I have just stumbled across a nice easy to read article on eHow about how to create multiple income streams. It is an article I have thought about writing numerous times myself, mostly because I give that advice to just about everyone I know. It shocks me that more people (particularly the ones who complain about their jobs, or about not having enough money) never display any interest in creating extra passive income streams.
The basics covered in the article are to create a blog on a topic which you are interested in. Start posting regularly on the topic of choice. While doing that, create a product on the same topic; an Ebook, Video series or something which is sellable. The article provides links to additional tools on how to create these products, and on how to set up the automation of the sales process. Once done, work to drive traffic to your blog, and raise awareness of its existence.
This isn’t exactly what I do – I don’t have my own product yet, and haven’t been trying to sell anything. I have quite a few blogs, but my small income all comes from affiliate marketting onÂ Sports Arbitrage Guide and SureBetBookies. I need to expand my income quite a lot, and am hoping to improve my blogs significantly over the coming months, but am still not sure if I want to make my own product. What I want to say here though, is that you do not need to have, or make, your own product in order to generate a passive income stream in this way…
An alternative to creating your own product is to simply affiliate market someone elses product, or provide simple ads. These are potentially less profitable than selling your own product for 100% of the profit, but it is also much easier – it is also not necessarily the case that it is less profitable, maybe your product sux while a reputable brand name product sells easily under its own name?. Amazon operates one of the most famous affiliate programs online – maybe selling “The Da Vinci Code” is easier than selling your own ebook…Â Or if you aren’t sure anyone visiting your website is actually looking to buy anything, then Google ads are the easiest method of generating an income that I know of. You register, get code, paste code, wait for clicks. Simple, simple, simple.
Unfortunately, you need a LOT of traffic in order to get a few clicks, but that is normal for most business. If you do your job well enough setting up your own blog/website, and then do a good enough job drumming up interest in it, then you are creating a passive income – even if it is only a small amount, a passive income is worth MUCH more than an active income ever will be. If you keep working on it, and working it, then you could grow it into a substantial income in its own right.
You have to be daft to not follow this general advice. Make your own website. Start that blog. Monetise it. Drive traffic to it. Yes it is work, but it is only work once, and it pays forever.
See the original article here.