You have just started an online business and sitting around hoping for the click-thoughs to happen. Then you start getting impatient as the cash inflow is not as strong as what you have hoped for. In fact, if there is an income, it can be pretty irregular. You are ready to conclude that it's just not possible to rely solely on your unstable online income to pay your monthly household bills. And you're also about to give up altogether the idea about quitting your full time job for your online business.
But hang on…you read somewhere that statistics show that prospects need to visit your website at least 7 times before they click over to buy. You realize that it takes some time to build up your subscriber or customer base for there to be some kind of stability. So what concrete action can you take in the meantime?
Think about the advice that you have been reading from top gurus like Robert G Allen (author of best selling book "Multiple sources of income"), John Milton Fogg (the greatest networker in the world) and Joe Girard (the World's greatest salesman). All espouses the same theory on finding stability through multiple sources of income.
Therein lies your answer. You need to build a steady monthly income through multiple sources that you can depend upon without working much harder for it. Now how do you go about this? Here are three examples:
1. Build a new membership site. A membership site requires monthly payment from its subscribers. What a wonderful way to generate recurring income for yourself!
2. Promote other membership sites. Some membership sites pay their affiliates in tiers. This means that you get a high commission payout in the first month for a successful referral and if the same referral renews his membership for the second month, you get another commission payout (although this may be a smaller percentage compared to the first).
3. Use a multitude of sites and business models. For instance, you own a directory site. What is to stop you from writing an ebook on how to start up a directory site? Most internet marketers I know have many sites and means by which they draw regular cheques from.
There you have it. Less work for possibly more income. Be patient. Your efforts will gradually pay off! Paying the bills and sleeping at night just gets easier.
Evelyn Lim publishes a free newsletter on article marketing and other online business tips. An ex-banker and a qualified financial analyst, she also now specialises in educating others in their search for financial freedom. Visit her website at http://www.e-BizMap.com or her blog at http://www.EvelynLim.com. |
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