Tuesday, April 8, 2008

Multiple Income Streams: Huge Key to Online Business Success!

For the past few months now, one of my huge focuses in my online businesses, has been to bring in multiple streams of income, so that there is always a security blanket, if one of my income streams are struck down for whatever reason. For years, I've worked on bringing in my income from my cell phone site, and that has done well, but as with anything, there are ups and downs, and nothing is totally 100% secure. If there was ever a roadblock or a change in search engine ranks for my phone site, I'd need something to fall back on....basically, you don't want all your eggs in 1 basket. This blog was one of the original ideas we had to expand out, and build some other sources of income, being that I'd seen a few other online business people blogging, and sharing their ideas on making money with blogs. Google Adsense was the first step, and pretty easy to do some research on the best ways to set up and utilize it. Then it was moving on to learning about affiliate sales. Basically seeing what's out there and related to your website or blog, then offering it to your readers for a % of sales in most cases. Finally in the last month, I've seen revenue come in from 4 different sources, with others building as well. So I've reached a small goal as far as the security of having 4 sources earning me income, now I just need to build them so the amounts are a nice big secure number. The whole idea here, as I stated, is to build different sources of income, so that you can afford any disaster that may happen to one of your sources, and be backed up by so many others, that you're never left in a tight spot, and your income is always protected. Also keep in mind, you don't want to spread yourself all over the place. If you start 1 thing, and it doesn't work in a month or less, don't jump to the next thing and drop the first. Sometimes building 1 stream can take a long time, but usually pays off in the end if you put in the work required. When you have 1 stream working for you, then may be the time to look at what else could be done. Once your rolling well, 5-6 sources paying you in the thousands each month, will give you security, and a very nice monthly income, just be careful which programs you go with, and explore all options and narrow down to what works best for your site. I personally hope my current 4 streams, will soon be up to 5-6, and hopefully I'll be reporting back here that the streams have grown, and the stability I've been working at for the past few years may be reachable very soon.

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