To make any sort of substantial income requires having multiple streams of income. What this means is that you cannot rely on your income from one source only. If you do this what will happen if that source suddenly dries up?
To develop multiple streams of income with an internet based business, your first stream of income will originate from your main product or service. If you have a product of your own to sell this will give you a strong selling point and make you stand out from the crowd.
Before we look any further into the other streams of online income, there are two things that you will need to get set up, as without them your internet business will not succeed and it won’t matter how good your product is.
To begin with you will need a website of your own. It is quite incredible how some people tend to think that they can make a fortune on the internet without even owning their own website. It IS possible to earn some money without a website just as it can be done physically without having a shop. The thing is that online, your website is the main channel through which your multiple streams of income will flow, if you really want to make some serious money.
Traffic is the lifeblood of any internet based business and without it your website is a dead duck. Most of your time on the internet will need to be spent in getting targeted traffic to your site.
When you get visitors to your website, give them a free offer that will encourage them to sign up for your mailing list. This gives you an opportunity to contact them again.
It is not a good idea to bombard your subscribers with sales material. Rather start off by giving them some useful advice or some valuable free products. The importance of building a relationship with your subscribers cannot be stressed enough. People will purchase goods from someone they trust, so don’t be in a hurry to sell them anything and everything that you can lay your hands on – that will definitely scare them off.
When you have your primary product or service set up and running, then you can begin to add other streams of income to your internet based business. The second stream of income will come from one or two carefully chosen affiliate programs. If possible look for a two tier affiliate program that is free to join and also a network marketing program that will give you high financial benefits but requires a regular investment from you.
The third stream on income will only begin when you have enough traffic visiting your site to make it worthwhile to post advertisements.
You will discover, as you become more experienced, other useful products to recommend to your subscribers and visitors and earn a commission from the sale of these. As an example your website hosting company might offer a residual affiliate program and you can recommend this in order to build a stream of recurring income.
Another way to earn extra income is by selling various e-books and publications. You can also use free newsletters and articles that you may have posted. Go through your archives and turn these into an e-book which you can sell.
If you have a product that needs to be shipped to customers, consider running a campaign on an auction site such as eBay. This can be a great way of also generating a new stream of customers and subscribers.
Finally if you wish to leverage your own product and boost your sales exponentially then it would be a good idea to develop an affiliate program of your own.
So use this advice and build an internet based business with multiple streams on income that will continue to grow and bring you an income for many years ahead.