The online world is all blazing with opportunity for the wise entrepreneur who wants to create a residual passive income using the power of the interwebz. And I’m about to highlight just some of the ways you can start out and build yourself multiple streams of income using the web.
But, before I say anything about how you can go about creating wealth for yourself, I’d like to re-iterate what the great John Reese once said about building “multiple streams” of income. John has now retired as probably one of the most successful people the internet has ever seen and will ever see. And he’s left his mark behind that people will chase for ages! A few years back, when he was launching income.com, his most well known project, he’d put out a video on his blog that detested creating multiple streams of income in the way that people were doing it.
And for good reason too. He was right when he said that – in a bid to create more than one way to make money, a lot of clueless people start dividing their efforts which ends up nowhere. We dream big for each project we undertake but aren’t able to give our 100% to even one. And we just end up “hustling” the different ventures thinking that putting our eggs in more than one basket, we’ll have more ways to cash that cheque when we need it. And he’d done this himself too, trying to launch 10 sites when he started out. It nearly got him killed, mentally.
I still remember how that video created such a buzz on marketing forums all over the planet and how people had rebelled so much against what he was saying, even calling him a crackhead. But you know what…he had a valid point!!
Of course there’s something to be said for diversification and expanding your business, and then doing more than one thing by pursuing more than one interest. Yes. All that is perfectly awesome, if you know that you’re dedicated to each and don’t compromise it with anything else.
So, the ideal way to build multiple streams of income online, and not end up having a brain-jam, is to pick up the best ideas for yourself and mark them down over the calender giving at least 6 months of unsolicited dedicated time and effort to each. When it’s successful and picking up speed comfortably, you can start another project and go ahead and give it the same dedication. Play each at a 100%. That way, all your streams of income will be set right and the cash will come in coz you set up a strong foundation.
Now that I’ve got an important message across to you, let’s get on with the good stuff. Here are some kick-butt ways to build an array of passive income streams online:
# 1 : TELESEMINARS
This is for those who want the least resistance between themselves and cash. Doing a teleseminar is way easier than doing webinars and creating high end product lines.
Being lazy is awesome. I’m not saying don’t put in effort. I’m just saying don’t work harder than you have to. Teleseminars are conducted with the attendees and the presenter connected via a third party telephone line (given by various companies) or bridge line. For lower crowd numbers you can use FreeConferenceCall.com. But for higher numbers and for good recording purposes, I highly suggest you use a strong stable service provider. Costs $200 at the max.
Now you can do these to your own list or to other people’s lists. the income comes either by charging for the teleseminar attending opportunity. Or, you can do this with a select few attendees who’ve proven to be ahead of the rest of the list and then sell off the recording for a premium pricing.
# 2 : INFORMATION PRODUCTS
Creating an info-product from your kitchen table and formatting it up right is about as easy as playing Tic Tac Toe with your kid. Select a niche that interests you and put your knowledge down in a form that people will get value out of. Then sell it at a fair price online.
# 3 : SEO AND PPC
You can set yourself up as an expert at PPC campaigns and help other business owners with the task of optimizing their ads and websites for the user of search, who is looking for them. See, most business owners have a tough time battling the difficulties they have in the rest of their business and developing their own research and product lines. They’d be more than happy to have someone take them up as a client and do their SEO for them.
# 4 : SOCIAL MEDIA PROMOTIONS
The days of just rolling out a Press Release and expecting a traffic surge to a web project are gone. Press Releases are important, but they must be leveraged right.
So get that facebook account charged up. If you know your stuff when it comes to setting up viral pages on facebook and posts on twitter and so many other social networks, you’re just a few steps from becoming a full time “Social Media Manager”. Everyone online is having an expectation of connecting and interacting with someone or the other who shares their interests or belongs to a common school of thought. That’s just the way the web is evolving. And people are more likely to become clients of an organization or firm, if someone in their social circle already approves of them and has positive feedback to provide.
Though this is time consuming, it’s a fun way to make passive income online.
# 5 : PROFESSIONAL BLOGGING
Now while most of adsense income really results in the site owner struggling for the site to make sense and hence loosing money, there’s a way to make a lot of money using blogs if you’re really into them.
Professional blogging is all about choosing the right adsense ready theme and then selecting a very targeted group of readers and publishing content that they’d be back to read more than once a day. The best blog ideas that make the most money right now are – Parenting, Corporate Struggle, Self Help, Software, Technology/Gadgets, Forex and Humor. You can even use your RSS feeds on blogs to provide great content and then insert a recommendation/affiliate link at the end.
# 6 : INTERNET RETAIL
This is the Drop Shipping business. Online purchases from e-commerce stores are increasing for a couple of reasons – higher product selection, easy price comparisons, no crowds, no lines, 24×7 access, no time and car-fuel needed, a wider selection of brands with varying deals and finally, cheaper shipping rates as stores keep bulk stocking and shipments.
You can decide what you wish to sell and then keep a stock or arrangement of on-demand stock from various dealers. For ideas on deciding, look at your everyday activities and requirements. Ask your friends and coworkers. Check the newspaper and the material you read most. That’s where you get your ideas for the store. Whatever you do, make sure the product you sell meets these 3 criteria:
> High Demand
> Low Competition
> Ease of Supply
# 7 : PROFITABLE BUSINESS ON eBAY
Okay, I’m not encouraging you to put up a garage sale here. This is way bigger and grand.
People are using the eBay marketing structure as a means to make a full time living. And it’s easy. You really don’t even need to know jack about WHAT you’re selling. Just pick up the product you wish to make a profit from. Either sell from your own inventory or buy first and then sell on eBay itself. You see, selling on eBay is all about presentation and conveying the right title and description to your product. use reviews on the same if you need help. Look up the manufacturer’s website if you must. But remember, whatever it is you mention on the product page must be backed by a worthy product that a purchaser will be satisfied on receiving.
Now, to make this kinda business scale big, you maintain a personal record of what stuff is being sold most on eBay, what type of offers or discounts accompany it and then what are the price ranged selected most from the bids. that’s how you find the trick that makes it easy to sell stuff quickly and get good money out of it. Once you start seeing success, do more products on a daily basis. Wash, rinse, repeat.
# 8 : LOCAL BUSINESS MARKETING
After everything is said and done, what I truly believe and what many entrepreneurs resonate with is the fact that the biggest chunks of money are lying around you – where you live!!
Just think about it. How many of those store owners have websites? And of the ones who do, how many websites are getting them repeat business on a week to week basis? Very few. That’s because a lot of these local businesses do not fully comprehend the internet today. That’s your golden ticket. You don’t even need your own business here. You take charge of someone else’s business and give them an online presence (on request of course). Then charge a handsome percentage of the earning they make because of your help.
Ps. Want to share other ideas for creating passive income streams online? Please do, in a comment below. I look forward to every comment that shares something of interest for my other readers…I also look forward to deleting any comments I feel don’t make the grade …so ADD to the discussion please.
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