In business on the Internet a reliable income stream is everything. Whether you’re working from home, shipping physical product or selling ad space, you simply can’t enjoy the freedom that comes with owning your own Internet business unless you have a secure income stream.
It’s so important, that everything you do ought to help, in some way, to securing your income stream.
There’s more than one way
Most of us automatically think an income stream means some kind of regular monthly commission check (e.g. a group of people who regularly pay you a subscription fee each month).
An email list is essentially an income stream. You can mail the list whenever you want. Assuming you have something to offer and the skills to promote it, you’ll generate income every time you do.
A website with regular visitors is another type of income stream. You can put anything you like on your website, allowing you to promote something that your visitors will be prepared to pay for.
In other words, you needn’t think of your income stream as revolving around commission. And when you do step out of that narrow world, it opens up a world of possibility that simply doesn’t exist if you’re stuck in the mindset that an income-stream means a commission check.
Take Mick Jagger
Take Mick Jagger, the lead singer of the Rolling Stones. Mick Jagger has several income streams, including record sales, song-writing credits and concert tours.
These days the concerts are few and far between. This only increases their value in the minds of fans. A concert is something to be treasured. It’s very uncertainty means it must be taken while its available (there’s a useful tip there).
Should Mick Jagger feel the need for a little extra money, he need only set the (steel) wheels in motion and organize a tour. A Rolling Stones tour generates millions of dollars worth of income. Wouldn’t you love to have the ability to generate that kind of income in return for a few months work?
These days, a Rolling Stones tour doesn’t generate regular monthly income. But thirty years ago, the Rolling Stones were young enough to sustain several tours per year. Back then, it was a regular income stream.
What’s more, it reinforces associated income streams from record sales, T-shirts, posters and other paraphernalia. If you’re able to design an income stream that reinforces and stimulates additional income from other sources, you’re on the fast-track to wealth.
Building visitors
The Rolling Stones income stream is built around their fans. The more fans they have, the more revenue they generate.
For someone in business on the Internet, it comes down to visitors. The more people you can attract to your website, the more revenue you can generate.
And if you create multiple sites, each reinforcing the others, you’re going to find it a lot easier to turn visitors into revenue.
So don’t let yourself get bogged down by the narrow view that an income-stream is something that comes from commission checks paid to you by other websites. There’s nothing wrong with receiving commission checks, but there’s so much more you can achieve if you open yourself up to a wider view of what an income stream is. And where it can come from.
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There are a number blogs that have information on this subject, but I found yours and it has done a great job, cheers.
Internet marketing has grown by leaps and bounds in the past few years, as each day passes, more and more people are switched to this methodology of acquiring wealth, who knows what the future holds. Anyway, I found your post very informative as well as insightful; keep it coming and hopefully I’ll keep coming back.
A quick lesson I’ve learnt in the field of internet marketing; don’t put all your eggs in one basket, it’s imperative that you have all your marketing efforts spread across numerous sites. Anyway, excellent post, I was able to learn a few things from it, despite…well, keep it coming and maybe I’ll keep coming back.
Great feedback, keep churning out stuff like this and you will have many readers for years to come.