Home Business Ideas and Opportunities

Archive | October, 2018

How to Create Multiple Streams of Income in Your Home Business

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The original version of Barbara Winter’s book, Making a Living Without a Job, came out in 1993, and in it, she recommended creating multiple “profit centers,” as opposed to building a single income stream. Over ten years later,  Robert Allen, the real estate entrepreneur, also wrote a couple books promoting the idea of multiple streams of income. Back then, building more than one source of income was difficult, time-consuming, and expensive. Fortunately, things have changed today. The Internet has made it easier, faster, and more affordable to generate multiple income streams.

Creating more than one income stream sounds overwhelming, after all, you already have one source of work, now you need to create more? But adding more income options to your existing business doesn’t have to be overwhelming, and the benefits of having several sources of income make it worth the effort.

Benefits

Beyond making more money, there are several great reasons to consider building more than one source of income, including It’s easier to create several small income producing streams over one large one. For example, it’s easier to create three streams that earn $1,000 than one stream that earns $3,000.It reduces the risk of being left without any income. If you’re laid off or one source of income drops, you have other sources to help you get by. Especially in home business, which has an ebb and flow, you can offset the dry spells by having another source of income. It helps you avoid boredom in work by having different things to do every day. You can create income streams based on your interests, talents, and passions.

Disadvantage

Of course, there are a few challenges with multiple income streams.It’s difficult to keep on top of all tasks that need to be done for every income stream. It’s a balancing act to give enough attention to each income stream to keep them growing and profitable. Barbara Winter likens it to plate spinning. The start-up time for each income stream is time and energy consuming.

How to Create Multiple Income Streams?

Even with the challenges, the benefits outweigh the potential problems, especially if you build additional income related to your existing home business. Here are tips for adding more income streams to your home business.
  1. Take out a Piece of Paper and Write Your Main Business Product or Service in the Middle to Start a Mindmap
    If you’re a virtual assistant, you’d write VA in the middle of the paper.
  2. Create Four Spokes Titled “Products,” “Services,” “Advertising/Affiliate,” and “Other” off of Your Main Product or Service
    These are categories of types of income you can potentially generate off of your existing business.
  3. Create Spokes off of Each of These Categories With Ideas on How You Can Make Money at Them
    Earning sources include books, courses, merchandise, coaching, freelancing, speaking, training, selling advertising, and affiliate marketing. For example, a virtual assistant can create tangible or digital products, such as books, courses, and videos that teach others how to be a virtual assistant in the “products” spoke. For services, she can offer additional services, coaching or speaking (i.e., How a Virtual Assistant Can Save Businesses Time and Money). Under other, she can expand her business by bringing on contract virtual assistants and become a manager of a VA company. Not all businesses will be able to come up with ideas for each spoke, but every business should be able to develop extra income streams from their home business idea.
Focus First on Passive Income Streams That You Create Once, but They Continue to Generate Income

For example, writing a book is a passive income stream. You write it once and sell it over and over. The word passive is a little deceptive because you need to market the book. Nevertheless, compared to non-passive sources of income, which you need to do over and over to make money, such as providing a service, passive income streams require less time once they’re created. Other forms of passive income include other written works (i.e., courses), audio or video creations, affiliate marketing, licensing your idea, franchising, or continuity programs (i.e., memberships).

Next, Focus on Income Streams That Can Expand Your Business

For example, public speaking or teaching can create additional income, as well as generate new clients. Another option is freelance writing, in which you’d get paid for an article that would also promote you and your business.

Choose and Set-Up One Income Stream at a Time
The planning and launching of a new stream are the most time-consuming. Avoid the temptation of jumping into several ideas at one time, as putting your focus into many areas at once will dilute your efforts and slow you down.

Wait Until One Income Stream Is up and Running Before Starting the Next

If you have several additional income ideas, wait until you’ve got one up and running before starting the next one. Work to have systems, schedules, and tools in place to help you manage existing income streams, so you don’t become overwhelmed.

Drop an Income Stream If It Isn’t Working
You want to give your additional income streams the time and effort needed to get them running, but if they don’t start generating income or if you hate it, drop it.

Although adding income streams takes time, creating them within your current business is faster and easier than starting completely new income streams from scratch. This method of generating extra sources of income works well for any size business in any industry.

3 Things All Affiliate Marketers Need To Survive Online

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Every affiliate marketer is always looking for the successful market that gives the biggest paycheck. Sometimes they think it is a magic formula that is readily available for them. Actually, it is more complicated than that. It is just good marketing practices that have been proven over years of hard work and dedication.

There are tactics that have worked before with online marketing and is continuing to work in the online affiliate marketing world of today. With these top three marketing tips, you will be able to able to increase your sales and survive in the affiliate marketing online.

What are these three tactics?

1. Using unique web pages to promote each separate product you are marketing.

Do not lump all of it together just to save some money on web hosting. It is best to have a site focusing on each and every product and nothing more. Always include product reviews on the website so visitors will have an initial understanding on what the product can do to those who buy them. Also, include testimonials from users who have already tried the product. Be sure that these customers are more than willing to allow you to use their names and photos on the site of the specific product you are marketing.

You can also write articles highlighting the uses of the product and include them on the website as an additional page. Make the pages attractive compelling and include calls to act on the information. Each headline should attract the readers to try and read more, even contact you. Highlight your special points. This will help your readers to learn what the page is about and will want to find out more.

2. Offer free reports to your readers.

If possible position them at the very top side of your page so it they simply cannot be missed. Try to create autoresponder messages that will be mailed to those who input their personal information into your sign up box. According to research, a sale is closed usually on the seventh contact with a prospect.

Only two things can possibly happen with the web page alone: closed sale or the prospect leaving the page and never return again. By placing useful information into their inboxes at the certain specified period, you will remind them of the product they thought they want later and will find out that the sale is closed. Be sure that the content is directed toward specific reasons to buy the product. Do not make it sound like a sales pitch.

Focus on important points like how your product can make life and things easier and more enjoyable. Include compelling subject lines in the email. As much as possible, avoid using the word “free” because there are still older spam filters that dump those kinds of contents into the junk before even anyone reading them first. Convince those who signed up for your free reports that they will be missing something big if they do not avail of your products and services.

3. Get the kind of traffic that is targeted to your product.

Just think, if the person who visited your website has no interest whatsoever in what you are offering, they will be among those who move on and never come back. Write articles for publication in e-zines and e-reports. This way you can locate publications that are focusing on your target customers and what you have put up might just grab their interest.

Try to write a minimum of 2 articles per week, with at least 300-600 words in length. By continuously writing and maintaining these articles you can generate as many as 100 targeted readers to your site in a day.
Always remember that only 1 out of 100 people is likely to buy your product or get your services. If you can generate as much as 1,000 targeted hits for your website in a day, which means you can make 10 sales based on the average statistic.

The tactics given above does not really sound very difficult to do if you think about it. It just requires a little time and an action plan on your part.

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Overnight Success Is A Myth — Here Is Why

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Most people have a strong desire to be successful. Many times, however, we do not know exactly what success means or how to pursue it. This introduces much of the confusion and frustration we experience in life. This is why, as a business mentor, a major part of my job is to help people figure out who they are, what they want and how to achieve it. This assists them in shaping a clear notion of success and facilitates their pursuit thereof.

After mentoring hundreds of business executives and entrepreneurs, I have realized that one of the most common obstacles to becoming successful is the unconscious wish for overnight success and having it all. Such wishes make people impatient, shortcut-minded and capricious, all of which have devastating effects on performance and judgment. Debunking these myths is key.

About Overnight Success

In essence, overnight success does not exist. At the very least, it is statistically so rare that people would have a better chance at “succeeding” by playing the lottery. In this regard, I share the following two lessons with my mentees:

1. What most people call overnight success is actually the market suddenly realizing the value of a great product or service that had been kept in obscurity for too long while its creators refused to give up.

2. There is a difference between overnight success and early success. People tend to mistake the success of young entrepreneurs for sudden success. If you are an adult with a spouse, children, a mortgage and a heavy Excel workbook to make sense of it all, you may find counterintuitive, and maybe even unfair, that someone else can become a millionaire at age 19, 21 or 25. However, there is usually a story of hard work, creativity, genius and good opportunities behind such stories. People like Mark Zuckerberg, founder of Facebook FB -3.7%, or Justin Bieber, pop music icon, did not become successful overnight. They dedicated years to learning and perfecting their craft, during which they experienced disappointment, reinvention and, finally, success. Yes, they did not endure the decades of trial and error most of us have; yet that does not mean their success was void of effort, disappointment, struggle and the like.

In conclusion, the idea of overnight success is, by all means, a misconception. Planning one’s life around it is plain senseless.

About Having It All

Also, having it all is a very misleading ambition. In this regard, I share the following two lessons with my mentees:

1. It is economically and psychologically impossible to have it all—meaning, it is impossible to have all of the good and none of the bad. For instance, if you had literally all the wealth in the world, you would have to be at war with everyone else to protect it, which would make your success quite a short-lived and heavy burden. Similarly, if you had literally all the happiness in the world and none of the sorrow, you would be unable to relate empathetically to everyone else, which would make your company unbearable and, therefore, make you sad.

2. Based on the foregoing, those who claim to have it all are lying. They are just conceitedly hiding the fact that they do not.

Life is about making choices. When you choose one option, you are also saying no to many others. You can have what you want, but you cannot want it all and have it all. Or, as Peter Senge said, “You can have your cake and eat it too, but not at the same time.” If you really, really have it all, it means that you have had both victory and defeat; celebration and disappointment; abundance and lack; love and heartbreak, and so on—and you have learned to appreciate it all and learn from it. But that is a completely different notion from the popular “I want to have it all.”

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