How To Create Multiple Streams Of Income...The Right Way!
Copyright 2006 Randy McLean
Whether you are new to internet marketing or not I am sure you have heard of the term multiple streams of income before. The idea of setting up 15 web sites that each make $150 every month seems very appealing. The real question is how many people actually accomplish this?
If you are not focussed and lack direction you can be always working but never really achieving the end result that you have in mind. This often happens when you start spreading yourself too thin. You are working on one project and at the same time you are always researching the latest news and trends in internet marketing.
When someone starts a new money making project or venture things always seem very exciting at first. Then suddenly the excitement starts to trail off when the money isn't coming in. At the same time you read about the latest piece of software or the hottest new program that will "guarantee" results.
Suddenly, that big bright light bulb appears over your head... "this must be the answer I was looking for!" So you buy the product or join the program only to be just as disappointed as you were initially with the first project. You then become a virtual frog hopping from one program to the next or from one business idea to another. Does this sound familiar?
This trend can manifest itself in many forms. It could be relating to product development. A hot new idea for a new product can come along which you then start working on. Things are going fine for a few weeks when you suddenly get an idea for another product. You then start working on the new product as well. Trust me, I have been there.
Realistically, you will get faster and greater results by staying focussed and sticking to one thing and one thing only. The money will come faster this way. For example, let us say that one project takes around 4 weeks to get going. If you get sidetracked with 4 other projects it will take 5 months before you see a dime.
Not only that, your work might not be as good as it could be because you aren't as focussed. If you are only concentrating on 1 thing at a time your thoughts will be much clearer and your ideas will come much faster. Once you achieve success with your first project automate as much as you can and then move to your next project.
The first thing you need to do is to brainstorm for a couple of days and pick a business model that you can get excited about. It should be something you can be passionate about and something that you can see yourself working hard on. Remember, treat it like a business!
There are many different types of business models to choose from. You can develop your own information products (e-books, audios, videos etc.) and sell them directly from your own web site. While the rewards can be huge this will generally take the most work.
If you enjoy writing you can find a topic that interests you and make a site catered to Google Adsense. I have made in excess of $300 a month doing this with only 100-150 visitors per day.
Other examples of business models you can choose to work with include affiliate marketing, selling products on Ebay, blogs, membership sites and network marketing. The list is virtually endless.
No matter what you choose just stick with it. Figure it out until it works. No one ever achieves success overnight. It takes a great deal of patience. Taking your new venture seriously will mean that you will do whatever it takes to get your project off the ground, regardless of the hurdles.
A major hurdle that most people experience revolves around money. Most people simply do not want to spend money on their business. This can really hold you back in the beginning. First, you need to determine your start up costs. After that you need to figure out a monthly budget for yourself and stick to it.
Another hurdle people often face is researching something to death. This leads to paralysis by analysis. Dedicate a block of time now and then to learning but also focus on taking action. It is the action steps that will get you results.
Do the things that you hate or do not want to do first. These are often the tasks that need the most attention. Decide in advance how many hours per week you will need to move ahead. Sooner or later you will start seeing the fruits of your labour. Then you can move to the next project.
If you get ideas for other projects or opportunities write them down and keep your notes in a safe place for later.
Author: Randy McLean
Author Bio:
Randy McLean is helping people to improve their financial security by teaching them how to think outside of the box. Subscribe to his free ezine today and also get his special report "The Top 10 Money Saving Tips And Income Generating Ideas" by visiting www.ImproveFinancialSecurity.com
