We have all heard the phrase don't put all your eggs in one basket. Does this apply to your online business or the way you make money online? In this article I am going to discuss why you should have multiple streams of income.
Generally when people think about having multiple streams of income they think about maybe setting up more than one type of business model. For example, affiliate marketing, making money with AdSense, niche marketing etc.
The problem with this is that if you are juggling different business models then it becomes very complicated and difficult to track all your results and to test their effectiveness.
So I want to look at this in a different way. Let's take the information marketing model as this is the one that I use.
Can you incorporate other streams of income within just one business model?
Well if you think about it if you have multiple products then you already have multiple streams of income.
In an information marketing business you provide training programs, coaching programs, ebooks, video series, etc. - you provide multiple products.
How else might you be able to generate income with this business model?
Well in any business you are always going to recommend resources and tools that will help people achieve particular things.
With an online business it is unlikely that you would provide all of these tools yourself as some of them will be physical rather than digital.
Therefore it makes sense that when you recommend a good quality tool that you know people in your particular niche will be interested in and find helpful, it makes business sense if you use an affiliate link so that when people purchase it you generate a commission.
This doesn't mean that you have now changed your whole business model and become an affiliate marketer, it means that you are using your existing business model and using opportunities to generate passive income when appropriate.
If you have a website that provides resources and it would be appropriate to add some advertising on that page such as AdSense then again it makes business sense to add that to your website and generate another opportunity to make money.
Having multiple streams of income is not about juggling more than one type of business model but rather using your established business model effectively and looking for opportunities to generate other streams of income
By the way do you want to a sustainable income online? If so then download my brand new free eBook on how to maximize your profits by creating your own high quality products nquickly: Super Fast Product Creation
Or visit My Blog for more step by step help.
Article Source: http://EzineArticles.com/?expert=Kay_Frankli
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