Multiple Income Streams | Guest Post by Kenneth Stiffler
First, I want to tell you exactly what “multiple income streams” is all about. Basically, it’s additional streams of income coming in from other sources than your main product/business.
One of the main benefits of having additional income streams is that it’s easier to create several smaller streams of income than just one large stream of income. For example, say you created five income streams, each bringing in $1000, compared to one large stream of income of $5000. It is less work to create the smaller ones than the larger one.
Another factor to consider, is when one is producing less income, the others could be producing more. Therefore, it reduces the risk of being left without any income at all.
You want to diversify your income, mix it up, so to speak. I believe having multiple income streams is no longer a luxury, as it has become a necessity in this day and age. It’s a must, period!
Let's think about it for a minute. Most everyday people just have one source of income --- their job. Because of this, they are living paycheck to paycheck. Which is not really a good position to be in.
What happens if you get sick and had to miss work? Now your only source of income has decreased. Some of you can relate to this. Living on less money is not easy to do, especially if you have a family.
That is why it is so critical to have multiple income streams incorporated into your online business.
I have met people where they only dealt with their one main source of income and struggled for years. Once they became smart, they started adding additional income streams to their main product/business.
I hate to say it, but I was one of those people, too. The good thing for me, it didn’t take years for me to wise up. I was only in a rut for less than a year.
Guess what snapped me out of it? Two years ago, I went to my very first event. The 2017 Nomad Summit in Chiang Mai, Thailand. I used to be one of those that stayed inside my four-walled room and worked on my online business all of the time. Since I live here in Chiang Mai with my family, I thought why not go to the Nomad Summit, since it is a local event.
I am so glad I did, as it was the turning point for my business. Listening to all of the speakers and talking with the different attendees, I learned there are compatible incomes streams I could use with my own business. That is when I became a firm believer on how important it was to have multiple income streams.
Now after two years of applying what I learned to my own online business, it defiantly has increased my income, allowing my family & myself to live “The Internet Lifestyle”. Now I am a true believer! As it is worth attending events where I can obtain new ideas and network with like-minded people. It’s all about business building.
My advice to everyone is, at the beginning when you are putting your “Game Plan” together; make sure to identify your multiple income streams. You want to make sure it is all part of your business blueprint.
One of the nice things about having an online business is that the Internet gives you unlimited income opportunities.
The best point is it’s less expensive to get started online, compared to your limited opportunities with an offline business.
The Internet allows the small businessperson to be able to compete with the large businessperson as equals.
That makes the Internet very powerful for you.
That is another good reason why an online business is better then an offline business.
Let me talk a little on the two types of income sources.
You have Active Income and Passive Income.
Your goal is to have all of your multiple income streams to be passive income.
So your main product/business is your Active Income, as you spend time on it every day, and your Multiple Income Streams are your Passive Income.
What I love about passive income
Once you have put in the time to create it, it just keeps on giving with little or no work at all.
When you are looking at creating additional income streams, one good way at first is create streams based on your interest, talents and passions. There are a lot of income streams that require just a few hours to set up and run, so they can start producing money for you right from the start.
What I suggest is make a list of all of the income streams that relate to your main product/business; then pick one and educate yourself on how to do it; then create it and implement it. Once completed then, Repeat – Repeat – Repeat!
When doing this, there are two important key factors I want you to remember:
A question I get asked a lot is, “How many additional income streams do I need?”
This is a good question, however I really cannot answer it. As you create whatever amount you feel you need to accomplish your overall goal that you set at the beginning. What was your main goal for starting your online business? Then whatever amount of money needed for you to reach that goal, is the amount of additional income streams you will need to create.
Let me give you an example of what my goals are
I need to bring in enough money to cover the following:
- Living expenses/family support/travel
- Business expansion/growth
- Emergency fund
- Retirement fund
- Future home/property purchase
This is my present overall goal, but of course as time goes and goals are met, my list is adjusted accordingly.
Income Stream Ideas
To help you out, here are some of the most popular ideas for additional income streams that you can create to go with your main product/business.
- Create an eBook
- Write your own from scratch
- Use a PLR eBook and make it your own
- Pay someone (outsource) to write one for you
- Create courses
- Put a coaching system together
- Create training videos
- Sell advertising on your site
- Create an affiliate program
- Create & sell merchandise related to your main product/business
- Give speaking events
- Email marketing
The list is actually unlimited.
So as you can see, additional income streams are very important parts of your online business. Everywhere you look, you’ll see that all successful businesses, either online or offline, have multiple income streams.
That is one of the main reasons why I created “Your Online Business Center”. It’s a place where you can create your own online business or add multiple income streams to your current business. Everything you need to accomplish this is all under one roof, in one place.
Here are just a few of the key things we offer:
- A list of over 50 plus, MULTIPLE INCOME STREAM ideas
- TRAINING COURSES of all the popular & successful online business methods
- Over a thousand FREE DIGITAL PRODUCTS you can learn from; use in your business; sell and keep 100% of the money.
- Hundreds of MONEY MAKING NICHE BLOGS that are totally turnkey ready to go
- New fresh, top quality PRODUCTS are added daily
- Assorted TOOLS FOR YOUR USE
- Plus SERVICES, RESOURCES, 24/7 SUPPORT and much more…
For more information, please visit our site at www.enoobie.com
I have a special coupon for all of those who belong to the “Nomad Summit” community:
We'd like to thank Kenneth Stiffler for writing this guest post and sharing value with the Nomad Summit community! Do you have a topic in mind that you'd love to write about? Submit your guest post ideas here.