12.23.05
Multiple Streams of Income: Internet Myth or Vital Business Strategy?
So often we, as online business owners, fall victim to the
hype surrounding the latest buzzword or idea. It’s a truly
pitiful state of Internet affairs when we can’t distinguish
sound truth from blurred theory. So what is the truth
surrounding one of the most talked about Internet catch
phrases, “multiple streams of income”?
In all actuality, the idea of multiple streams of income is
not a new concept. Those who have been successful in
business (in life for that matter) have long understood
that you simply aren’t acting wisely if you place all your
trust in one wealth-generating company, idea, or tool.
Those in offline business refer to “multiple streams of
income” as “diversification.”
Take a look at the stock market for a moment. This is a
prime example of diversification or “multiple streams of
income” (MSI). For as long as it has been in existence, the
stock market has thrived on diversification. Stockbrokers
encourage (almost insist) that you keep your funds split
between multiple companies. Why? Because if one company
goes under, you’ll have additional sources of revenue
through the dividends of other companies.
How about business purchasing? Professionals in business
procurement will advise you to line up and use several
vendors for the same products/services. Why? Again, to
protect yourself should one or more of your vendors close
their doors at the same time. If this happens, and you have
other vendors lined up and ready to go, you won’t lose any
time in getting the supplies you need to continue
conducting your business.
These same proven tactics apply to MSI online. Just as you
wouldn’t want to invest all of your savings with one
retirement fund company, you wouldn’t want to derive all
your income from one source. Just the opposite. You’ll want
to ensure you have revenue coming in from as many different
sources as possible.
MSI is a solid business principle that should be at the
very foundation of your company. Whether you sell others’
products through affiliate programs or have a service-based
business that you operate yourself, find multiple streams
of income to back up your primary stream.
Don’t know where to look? Try these!
1. Add affiliate products to your site (or start a new site
and offer them there).
2. Produce your own ebook, software product, or automated
service that can be created once and sold over and over
with little effort on your part.
3. Find others to partner with. Bring a combination of your
products/services to market and give yourself twice as much
income for half as much work.
The Same or Different?
Should you aim for adding MSI that are similar to your
current offerings or different? There are pros and cons to
each. You’ll need to examine both sides of the story and
make that decision for yourself.
While products/services that are similar can be added to
your current marketing plan more quickly, those that are
different allow your company to expand and reach more
target groups. Similar products/services integrate easily
into your current business strategy, but different
products/services help you achieve more security. The
“correct” decision is one you can make according to your
situation.
Regardless of whether you decide to go with products or
services that are similar or diverse, affiliate or your
own, give some serious thought to shoring up your finances
through multiple streams of income. When you do, you can be
rest assured knowing your future is secure.
Amazingly Simple (Yet Super Powerful)
Ways To Skyrocket Your Sales And Build Your Business
Into A Tower of Profits! ==