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How to Earn Multiple Streams of Income

Suzette Walker

August 25, 2006

One of the most common mistakes that business owners make is to put all of their eggs into one basket. To become successful in business, you must continuously look for passive income that will create a nest egg for you. If you own a website where you sell widgets and only widgets, you are really counting on people to need those widgets and also setting yourself up for failure. However, if you sell widgets AND information on how to use widgets AND align yourself with widget complimentary companies, you have expanded your intake of income to three streams.

To make your website successful, create forms of passive income that will sell themselves. One of the most common forms of passive income in the internet world today is through informational products. Create an eBook, CD or DVD that your customer can purchase. If you cannot write one yourself, have someone write it for you (this is referred to as ghost writing). In promoting your informational product, it is necessary to market your item properly on your website. “Hit their pain” and create a feeling in them that they must have this information or they will not succeed without it. Give them a taste of what is available such as a free chapter that they can download. Most importantly, keep your information fresh. Every few months, review your book and make changes to it so that your customers will not have stale material. You can also generate new revenue to old customers by releasing it as a “New Version with Additional Information”.

Another terrific way to create another form of passive income for yourself is to form strategic alliances with companies that accentuate the services you provide. Marketing gurus on the internet do this all the time. This stream of income can be accomplished through referral and affiliate programs that they have already established or you can contact the owner yourself and form a partnership. To aid them in aligning with you, give them some sort of compensation for touting your services. “I’ll scratch your back if you scratch mine”. This is will give you additional marketing without the added hassle of doing it yourself.

An additional form of passive income can come through advertisements on your site. Google AdWords is a great example of this easy income provider. With this program, you have the ability of specifying what advertisements will run and weed out your potential competition so that you will not lose sales. You may not be able to retire on this income but it may pay give you a great boost in your own advertising budget.

The most vital factor in creating steady income for your business is that you must have multiple streams of income.

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