Although few people consciously pursue this objective, multiple passive income streams are indeed the quickest way to financial freedom.
And there is no better time to start on that trajectory than right now, as the New Year beckons.
Why Multiple Passive Income Streams?
Well, two pay checks are better than one. Three are even better. Get the point? When you have an online business, you pretty much write your own paychecks. So why write just one when you can write yourself more checks?
If you want to make more money online, why restrict your endeavour to only one method? Especially if you can start producing multiple passive income streams. Passive income streams are sources of revenue that you can set and more or less forget. They require little effort to maintain and reap regular profits from.
But just in case you’re not convinced, here are a few more reasons…
In his book Multiple Streams of Internet Income: How Ordinary People Make Extraordinary Money Online , Robert G. Allen explains how to build an online business starting with your own product or service and using affiliate programs to generate additional sources of revenue.
The process can be boiled down to six key steps:
1. Create your own product or service.
2. Promote two high-quality affiliate programs that can add value to your product or service.
3. Start a blog and work hard to increase your traffic to 500+ unique visitors per day so that you can sell advertising space on your blog.
4. Recommend your picks and shovels. Picks and shovels are the tools you use to build your business, such as your web hosting provider and your autoresponder service. They are evergreen services that people use month after month, so they can generate a lot of recurring commissions for you.
5. Use PLR services to create and sell your own info-products on the fly.
6. Launch your own affiliate program for your primary product or service.
How To Stay Focused
Here are some tips based on my own experience to help you stay focused while building multiple streams of online income.
1. Choose your best program and make it the one you focus most of your efforts on promoting. You do not have to give up the other programs. SImply sell them on the back end. For my, my primary program is MyAdvertisingPays because it does what it says it will do. With MAPs, I effectively get paid to advertise online.
2. In a recent post I wrote that you should choose a portfolio of secondary programs which you can use to promote your main program. Typically, those programs are “evergreen” tools which help you promote your business.
This month I have developed my ideas on this point, based on the type of business I am engaged in, i.e. online advertising. I now suggest that you find ONE secondary program which you can build alongside your primary program. Since I am working with advertising programs, this scenario enables me to cross promote each program on the other.
My secondary program is MyPayingAds because it is a revenue-share advertising site similar in conception to MAPs. That allows me to promote MyAdvertisingPays on MyPayingAds and MyPayingAds on MyAdvertisingPays.
As I build up my position in both MAPs and MyPayingAds, I will promote more of my secondary programs on those two sites.
3. Use a “funded proposal” marketing funnel to promote your programs. A well-designed marketing funnel will enable you to promote all of your programs through a single URL.
4. Make your blog the focus of everything you do. Use your blog as a platform to attract people to you by offering them quality content. Talk about the benefits of your products and your primary affiliate program.
Blog about your other programs as useful “picks and shovels” to help people get the job done of promoting their primary business.
Be sure to add an opt in form so that people can join your list from your blog.
In this way, by choosing your programs carefully, prioritizing them appropriately, plugging them into a funnel and discussing them on your blog, you will be able to build a cohesive business around multiple streams of Internet income without losing focus.