you must have many streams of income

byDougl5

69 followers

5 years ago

Multiple streams of income increase your power and capacity to absorb
sudden changes in a few streams and thus, enhance your sustainability
during or after any economic fluctuations or shock. Suppose, you are the
owner of several companies and manufacturing dozens of different
products to receive your income each month. Do you think that problems
in one manufacturing line or one company will jeopardize the
sustainability of your entire business? Obviously, the answer is no, but
if you are receiving your income from only one company or manufacturing
line, any problems or economic crisis can lead to entirely different
story.

Multiple streams of income make you confident and secure in your online
business. So, are you going to diversify your income streams this year?
If you are planning to add multiple streams of income to your online
business, you must be aware about the right ways of optimizing your
system as well as the wrong way to make things complicated and
inefficient. In this article, we are covering both aspects so that you
can properly diversify your multiple streams and receive optimum income
from your online business.

The Wrong Way
Let’s talk about the wrong way of setting your online business. If you
want to diversify your online business by choosing multiple niches or
products that are totally unrelated, then you are likely to create
inefficiency in your system and won’t be able to optimize your profits.
For example, when you build your mailing list in one niche, you cannot
use it to promote products and services related to entirely different
niche. And if you do, the system will be inefficient because you are not
marketing to highly-targeted potential customers. Handling several
niche markets at the same time is also not a very efficient approach,
particularly when you are a new beginner. Believe me, I made these
mistakes during my initial years as an internet marketer. In fact, I
sold more than 60 websites in different niches before learning the hard
lesson to focus on just one niche market. It was the turning point that
established me as an internet marketer and I started making real money
online.

The Right Way
Choose related products: when you are focusing on just one niche market,
you can still diversify your income sources by promoting related
products to that niche market. This will allow to use the same mailing
list to promote additional products without creating any kind of
inconsistency. For example, if you have selected internet marketing as
your niche, you can concentrate on several areas like social media
marketing, list building, traffic building, etc. In fact, all major
niche markets have several sub-niches that can serve your purpose and
let you diversify your income streams. Irrespective of your focused
sub-niche, you are always promoting your products or services to
highly-targeted potential audiences.

Set up a System that builds on itself: if you want to diversify your
income streams, you have to focus on systems that logically builds on
itself rather than creating disharmony by importing alien elements to
it. You can find logical systems in all niche markets and recommend only
those products and services that enhance your system. When you focus or
invest in such a system, you know exactly what to do in the next step.
For example, when you are focusing on list building niche, you know that
adding squeeze page templates, an auto responder, website hosting,
domain name or other services related to your niche market will
consolidate your system without adding any foreign elements. You should
never try to learn about unrelated products and services, or make
recommendations about things that make no sense of what you are
learning.

Use membership sites: focus on membership sites as a potential source of
your diversified income. However, before making any decision to promote
the site, you should evaluate whether it’s worth your efforts,
particularly in terms of your time and resources to promote it. If a
membership site holds good potential, you can revive recurring
commission as you will be paid more than once per sign up. You will
maximize your profit and at the same time, diversify your income to make
your online business more sustainable. DOUGLAS LEONARDI