Multiple Income Streams
The key to making money online is having multiple income streams. There are four basic internet marketing models. The formula for success with any of these models is duplication; which is getting paid over and over again for work you do once.
4 Basic Ways to Create Online Income Streams
1. Affiliate Marketing
Affiliate marketing is the easiest and least expensive way for a person new to internet marketing to get started and generate multiple income streams. The way it works is that you get paid a commission every time you sell other people’s product or service. This works well since you don’t need a website to get started. You basically pick a product or service to promote and send traffic to a site that is coded to your affiliate link so you get credit when the sale is made.
2. Information Products
If you are already an affiliate marketer chances are some of the products you are promoting are information products. But the real money is in creating your own product and getting “affiliates” to sell your product for you. This is more complex and requires some computer skill. But there are some great online resources available. This is definitely for more advanced marketers but these multiple income streams are very lucrative.
3. Business Opportunities
These multiple income streams are affectionately know as a “Biz Opps” which have a great appeal since most of the heavy lifting has been done for you. This is usually the easiest and quickest way to get started since all the hard work has been done for you. Hence the term “business in a box” since it comes as a complete package. These offers are usually characterized by flashy websites toting plug and play riches. Do your due diligence here and make sure the person bringing you into the business is committed to your success.
4. Network Marketing (MLM)
Network Marketing (Multi Level Marketing) are very profitable multiple income streams since you make a small portion from each sale in your down line. The problem is that you need a large down line to make a profit and the fallout rate (attrition) is huge. So you are constantly recruiting not only to maintain but to grow. This is the main reason people fail with this method.
The Secret to Multiple Income Streams is Working Smarter!
The secret to big profits online is selling high ticket items. Believe it or not it is just as easy to sell a higher value item than a small ticket item. Think about this way how many $27 eBooks do you have to sell to make the same $2000 profit on just one sale of a high ticket item?
So How Do Accomplish This?
The key lies in the sales process. The first thing is finding your prospects. Internet high ticket sales are very lucrative if you can master the art of generating free leads. The simple fact is that if you can’t find those that are looking for what your selling you will definitely go broke and encounter tremendous frustration. So, how do you create multiple income streams without going broke in the process?
Introducing The “Funded Proposal”
What is the “Funded Proposal” and how does it work? This process works by generating interest by giving or selling a small front end product which helps create interest and eventually leads the prospect to buy your high ticket item. The beauty of this strategy is that once you couple a successful front end offer with the right back end product you have created a marketing system that will fund itself and generate multiple income streams and wealth for you. Make sure you have a high ticket offer to present your low priced front end buyers.
To be financially free online one has to create passive residual multiple income streams. Many people say that hard work is the key to success. I agree but all the hard work is for naught unless you also work smarter. The key is to find a product or services that will pay you over and over for your efforts. These are usually software or subscriptions that continue to add value to your customer base. It also includes finding a way to get paid for those that you have personally trained and brought in to the business. The acronym for this passive residual income is Paid For Life, P.F.L., formula.
The Final Piece To Multiple Income Streams is The System
If you study all the great business minds you will find that they all had a system. The worn out cliche “People Fail Systems Don’t” brings home this point. The key is to plan your work and work your plan this is the epitome to online success. Think of McDonald’s it doesn’t matter where in the world you build one the system works every time. Do yourself a favor and don’t try to reinvent the wheel. Implementing a system will allow you to prosper greatly online. Systems make it easier to track and make the necessary changes to ensure that you continue to create multiple income streams.
The key to making money online is having multiple income streams. There are four basic internet marketing models. The formula for success with any of these models is duplication; which is getting paid over and over again for work you do once. To find out more about creating multiple income streams online and get some helpful tools visit our site.