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The importance of multable streams of income: The importance of many streams of income

The importance of multable streams of income: The importance of many streams of income: Multiple streams of income increase your power and capacity to absorb sudden changes in a few streams and thus, enhance your sustainability ...

The importance of many streams of income

Multiple streams of income increase your power and capacity to absorb sudden changes in a few streams and thus, enhance your sustainability during or after any economic fluctuations or shock. Suppose, you are the owner of several companies and manufacturing dozens of different products to receive your income each month. Do you think that problems in one manufacturing line or one company will jeopardize the sustainability of your entire business? Obviously, the answer is no, but if you are receiving your income from only one company or manufacturing line, any problems or economic crisis can lead to entirely different story. Multiple streams of income make you confident and secure in your online business. So, are you going to diversify your income streams this year? If you are planning to add multiple streams of income to your online business, you must be aware about the right ways of optimizing your system as well as the wrong way to make things complicated and inefficient. In this article, we are covering both aspects so that you can properly diversify your multiple streams and receive optimum income from your online business. The Wrong Way Let’s talk about the wrong way of setting your online business. If you want to diversify your online business by choosing multiple niches or products that are totally unrelated, then you are likely to create inefficiency in your system and won’t be able to optimize your profits. For example, when you build your mailing list in one niche, you cannot use it to promote products and services related to entirely different niche. And if you do, the system will be inefficient because you are not marketing to highly-targeted potential customers. Handling several niche markets at the same time is also not a very efficient approach, particularly when you are a new beginner. Believe me, I made these mistakes during my initial years as an internet marketer. In fact, I sold more than 60 websites in different niches before learning the hard lesson to focus on just one niche market. It was the turning point that established me as an internet marketer and I started making real money online. The Right Way Choose related products: when you are focusing on just one niche market, you can still diversify your income sources by promoting related products to that niche market. This will allow to use the same mailing list to promote additional products without creating any kind of inconsistency. For example, if you have selected internet marketing as your niche, you can concentrate on several areas like social media marketing, list building, traffic building, etc. In fact, all major niche markets have several sub-niches that can serve your purpose and let you diversify your income streams. Irrespective of your focused sub-niche, you are always promoting your products or services to highly-targeted potential audiences. Set up a System that builds on itself: if you want to diversify your income streams, you have to focus on systems that logically builds on itself rather than creating disharmony by importing alien elements to it. You can find logical systems in all niche markets and recommend only those products and services that enhance your system. When you focus or invest in such a system, you know exactly what to do in the next step. For example, when you are focusing on list building niche, you know that adding squeeze page templates, an auto responder, website hosting, domain name or other services related to your niche market will consolidate your system without adding any foreign elements. You should never try to learn about unrelated products and services, or make recommendations about things that make no sense of what you are learning. Use membership sites: focus on membership sites as a potential source of your diversified income. However, before making any decision to promote the site, you should evaluate whether it’s worth your efforts, particularly in terms of your time and resources to promote it. If a membership site holds good potential, you can revive recurring commission as you will be paid more than once per sign up. You will maximize your profit and at the same time, diversify your income to make your online business more sustainable. DOUGLAS LEONARDI