by Fred Farah
Multiple income streams: Exciting words, but what does it
mean in every-day English.
In the world of Internet business, multiple income streams
simply means having more than one source of income. This is
achieved by making money from more than just one online
business.
Each different web site would generally be a different
business. They could relate to each other, but not
necessarily. You could have businesses that have nothing to
do with each other. Both methods are quite successful.
Let”s examine different scenarios. How to market unrelated
products? In the offline world, we are quite accustomed to
seeing a little bit of just about everything sold in
department stores, from razor blades to baby clothes to
fashion dresses to living room furniture to washers and
dryers, and so on.
Is this how it is done in the online world? Absolutely,
but it is not the only method. Mega Internet stores have
evolved in such a way that to succeed, you must be huge,
and have tons of money to finance the operation, including
the cost of the ever-changing web site. The competition and
horrendous costs leave no room for the little guy, so he
has to find another way to do business.
Enter the newcomer, looking for a way to make a living on
the Internet. Seeing he can”t compete selling a large mix
of hard goods and soft goods, he can decide on a “niche”
product to market. A niche product simply means
specializing in one or just a few related products.
This concept applies to both hard goods (items that must
be shipped as well as to downloadable information
products.
This opens up a whole new world of possibilities, and it
means a whole different way of conducting business.
Specialization is often achieved using mini-sites that sell
only one product. The mini web site might have from one to
five pages, but usually just one page.
Your information product that you want to sell needs a web
site, hosted by a web hosting provider that provides you
their service at a reasonable cost. Let”s assume you
started selling your product, and after a few months it is
bringing in some income. It might amount to $1,000 up to
$3,000 per year.
That”s not too bad, and is worth keeping, but certainly
not enough to make a living with. This is where the concept
of multiple income streams comes in. During the months that
your business is building, you could be looking for other
ideas. You find one that excites you, and more importantly
you do the research and discover a good potential for
attracting customers. So you go ahead with a second web
site.
You have now achieved multiple income streams! Over time
you have other great ideas. Actually, you are now up to
four web sites with different ideas. Two of them are
related information products, and the other two are hard
goods.
All four are successful. Each one separately does not make
enough to live on, but the combined four bring you in
respectable dollars.
But how are we controlling our costs? This is important to
do, seeing we have the cost of some advertising as well as
the web site costs. We found it necessary to build a
customer list for each different product, and periodical
emails are sent to your list. All these costs can become
quite extensive, almost prohibitive.
So, what do we do? How can we maintain our businesses, yet
keep our overhead down to where it isn”t cutting hugely
into profits?
One critical aspect to look at is your hosting and to look
for a web site hosting service that includes all or as many
tools that you need in order to do some serious Internet
business.
The tools aren”t all you need to consider. Sure having a
hosting service that gives you an autoresponder is
certainly a huge help. But, we have four sites here to
market and at the average rate of $24.95 a business, that”s
close to $100 a month, a pretty steep bill especially if
you are just starting out.
Now we are looking for a host that will provide all the
tools we need to run our businesses, plus we want one that
will allow us multiple hosting for all our businesses at
one low, affordable price.
Not too much of a challenge but there is still one aspect
to consider.
In addition to the tools we need and the overall hosting
package we need for FOUR businesses, we are all about
multiple income streams, so let”s see if there is a way to
benefit (PROFIT) from the hosting company as well.
Many hosting companies now offer an affiliate program
where you can earn a commission by referring a business and
gaining customers. That”s pretty much a given, however the
KEY is to ensure that the commission is recurring and not
just a one time thing. Not sure what I mean about recurring
income? Check the link out below for more information on
recurring income streams
This is all great but the question now boils down to “Is
there really a hosting company out there that will give me
all the tools, let me host multiple sites for one
reasonable price AND on top of that let me build another
income stream?”
The answer is yes and you can read my review of Recurring
Income Streams and how a company called “ThirdSphere” is an
excellent example, just go here at:
http://partner.thirdspherehosting.com/enter.htm?id=9133348107
Having Multiple Income Streams using Niche Marketing is
mandatory in today”s Internet Marketing world
that is, if
you want to make any serious money. Internet Marketing
today has become much too competitive, and the newcomer has
very little chance of breaking in.
Niche Markets, each with their own web site and relevant
content is THE only solution. Niche Marketing is the
hottest topic on the Net today. You can learn more about it
at http://www.bestaffiliateproducts.com/nichemarketing.html
I”ll see you soon, in Niche Country.
Fred Farah
Best Affiliate Products
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