How to Diversify your Internet Business & Add Multiple Streams of Income
Description:
Those of you who now have an Internet business that generates a profit will learn how to add other multiple streams of income. Those of you who are just beginning an Internet business will be able to create a business plan that gets you up and running on a diversified basis.
Content:
I wrote this special report to provide Internet business owners a short blueprint to expand their 'business mindset' and look at the 'bigger picture' and all the multiple streams of income available to them, both online and offline.
Those of you who now have an Internet business that generates a profit will learn how to add other multiple streams of income. Those of you who are just beginning an Internet business will be able to create a business plan that gets you up and running on a diversified basis.
Once you have multiple streams of income established you become 'free' from working in
your business and have the time and money to begin working on your business and the different branches that you will create. This is an important point...you must be able to work ON your business. If you only have time to work IN the business you will not grow and expand your profits to provide yourself financial freedom.
Multiple streams of income will allow you to subcontract out many of the time-consuming business tasks that you do on a daily basis. Financial freedom to me means creating a diversified Internet business that is automated as much as possible, and then subcontracing out the physical tasks necessary to keep it running profitably. You must structure your business to run on 'auto-pilot' to be able to be 'financially free' and have the time to work ON your business, or simply take time off whenever you want.
Simply running a single website and relying on it for your income basically justs creates a j.o.b. for yourself. As your business gets larger you become too busy working in the business and don't have to time to work on the business to expand and grow your profits to where they need to be to provide you 'freedom.' And to me, it puts all your eggs in one basket and does not provide financial security.
Many Internet business owners will build 5 profitable websites in 5 different niches and think they have multiple streams of income and they are financially free. Granted, they will have more streams of income, more financial security, and not have to worry if one site begins to lose profits, but they have created a 'nightmare' of time commitments to run 5 sites on their own if they aren't highly-automated. This is not financial freedom. This is creating 5 j.o.b.s. at once!
But when you structure these 5 niche businesses to be highly-automated, run on 'auto-pilot,' and then outsource the physical tasks of the businesses, you create true financial freedom. Sure, you will have to spend time managing and tracking overall profit/loss statistics, developing content for the sites, creating new marketing campaigns to grow the businesses, and continue to develop more niches you can build websites for, but you can do this in 10-15 hours per week. That's financial freedom.
Once you attain financial freedom (and time freedom) you can begin to diversify your knowledge and create additional 'branches' to your business.
You should begin to write articles and submit them to the related trade magazines in your niches. These magazine editors must constantly search for new authors and new angles and slants on valuable information their readers would be interested in. And these magazines pay you well. When you have published articles in related trade magazines you gain something much more valuable than the hundreds of dollars you earned for your submission...you gain credibility and reputation in the marketplace.
You can offer to write content-rich articles for other non-competing website owners in your niche and when they use your articles in their newsletters and on their sites you get exposure to thousands of their customers who become potential new customers for you through your biography information and your website URL addresss.
Write and submit your articles to the public content websites on the Internet related to your niches. These sites will review your articles and place them on their websites for their visitors to copy and paste and use them on their own websites. You don't get paid, but the exposure of your article with it's biography information and your URL address will gain you great exposure.
Your articles establish you as one of the experts in your field. The value in this exposure may come in several forms...
I would begin to market to local companies related to your niche to speak at their business events, or to hold live training sessions for their employees at the company's place of business.
As an example, if you have knowledge of sales training I would advise you to create a business card, marketing brochure and sales letter, and send them to the large auto dealerships, mortgage companies, banks, flooring stores, and other businesses who could use sales training to increase their profits. If you are good at training dogs and have a website offering dog training courses contact your local veternarians, pet supply stores, and pet goomers, and offer your personal services to their clients. If you have a site about photography contact local wedding stores and reception halls and offer your services to their customers. Offer to teach photography classes to interested groups.
You are a published writer and that fact alone establishes your credibility. It's not hard to create an outline of your training session, practice presenting it over and over, and begin to book training sessions with interested businesses. For a 3-4 hour training session you can easily earn $500-$1,000. When you have a few references of successful training sessions with local companies your credibility skyrockets with other companies who may need your services. References always open up new opportunities for more business.
When you become comfortable and more confident in your training sessions you market out even further and begin to offer your services to large, multi-store companies nationwide who could use sales training. If you market steadily you will get business. And these large companies pay double or triple your local fees and pay your airfare and hotel expenses. When you begin to work at this level you are earning significant income and greatly expanding your credibility and reputation. A few references from national companies can make you a highly sought after speaker/trainer.
As a sought-after speaker/trainer you have the opportunity to create another stream of income. This would be a good time to write a book/s about your expertise in your niche/s. You have credibility and reputation and publishers will be more receptive to your book proposals. You can find a book promotion agent who will work with you on a contigency basis and pitch your book idea to the major publishers. You can write this book yourself or hire a professional ghost writer to help you write it and free up your time. If you secure a major publisher you will get a contract to write the book and have it distributed to the major retail bookstores nationwide. This will provide an significant upfront monetary retainer for you and the possibility of royalty payments for years to come. If this doesn't happen you can publish the book yourself and distrubute it via Amazon.com and Ebay.com and other major Internet bookstores. You won't get a sizeable monetary retainer by self-publishing, but you can earn significant royalty income for many years. After success on Internet bookstore sites, you can market your books to the major retail bookstores.
Now is a good time to create audio and video training courses in your specialties. These products can be marketed on your websites and at your live training sessions. You can develop your own seminars in your areas of expertise and hire other experts to speak at them. You market these seminars to your past customers through your customer lists via email and direct mail. Many people pay from $1,000-$5,000 to attend these high-powered events.
Once you have credibility and reputation other high-powered, very successful Internet 'gurus' will want you to speak at their national seminars. I would market to these people. They are always searching for new talent and they pay handsomely. Again, you gain more exposure for your own website businesses, add further credibility to your reputation, and have the opportunity to form 'partnerships' with these highly-successful 'gurus.'
There are many other 'branches' of the original business you can develop to add more streams of of income. You can earn income as a personal business coach, do consulting work for major companies, and continue to create more information products to market.
The markets continually change over the years and by diversifying your original core business and continually developing new business 'branches' and creating new products to market you will be assured of growing your income and having financial freedom. You can decide when and where you want to work. Or perhaps you may want to retire, which is an option at this point. Or perhaps you want to work a weekend every month or so speaking at business events. All of this is possible.
Author: Doug Allan Dammeier
About Author:
Doug Allan Dammeier is an Internet marketer, writer, sales trainer, and personal coach living in the mountains of western Washington state. For more information on his business and personal services you can contact him at: thoughtshavepower@comcast.net with your questions.
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