With so many ways to make money, it can be difficult to know where to focus, and what to do to make the most out of your time to make money online. Creating multiple streams of income is pinnacle to making a large income online.
If you’ve already taken steps to start a blog or website, if you’ve written an e-book, or if you’re just getting started on social media sites, you’re already off to a great start.
The next step is taking your expertise and building off of it to create several areas that you can utilize to sell your knowledge online to help your audience. Having lots of related products and offers to sell to your audience a great way to increase your income level. You can create more of your own products by focusing on other pain points and frustrations or leverage other people’s products by becoming an affiliate.
By educating people and not using pushy sales techniques, you are guaranteed to actually make more sales and build a steadier following that will continue to seek you out and buy your products to better themselves or solve a problem they are having.
Last week we went over how to market and sell your e-book online and this week we’re going to cover how to use the information you already have, in a focus area that you are already in to generate more income online.
We call this vertical scale up.
Built on the premise of not putting all your eggs in one basket, by vertically scaling up your existing online presence, you will create multiple areas in which you generate income from, or multiple income centers.
Expanding your online presence and offering more diversified assets such as tutorial programs, coaching programs and other items to educate and aid your audience, can give you a larger profit margin. A video series covering how to do something is a great example of a subscription based offering you could create for your audience.
In terms of price point, these items are much more valuable than a simple article or blog post. Setting a price point that is still affordable but reflects the work you put into the creation of the asset is key. Doing an online competitive analysis to examine the landscape and see what gaps in your niche area exist and creating a coaching program to fill that gap is the best place to start.
You can use your existing assets as a launching point and expand from there. Use what you already have to get your name out there and build thought leadership expertise in the field and create an up sell. Build up the trust in the your niche to gain followers is the first step in increasing your sales.
While we don’t want to discourage you from expanding in more areas, we don’t suggest creating other e-books in other areas as it will dilute your message.
Instead, creating other e-books in the same niche on other specific topics is a much better idea. While multiple e-books isn’t a bad idea, keep in mind that e-books are not the end all be all in making money online. In reality, with the competitive landscape of e-books and with so many of them being offered for little to no cost, it can actually be quite tough to make money in e-books.
As you vertically scale up, don’t fully neglect your other assets. The other smaller income streams are what we call the cash register. You can use this as spending money on advertising and covering the costs of production and distribution of the larger items.
Multiple steams of income means multiple products that sell for your online. Much of this will fall into the category of passive income. Once you have the streams of income established and generating money, you can focus on even further expansion without having to devote too much time to your existing income streams.
Other great places to expand your income centers are affiliate programs. You can join affiliate programs and promote their products that are relevant to your niche and that can also help out your readers and you get a cut of the action.
Have you managed to create multiple income streams? What challenges did you face when trying to create your multiple streams of income?