'Multiple streams of income' is often trumpeted about as one
of the biggest advantages of doing business online. There's
no doubt about it; even a bunch of 'little' cheques can add
up to a solid income every month.
The problem occurs when people try to build multiple streams
of income all at once. It takes time and hard work to build
anything, and that includes an online business. Here are
a few common ways to make money online... choose a path and
put forth your best effort.
Promote affiliate programs. Many people build
websites centered on selling a core group of affiliate
products or services, where they earn a commission for
every sale made. All the billing, inventory, shipping,
and customer service is handled by the affiliate company.
An excellent directory of affiliate programs can be found
at http://www.associate-it.com/.
Purchase resell rights. Instead of working on
commission, buy the resale rights to a product (or
group of products), resell it to your own customers
and keep 100% of the profits. This way you avoid the
costs and hassles of developing your own product...
however, you're typically responsible for handling
all the marketing, delivery, customer service, and
everything else that comes with taking orders. One
place to find resellable products is
http://buildyourhomebiz.com/resell.html.
Offer a service. Services are highly customizable, and
as such, you can charge on the high-end of the price
range depending on the level of personalization you
offer. The downside is that service businesses are
limited by the amount of time you have. Freelancing
is just one way to get started in the service business;
it gives you the opportunity to build both your
reputation and a customer base. A good freelance site
can be found at http://homebasedwork.com/freelance.html.
Create your own product. You control the quality of the
product, and it's your 'baby' you can enthusiastically
and sincerely market it with first-hand knowledge.
Electronic products, such as eBooks or software, are
extremely popular because they're cheap to both produce
and deliver. A good guide to creating an information
product is 'Make Your Knowledge Sell',
http://buildyourhomebiz.com/myks.html.
Join a business opportunity. Please remember that no
single opportunity will be 'right' for everyone. Find
one where the average representative earns a reasonable
income. Look for a company that can offer you support
and/or tools to help you succeed.
Opportunity is everywhere! Take your time to select the
right path for you... each of us has different needs,
interests, skills, and talents. Once you've chosen an
option, give it your best shot until either you start
to see results, or you've proven that it won't work for
you. A good place for beginners to 'get their bearings'
is the US Small Business Administration website at
http://www.sba.gov/starting/.
It's important to make an honest effort at whatever you
choose. It's all too easy to jump from one money-making
fad to another without truly giving ourselves a real
chance to make things work.
Why run yourself ragged with 10 money-losing businesses?
Concentrate on building one profitable venture first...
then gradually build up to the famed 'multiple streams of
income.
About the Author
Angela Wu is the editor of Online Business Basics, an
exclusive newsletter for eBusiness beginners. Every issue is packed with helpful
tips and useful tools, specially selected to fit a
beginner's shoestring budget. Visit her online today at
http://onlinebusinessbasics.com/article.html