Multiple Streams of Income - Does It Help or Hurt Your Online Success?
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What Does It Mean to Create Multiple Streams of Income?
You hear it thrown around everywhere - in forums, in information products, on tele-seminar calls.
Is this just a catchy buzz phrase, or is it really possible to explain what multiple streams of income means?
Multiple streams of income is when you merge money-making opportunities on the internet. There are numerous ways to profit online, including AdSense, info products, affiliate marketing, and more.
When you take 2 or more methods and combine them, you've generated multiple streams of income, assuming they're bringing in revenue.
There are two camps who argue head to head about this concept - some saying you need multiple streams of income to reach your fullest potential, and those who believe it just acts as an obstacle and distraction to your success.
Let's investigate...
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Multiple Streams of Income - Let's Play Devil's Advocate
You're building up steam on the internet. You saw your first trickle of AdSense income ($1.43 - WooHoo!), you got an email from PayDotCom letting you know that you just made an affiliate sale, and you have Joe Designer whipping up your first membership site.Sounds great, doesn't it?! You're seeing dollar signs floating all around you! But suddenly one day it's all too much. You're swamped, overloaded with emails and you're not even a guru yet!.
You have too many plates spinning in the air, so it all comes crashing down. You can't sustain the traffic-driving promotions of an affiliate, your members are hounding you for fresh content they paid for and forget building your AdSense site up - who has time to write hundreds of article pages?
The problem with multiple streams of income is that some people don't know that they have to develop a strategy early on - before they get swamped. They wait until it's too late and then frantically try to get organized.
It's okay to want to build an empire. Look at Trump - he has real estate, beauty pagents - even water and steak! (Let's just hope he doesn't move into the wig niche anytime soon).
If multiple streams of income sounds enticing to you, just learn to do it right - from the start.
Let's see how you can use a single niche and apply multiple streams of income to your financial portfolio.
Example of Taking 1 Niche and Creating Multiple Streams of Income
Stop Niche-Hopping!
You target newbies, so you want to develop opportunities they'll easily latch onto:
- 1. Promote ClickBank Products as an Affiliate
- Your first stream - the easiest and fastest way to make money online - is to work as an affiliate. In this case, you'd promote an info product via ClickBank that you felt was valuable and helpful to the newbie niche.
- 2. Build a List Via eBay
- Ever see those $0.01 eBooks for auction on eBay? They're not worthless products - the authors are actually very 'net savvy in using those virtually-free info products as their bait to get you on their list.
- 3. Start Building Content Pages with AdSense
- You don't have to have thousands of pages to begin with. But having your own domain with relevant, keyword-laden content will help you rise in the Google SERPs, not to mention tack on a few cents here and there with AdSense revenue.
- 4. Launch your own membership site.
- A good example of this is how Mack Micheals started building his list and branding himself in the marketing world. He took his knowledge and expertise to people who wanted to achieve the results he was making. His program gives you everything you possibly may need in your online career.
Check out his videos...
WARNING: The Pursuit of Multiple Streams of Income Can Lead to Information Overload
Entrepreneurs new to the online business world worry and are intimidated when they're inundated with endless offers and promises of fast cash.Information overload creates a pitfall for those who don't yet know how to make one strategy a profitable venture, much less a dozen. They discover quickly that there are many roads to riches, but they don't know which one to choose, so they dilute their success chasing too many dreams at one time.
The Internet marketing novice decides to take many paths at once to see which one has the most profit potential. His attention is divided and no one venture ever becomes monetized.
So he gives up, soured on the entire "multiple streams of income" experience when all it would take to correct the mistake is focus and follow through.
Once you map out one step, move on to the next. Have a plan in place, but don't try to do too much, too soon.
Too many people believe the hype (true or not - it's still being glammed up to make you foam at the mouth for the same kind of money).
They see one person who made $1 million in one day and they, too, want to do that! Then they land on a page where one guy makes $500 per day on one minisite, and they follow that path, too - at the same time. Don't spread yourself too thin.
Instead of allowing yourself to fall victim to information overload in the Internet marketing world, make sure you put blinders on and stay in touch with one aspect of the marketing field at a time.
Get one system up and running and automated as much as possible, and then add on another stream of profits.
Need to know: Robert Allen
This is his book about multiple streams of INTERNET income, which gives you an insight into the world of online income generation.
It is a good read and I recommend it.
Multiple Streams of Internet Income
Written by Robert Allen, the marketer who actually coined the term 'Multiple Streams of Income'.
Selling Information as One Stream of Online Income
Non-Fiction Information Is a Hot Commodity!
Information lines the shelves at bookstores nationwide in the non-fiction section, but they're permeating the online market and catering to the needs of millions of online consumers hungry for advice and insight at all hours of the night.
As a seller of non-fiction information, you can build an empire of profits targeting a single niche of consumers. Or, branch out and offer solutions to a multitude of people who need guidance.
If you sell information products on the 'net, you'll get to charge more and keep almost 100% of the profits for yourself. Social Bookmark Traffic is a perfect example of this - a topic in demand, turned into an eBook!
Typically, a non-fiction book at Barnes and Noble would cost the consumer an average of $9.95 to $29.95. But when you're selling information products ready for instant download on the 'net, you get to price it higher, because the selling point usually begins at $37 and rises all the way to the top at a $97 price point.
Your overhead costs are low. Even if you outsource the creation of your information product, you're still able to recoup the investment after a short period of sales.
Why are consumers rapidly downloading information products? This is the age of high-tech development. Your readers may be sitting in an airport, accessing your eBook from their laptop.
They want information now, not the next business day. If their child is up sick crying from colic at 3:30 in the morning, a mom can't drive to a bookstore to get a self-help book - but she can log onto her personal computer and download your eBook, putting your advice into action within mere minutes.
Plus, they come with great money-back guarantees, so there's virtually no risk involved. Top quality is of utmost importance and you want to convince your readers near the end to start taking action with what they've learned to keep refund requests low and demand for your products high.
When you're developing your own multiple streams of income, make sure you center every aspect around what the public demands, and right now, downloadable information is one item you must have on your menu of success.
News Around the World Regarding Multiple Streams of Income
Fetching RSS feed... please stand byAre You a Multiple Streams of Income Advocate?
Do You Dabble in It or Have Nightmares at the Mere Mention?
Have any tips, tricks, or warnings about multiple streams of income?
Don't just be a cautionary tale - share your wise words!
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- jura jura Apr 4, 2009 @ 2:49 pm
- Great information very usefull lens.
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- KimDion KimDion Jun 9, 2008 @ 3:14 am
- Great lens, lots of useful information.
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- Don Keith Don Keith May 19, 2008 @ 2:21 pm
- http://abundantsecurity.ws
Do you want a great way to make money from home, create an instant income and live the life of your DREAMS? It has never been easier!
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- valmont valmont Apr 23, 2008 @ 1:42 am
- excellent information! 5 stars from me.
Do visit my lens:
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- Rodney Grubbs Rodney Grubbs Mar 7, 2008 @ 1:10 pm
- The power of focus is unstoppable. It is key to focus on one area, learn to do that area well then expand. This type of focus will allow you to build multiple revenue streams without having your inbox and desk overflowing. Helping People UP!
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- yojspew yojspew Feb 12, 2008 @ 9:45 am
- This is a great lens!
Robert Allen and his books are really nice. But I suggest that before you buy his materials and tutorials, first read some reviews to help you decide.
Anyways, thanks for sharing this great lens..^^
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- DocRich DocRich Feb 8, 2008 @ 9:22 pm
- I've learned a bunch scanning your great tips. Thanks a million:)
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- Jadoug122 Jadoug122 Dec 9, 2007 @ 11:38 am
- Great stuff come on over and check out my views.
Really good info. 5 stars!
http://www.squidoo.com/AutomatedCashFormulaforNewbies
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- dataminer dataminer Oct 20, 2007 @ 3:56 pm
- Great lense with lots of good info. However I found that creating income other than the net to be a good way to go. Such as Real Estate Notes and Currency Trading
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- Mark-Nehs Mark-Nehs Oct 15, 2007 @ 9:41 am
- Great information. I agree 100%!! 5 stars
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- sds357 sds357 Oct 14, 2007 @ 9:56 pm
- My goal is also to generate a little income from multiple sources, if one source is low the others will (hopefully) even out the slumps.
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- CollegeForKatie CollegeForKatie Oct 9, 2007 @ 4:14 pm
- Great Lens! I bought Tiffany's book on how build a lens and continue to glean great ideas from her youtube videos. ...great job, as always.
Click Here To Learn How To Better Manage Your Money And Become Debt Free in 3 to 5 Years!
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- MyKidsInheritance MyKidsInheritance Oct 2, 2007 @ 11:51 am
- Agreed, multiple streams are a MUST for internet marketing success. One website you can promote all your TESTED products/services and cross-promotion. That's the key. 5 stars!
Melissa
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- RenegadeAussie RenegadeAussie Sep 28, 2007 @ 6:52 pm
- Thanks Tiffany,
Yet again, another great lens with excellent information. I received an email the other day and it talked about the money Internet Marketers spend on marketing products, $5000-$20 000 per year!
Her advice was to be only on 3-4 of your most trusted a lists and ditch the others.
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- MrLewisSmile MrLewisSmile Aug 7, 2007 @ 7:09 pm
- Hi Lu,
Don't forget to change the clickbank links in the poll to your own links! Or you won't get commissions!
Wherever you see LEWISSMILE or WRITERTIFF, change to your own ID.
Nice lens :)
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- VirtualOpoly VirtualOpoly Aug 3, 2007 @ 11:32 pm
- I agree with Gail, I think multiple = more work = lost focus. I think I found a niche I just need for it to take off now!
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- -Graham- -Graham- Jul 11, 2007 @ 9:13 pm
- I would build one program with the best affiliate programs inside (add affiliate URL here). Traffic and Make Money.
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- catch-cheating catch-cheating Jul 10, 2007 @ 3:27 am
- 5 star from , thank for sharing great infromation
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- Gail_Faulkner Gail_Faulkner Jul 9, 2007 @ 10:07 pm
- You need Stacked Income not Multiple Steams. Multiple streams you promote lots of opportunities to make money. With stacked income you have 1 business that you promote and builds multiple steams easily.Online Business.
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- JamesHoward JamesHoward Jul 5, 2007 @ 5:49 pm
- Wow, excellent lens 5 stars from me and thanks for the great info.
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