The Importance Of Multiple Income Streams
Copyright (c) 2013 David Baxter
Diversification is an important concept in the investment world, and equally important in the world of Internet Marketing. When you've achieved a level of success with a particular online revenue stream, the natural tendency is to go all in and make it the focus of all your efforts. What's wrong with this picture? Putting all your efforts towards a single business model to generate income online can set you up for financial pain if some changes occur beyond your control. A company can change the terms of their affiliate program, or even cancel it at any time. and this can have some dire consequences on your income if you are heavily dependent on that one revenue source.
Let's say you've been sucessfully promoting a particular ClickBank offer, but you've let your blogging fall by the wayside. Or you're so involved with your new Info product creation that you're letting your marketing efforts languish as a result. The solution may not to work harder, (but I won't discourage that), but may involve creating a business plan that will not only define the direction you want to go, but will identify key deficiencies that prevent you from getting there. If you are doing everything yourself, Make a process chart that clarifies each step of your product creation or promotion efforts.
This will not only give you a overview that will help you drown out the noise and prioritize according to what's really important, it will also get you thinking towards what tasks you can hand off. If you are not in a position to hire someone, there are some excellent online resources to achieve your aims. oDesk.com is a fantastic resource to leverage the global marketplace for anything from PHP programming to Squeeze page creation, and you can read customer reviews before settling on a particulary vendor. Fiverr.com is another resource you can take advantage of, where you'll find people specializing in everything from setting up backlinks to Wordpress installations, all for the embarassingly low price of $5.
Diversification is a balancing act, but one well worth getting right. The benefits of developing a suite of products or offerings far outweighs the expense. But how are you going to take on one more project and keep your existing business afloat? The solution is to develop business practices and systems for both product creation and promotion, that are scalable. If your processes all rest on your personal efforts, and don't leverage the talents of others, your business isn't scalable. It can grow, but it will always depend on your time input, and if you're after freedom as well as financial gain, you'll need to put systems in place that you can delegate to others. The end result is often better if you can find specialists in each area that bring their own expertise to the table.
About the Author
For more articles on internet marketing, and resources to help you succeed in making money online, go to http://webprofitsweekly.com To learn how to build a six-figure income with 100% commisions, check out: http://webprofitsweekly.com/bigidea
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