Why diversified revenue is a must.
Have you ever heard the saying “Do not put all of your eggs in one basket”? There is a reason for that–
IT IS CRUCIAL.
Think about this for a minute, if something were to happen in your business and you had only one stream of revenue, what would you do? What would your family do?
Adding multiple revenue streams not only removes stress but it also increases your security. Check out this video on revenue diversification.
Ok, so you are ready to add additional streams but what and how do you do it? No worries… I got you!
5 different revenue streams to grow your online business
Affiliate Marketing
Affiliate Marketing is the number one way to add passive income to your brand. There are many affiliate networks available for you but the most well known is probably Amazon Associates.
Following is a list of the top networks, but before we begin, I need you to make me a promise. Only use Affiliate Marketing for good, not evil.
What do you mean by that, Deana? Well, I mean to only promote products that are a perfect fit for your brand and do it in a way that is natural for your audience. No shoving affiliate links down people’s throat! Not only is that annoying but you will lose any trust you have with your perfect people. Oh, and follow the FTC’s guidelines.
There are a few amazing books out there on the subject of Affiliate Marketing. If you are like me and enjoy a more in-depth overview, check out my suggestions. Oh, and you guessed it, these are my affiliate links. (Affiliate Disclaimer)
The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future
Not content to talk in generalities, Chris tells you exactly how many dollars his group of unexpected entrepreneurs required to get their projects up and running; what these individuals did in the first weeks and months to generate significant cash; some of the key mistakes they made along the way, and the crucial insights that made the business stick. Among Chris’s key principles: if you’re good at one thing, you’re probably good at something else; never teach a man to fish – sell him the fish instead; and in the battle between planning and action, action wins.
If you are interested in making money on the side, then keep reading…
Find out the best ways to get started as an affiliate marketer in 2019 in this groundbreaking book. We are going to hold your hand and take you step-by-step through the process of becoming a successful Internet marketer. Find out which affiliate programs to use, how to find the right products to sell, and get instructions on a step-by-step marketing plan that is proven to work.
Topics covered in the book include:
- Why affiliate marketing is the best way to start off your internet business.
- How to create the right type of website to drive traffic.
- Leveraging social media sites.
- How to use YouTube to push products.
- The best ways to market without seeming like you’re selling.
- Building an Email list.
- How to use Instagram and Facebook.
- Using paid advertising.
- How to scale up and expand your business.
Ad Revenue: So simple my 3-year-old can do it.
Ad revenue is another passive income stream. Once you have chosen your network and have it set up on your website, your part is done. Just sit back and enjoy the fruits of your labor for months and years to come.
Pretty cool, huh?
Well, it is not quite that easy. Your job is to continue to publish quality content that builds your following and drives fans to your website, therefore, earning ad revenue.
The top three ad networks are adthrive, media vine and google adsense. Ad placements on your site are a very personal decision. Go to the respective websites and research the how, where and when so that you can make an informed decision about your ad revenue. But, trust me, You do not want to miss out on this passive stream of income.
Digital Courses: Earn money while teaching others what you love
How many of you have taken a digital course online?
Hundreds of thousands of people have taken online courses this year alone. The annual revenue potential is enormous and I personally know many Entrepreneurs who have tapped into this revenue stream. Courses vary from the low end of $99-$299 to the high end of $997-$2999 and everything in between. Pricing your course includes many factors and if you reach out to me, I will be very happy to help.
Launching frequency also varies and depends on a few things. It is possible to run an evergreen course that draws in smaller amounts on income monthly or, on the other end, you can launch yearly and draw in larger amounts of revenue all at once.
Courses online are usually delivered via video and can be dripped out over weeks or released in its entirety all at once. Again, the how, when, and how much depend on many factors, but don’t worry, I got you. Comment below and ask your questions, I am an open book.
Wondering what equipment is needed to develop course videos? Well, I got you there too. The list below is the exact equipment that I use in all of my video productions, but remember, there are many different options available to you in this digital age. This list is simply what works best for me. Oh, and you guessed it, these are my affiliate links and if you choose to make a purchase, I will earn a commission. This commission comes at no additional cost to you.
Membership site: How to explode your revenue
Okay, let’s be honest here. Have you ever signed up for a monthly program? … ever? … anywhere? A program where you pay a monthly fee to continue? Well, that would be a membership! Many large fortune 500 companies are moving to this business model or adding this stream of revenue to their business portfolio because they are aware of the value in a membership.
Monthly recurring revenue is nothing to look at lightly. A membership focused on education is similar to digital courses in that most of the content would be video. The difference is that a membership is a more hands on approach to teaching what your passion is to your members. Daily, weekly and monthly content is involved and you have to show up and be available to your students every day.
Building a membership site is not difficult, a non-Techie like myself can handle it. In short, you build your site behind a pay wall, which is considered gated content, and set up a recurring monthly fee with your payment processor. If you would like more information on membership sites, go and check out The Membership Guys and soak up all the info you can.
Done-for-you services: Put your expertise into action
Graphic Design, Ghost Writer, Social Media Management, Ads Strategist, and Content Creator are all examples of Done-for-you services. You can begin to offer your services on your website and not only will it increase your income but also grow your following. We all know that the more raving fans we have, the more we can sell to them. Take advantage of the growth and add your service as done-for-you.
.There are many entrepreneurs out there that do not have the time or knowledge to do what you do. In either case, you could help them and in the process add another revenue stream to your brand. Win! Win!
So, how many of these revenue streams would you like to implement in your business? Reach out to me below and let me know.
And run on over to Online Business Growth Strategies and join our new group on Facebook. This is where we dive deep into launching, running and scaling your online business. Hope to see you there!