Many advanced marketers use the phrase “multiple income streams” when discussing their plans for the future. But if you’re new to affiliate marketing, even having a single stream of income seems daunting. If you’ve heard the common advice to specialize in a single aspect of business before branching out, you might ignore the prospect of creating multiple income streams. But this isn’t wise. Even if you’re working on your first stream of income, you can start planning and setting the groundwork for multiple streams of income later on. In this article, we’ll discuss why having multiple streams of income is so important.
Why Should You Do It?
Have you ever felt terrified of losing a job you hate? Chances are, you’d love to quit, but you can’t help but picture the consequences of losing your only job. If you can’t find a new one and quickly, you’ll fall behind on bills, and suffer a reduced standard of living. It might even impact your love life! If your job is imperiled, it’s a constant source of worry.
Even affiliate marketers who are “their own bosses” have to cope with these fears when they have a single stream of income. Even if you’re in business for yourself, there are always elements out of your control that affect how you solicit customers, interact with them, and close the sale. For example, the Google search algorithm is constantly changing and updating. If you own a website that depends on a high search engine ranking to get customers, you may lose a lot of money if an algorithm change removes you from the first set of results.
That’s why the most successful entrepreneurs remove stress from their lives by having multiple streams of income. If one stream goes out, there’s something else to fall back on. But this kind of security isn’t limited to top tier affiliate marketers – you can have it yourself with a little bit of intelligent planning.
Planning For Passive Income
Before you can start planning for multiple streams of income, you need to make a self-assessment. Too many amateur marketers have low self-esteem and convince themselves that they need a new set of skills to succeed. Usually, you have everything you need already. Ask yourself what your strongest internal resources are. If you are a great writer, a skilled artist (in digital or physical mediums), or just really good looking, you should brainstorm business models that use those things to your advantage and slowly work at them in the background. Even things like computer software and friends in high demand professions can help!
Exploit Your Advantages Slowly
As you work to build your affiliate websites, think about ways to sell your advantages to others. If your friend is a police officer, for example, you can ask him questions about how he got the job, and package them as an information product for aspiring police officers. If you’re proud of the way you look, purchase a WebCam and provide video reviews on your site – or offer to do reviews for others at a site like Fiverr. If you’re a good writer, do it for others.
The trick is not to do all of this right away, but slowly build credibility in your field by offering the service while you build your primary stream of income. Once it’s up and running, it isn’t a sweat to branch out to other things.