No one wants to be a one-trick pony. When it comes to your business, this can break you during hard economic times.
So to help you ease the pain, 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 that you may not have thought about.
Especially when it comes to 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 only have one main client, if so then it may be time for you start looking for other clients.
This usually happens to a lot of freelancers, and if you then it’s time to find new projects that can increase your monthly income. For example, if you’re a coach offering one on one coaching then start a group coaching program.
Set Up A Niche Blog
Blogs are not only a good place to communicate with your market, but also a place to earn a bit of extra income. With niche blogging, you can find several ways to monetize it such as selling ads, affiliate marketing, click bank, etc.
Keep Your Job
While most people don’t want to hear this one I have to add it. If you are just starting out in your business, whether it’s online or offline, business can be slow going the first few months or even years.
So it’s not smart to give up your job until you’re certain that you have a steady stream of income coming in that will allow you to meet or even exceed the income you will be losing once you quit.
I know, I know… 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, well you can use that talent to create an informational product that talks about the niche that you represent.
So if you are a life coach then you can create a workbook or video series that talks about how to become a life coach. Wellness coach? Write one on “How to get healthy in 30 minutes a day”.
Get the picture?
Brilliant Idea Alert!
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 because 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.
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.
I hope that this information has been helpful to you and if so I’d love to hear about it!
Please leave me a comment letting me know at least one tip that you plan to use immediately because you’re know it will make a difference in your business.
Have an amazing day!
Are you looking to have more than one source of income? I can show you exactly how to build it in my 6 Weeks To Online Profits Program.