We appreciate all of the people who replied back asking for additional ideas on how to create multiple streams of income. We also appreciate everyone who replied back to share some great strategies with us. So in today’s issue, I am going to continue this discussion to give you 5 more streams of income to consider for yourself and/or your business.
You can use these strategies to create multiple streams of income so that you are never dependent on a single source of income again.
Strategy #7– Become A Social Media Manager
A great way to earn extra income is by becoming a social media manager. From small to large corporations, all types of businesses want to develop their online social media presence. From setting up Twitter accounts, Facebook Pages and posting in forums, they want to stay connected with potential customers and promote their company online. And, a great way to do this is by using a social media manager.
Often times corporations do not want to hire full or part-time employees to work within their company to manage their social media needs. Instead, they hire independent consultants to do the work for them. This is a great opportunity for people who work from home and for those individuals who are looking for a secondary source of income.
As more businesses understand the influence that social media has on its customers, the more social media managers will be in demand. So, if you are looking to generate extra income from playing around on social media sites for your clients, then becoming a social media manager is a great way to do just that.
Strategy #8: Sell Advertising Space
If you have a web site that gets a decent amount of traffic, a great way to generate extra revenue is to offer banner advertising space on your web site. You simply install banner ad software on your site to provide advertisers with a way to track their ad campaigns to measure their effectiveness.
If you don’t want to go through the hassle of setting everything up and managing it yourself, you can use an ad management company. These companies specialize in buying, creating or selling online advertising.
If you publish a newsletter, you can also sell advertising space in your publication. This is an extremely powerful tool for reaching a target audience. For example, if you have a large subscriber base, it won’t take long before those companies who are interested in targeting the same types of subscribers will contact you. By selling them advertising space, you can quickly increase your monthly revenue without much effort.
You can also sell advertising to businesses through your blog on your web site. Blogging can be big business and there are companies willing to pay you to advertise their products on your blog, once you have traffic coming to your blog. You can start with the Google Adsense program or deal directly with businesses yourself as your traffic increases.
Another great way to generate more revenue is by creating strategic relationships with other joint venture partners who can offer something of value to your customers, which I’ll talk about next.
Strategy #9: Create Strategic Joint Venture Relationships
Forming strategic joint ventures with other web site owners, other newsletter publishers, or other companies who offer complimentary products or services to your customers is a perfect way to increase revenue.
Often times, joint venture partners are already looking for new products or services to introduce to their audience. So, this can be a win/win for both you and them, especially if you are selective on what you recommend to your audience.
But make sure you never recommend or endorse a product that clearly has no value or benefit to your customers. Remember, your customers are loyal buyers and they trust your personal opinion. So, make sure what you are promoting is something really worth promoting.
If you have your own products you can also offer your joint venture partners a split of any profits if they promote your product to their own audience. Denise and I have used this technique to promote our products to a much wider audience that we normally would not have reached otherwise.
Strategy #10: Become A Reseller Of Products
Another stream of income you can add for any type of business is to become a reseller of products. For example, if you have a company that focuses on providing accounting tips and advice, you could resell accounting software, like QuickBooks or Quicken to your audience.
Many companies offer various reseller programs where you can purchase several products at wholesale and then resell them at retail for whatever price you choose. In many cases, you can even white label/private label the product by putting your own brand on it, like what Denise mentioned in our last issue.
The last way to generate extra income is to invest in real estate. This traditional method is a good way to diversify your portfolio as another stream of income.
Strategy #11 – Invest in Real Estate
Real estate is a great revenue stream to add to your mix. In today’s market, you can often purchase real estate for no money down, and buy it on contract from the seller. You can then sell or rent the property for an amount greater than your land contract, and pocket the difference.
As Denise mentioned in the last issue, you will of course have to find the revenue streams that best suit your lifestyle and financial preferences. But the key point is to recognize the importance of working towards having multiple streams of income.
Good luck, and if you have other great revenue streams to share, feel free to reply back with your own thoughts. These are just a few to get you started.
To learn other ways to increase your revenue, then make sure you sign up for the special Business Mastery Training webinar.
For other business strategies on how to grow your business, then check out a free business startup and growth training program. If you haven’t signed up for that free course yet, I highly recommend you check it out too.
*Originally published as Issue # 70 – February 17, 2012