring and coaching entails. Provide clear benefits that the client would receive from you should they engage you. If you have past clients whom have had a great experience with you as a coach or mentor, it will be to your credibility and advantage to ask for a written testimonial from them. Testimonials will convince other potential clients that you are someone that have coaching experience and have benefited others with your sharing of knowledge and guidance. If you can get video testimonials, all the better.
It has been found that video testimonials have a much higher convincing power and leaves a much deeper imprint on your potential client’s mind. A little bit more effort is needed in this area but be convinced that this is one method used by internet marketing millionaires to sell their products.
You should start taking action and work on the above ideas for your site. It will help you create multiple sources of income. If one income stream dries up, you can still depend on the other sources of income and not be in a desperate state as a marketer. You can create multiple streams of income without sacrificing what you already have. Complementary product offerings can even make your customers happy as they are served a variety of products and solutions to their problems. May you succeed in creating multiple streams of income for yourself and family.