The Truth about “Multiple Streams of Income”
by Lynn Terry
Creating multiple streams of income is a great goal. Experts
say that you should diversify, and never put all of your eggs
in one basket.
Most people who try to create multiple streams of income just
end up with multiple sources of distraction instead – with a
slow and inconsistent income *drip* at best.
I own dozens of websites in multiple niches myself, so I know
firsthand how crazy this can get. Over the last decade I have
done it all: ecommerce sites, blogging, mini-sites, affiliate
marketing, service-based business, etc.
And all the marketing strategies too: SEO, pay-per-click, viral
marketing, social marketing, joint ventures – you name it!
You can very easily get yourself spread so thin, that you can’t
focus on any one thing at all. You end up completely distracted
with so many things to do, in so many different niches.
It’s a disaster. And there is no profit there.
I am going to give you a simple step-by-step plan to overcome
this issue, and finally start making the money online that you
set out to do in the first place.
Grab a piece of paper and jot down all of your projects or all
of the ideas you are currently considering. Get it out of your
mind and on the paper in front of you instead. Decide which of
those projects interest you most, and choose ONE to start with.
Stick to that one project until it is complete. Plan it out to
the last detail. Work strategically through the planning, then
the development, and finally the marketing.
Look at ways that you can expand within this one niche. It is
important not to add distraction here, but rather to stick to
the offer and to your site’s objective. Don’t add more products
or more offers, but instead add more content or more ways for
your ideal customers to find you.
The idea is to “go wide” with elements like a newsletter, SEO,
podcast, guest blog posts, interviews, a lead-generating info
product, etc. The goal is to DOMINATE this one niche.
4. Tweak & Automate
Make sure everything is running at optimal performance. Test
various elements for the highest possible conversion rate.
Automate (or delegate) each process that runs your business.
Once your first project is running smooth, completely automated
and turning a consistent profit- THEN revisit your “idea list”
and select your next project. Simply repeat the process.
The end goal is to have at least one profitable venture online,
and to be able to manage it in a few short hours per week. You
can easily create multiple streams of income in one niche using
the “going wide” concept.
Or you can set up multiple projects strategically -one at a time.
Ideally you will never be in development phase with more than one
project, in more than one niche.
All said and done, you should be able to invest 3-6 months of
hard work into a project and then easily maintain it in only a
few hours per week.