Monetization of Your Site: Part 1 Creating Multiple Income Steams
I often hear and see people talking about multiple streams of income, while this as a concept needs no explanation at all!
Multiple streams of income is simply the creation of more than one source of income being generated.
And yes, technically and perhaps in an ideal nightmare scenario, 2 or 3 part-time jobs can technically be classified as multiple sources of income.
And that comes with a touch of irony...
When most people, particularly New members of Wealthy Affiliate excited with their new niche marketing skills and site building skill set and overly eager to build multiple streams of income by effectively taking on 2 or 3 more jobs.
Each site is a full-time job in itself!.
You can easily create multiple streams of income with just one site. Let's say you have a site teaching people how to build a passive income.
What do your audience need?
- Keyword Research Tool
- Site Builder or Premium Theme
- SEO Training
- Social Media Tools
Each of those 6 product categories represents 6 income streams for one site, makes you life much easier than managing 2 or 3 site and gets your one site build quicker with more focus Vs spreading yourself thin across multiple sites.
As Jay (Magistudios) put it some 2 years back in one of his live webinars "It is better to lay it on thick with one site than to spread yourself thin across others".
Don't forget to check out part 2 of this mini series to find out why Coca-cola is important for your business.