Nine Ways to Create Multiple Streams of Income
Diversification and having multiple streams of income is really helpful in business for smoothing out the inevitable ebbs and flows. I started my own self employed journey ten years ago when I started earning a few pounds online, even now although my core business is offering marketing services to businesses in Edinburgh and West Lothian I still have several other income streams that support this. If a client moves on or a project comes to an end, these income streams ensure that the stress of finding new clients is either diminished or non-existent.
1. Ebay.If you’re anything like me then you have plenty of items around your home that you no longer need or use. Why not sell them on eBay and make some money. Taking it a step further you might consider setting up an eBay shop, it’s a possible add on to a products based business.
2. Drop Shipping.Rather than outlaying a large amount of money on stock, if you want to start an online shop, drop shipping is a great low cost way to start selling products. It can also give you a wider range of products to offer.
3. Online Shop.4. Affiliate Marketing. If you have a large audience you can make good money through affiliate sales. You are simply promoting someone else’s products or services and when they click on your link, you will get a percentage back from their purchase. You need to have a lot of website traffic and/or a large email list to make lots of money.
5. Blogging.Bloggers have found multiple ways to monetise their sites and sell their services. You can start by selling advertising or offering your blogging services to businesses. Both can be very profitable. You can find out more about blogging in Blogging: The Essential Guide.
6. Etsy.If you are an artist or crafter you will no doubt have come across Etsy. It is a great way to show off your products without having to create a shop of your own. You will need to draw traffic to your items through social media etc but once you have a following it will earn you money even as you sleep.
7. Write an eBook.Ebooks are a great way to become an author. Do you have a good knowledge of a niche area? Enough to write a book on it? If the answer is yes then get started! Ebooks can lead onto other things such as a published book or becoming a speaker at conferences. They are also a great way to show people you are an authority in that area.
8. Create videos. Are you a whizz with YouTube and programs such as Camtasia or Windows Movie Maker? Why not offer to create videos for businesses that do not have the time or knowhow to utilise this great promotional medium.
9. Become a freelance writer.If you love writing and enjoy researching topics to write about then why not offer your services as a freelance writer. This can be for magazines and newspapers or online sites such as parenting sites or other blogs. Professional training is desirable but lots have made it without formal training. Another option is to offer copy writing services too.
If you want to know more check out Making Money Online
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