One of my favorite things about being an Internet Entrepreneur is that I can literally wake up in the morning with an idea for a new product and have it become a reality by the afternoon. Or I can find new ways to promote an existing product. Or I can join a new affiliate program or pursue a joint venture. Every time I repeat this process I create a new stream of income to add to my existing revenue base. I firmly believe that the key to business success is this: Don’t put all your eggs in one basket. What do eggs and multiple streams of income have to do with each other? If you spread your eggs across many baskets you can still make omelets even if one of those baskets goes away.
Similarly, if you have multiple streams of income, the loss of one income stream will not devastate you the way losing your only stream would. If you rely on only one source of income and that single income source goes away (ever been downsized, laid off or fired?), you are left broke and desperate. This is why every success Internet Entrepreneur that I know has multiple streams of income. This is also why I encourage my readers, newsletter subscribers, and e-business clients to establish multiple streams of income, which is extremely easy to do online. Here are a few pointers to get you started.
Create Your Own Info Product
Regular readers of this column have heard me preach this sermon before. Creating your own info product is the best way to generate a new income stream because it is so easy to do, so easy to distribute, and offers maximum profit potential. I can wake up with a topic in mind, sit down at my computer and within hours have a short book or report that I can turn into a downloadable ebook and immediately offer for sale on my website.
Anyone can create an info product themselves or farm out the actual writing to someone more adept. If you’ve got an idea it’s easy to find someone to do the writing for you. I’ve covered this topic before, but it’s worth visiting again because it is one of the best ways that I know to create a new stream of income.
Become An Affiliate Marketer
This is one of my favorite ways to create multiple streams of income because there are hundreds (if not thousands) of affiliate programs that you can sign on with and begin making money immediately. As an affiliate marketer you market a company’s product or service and when you send them a customer or make a sale you are paid a commission. You can sign on with as many affiliate programs as you like and each one has the potential of creating another stream of income for you. Many Internet Entrepreneurs have become millionaires without ever having a product of their own. They did it by promoting affiliate programs I talked about affiliate programs in a previous column and you should refer to that column for an in-depth discussion of affiliate programs.
Start An eBay Business
Selling on eBay continues to be one of the more popular ways to make money online, though very few people are getting rich with an eBay business alone. Many Powersellers don’t make enough profit to cover their costs. I gave you pointers on starting a successful eBay business in a previous column also found in this book.
Market Your Services Online
Are you a computer programmer? A writer or editor? A graphics artist or website designer? If so, you can market your services to customers around the world and it doesn’t cost you a dime. You can offer your services to customers on websites like elance.com or rentacoder.com. Basically you register with these sites and when someone posts a job that falls within your area of expertise you can bid on the work. For example, I needed a logo for one of my online businesses so I went to elance.com and posted the project for bidding and within hours I had a dozen graphic artists bidding for the job. I sifted through the profiles of everyone who bid on my job and picked a graphic artist who did the logo for less than $50. Granted, I did not pay top dollar for the logo (to get it done locally would have cost ten times the amount I paid), but the designer probably spent an hour or two knocking out the 5 designs I got back and the work came to him, he did not have to spend a dime on marketing his services. These are just a few ways to create multiple streams of income. There are hundreds of other ways to make money online. No matter which ones you pursue, just remember, the more streams of income you have, the bigger your money lake becomes.
Throughout history there have always been rich and powerful people... From the ancient times of King Solomon, to the Rockefellers, Dale Carnegie and Charles Schwab all the way to today's Bill Gates, Oprah and Warren Buffet, there have always been a few people who for whatever reason are able to attract massive success to themselves with very little effort.
If you were to ask any regular man-on-the-street how these people could have created such massive success for themselves the answer you'll get is, "They're lucky," or "They were born rich," or "All rich people are liars and cheats so they must have stolen all that money and success from someone else."
But you see, the true reason all of these giants of industry are able to amass such huge wealth and success is for one simple reason, they understand and apply The Success Principle to their lives every single day, taking the right actions at the right time, just like you will start doing today.
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To your success!
SAMUEL A. OJO
2348036434648, 2348075873454
