6 Month Treasury Bill Rate is at 4.52%, compared to 4.54% the previous market day and 0.13%

last year. This is higher than the long term average of 4.48%.

Multiple Streams of Income – 5 Reasons Why You Absolutely Need it

In a nutshell, multiple streams of income means your business has more then one way to make

money. For instance, you sell products and you sell services. Those are multiple streams of

incomes. Why do you need them? Below are five reasons.

business strategies, growing a business, business success, business success strategies,

marketing, copywriting, creativityFRUGAL SPENDING & PAYING DOWN DEBT

I’ve become enamored with the word “multiple,” especially when it pertains to business. I

especially like the idea of harnessing the power of the multiple to grow your business multiple

times over.

There are a lot of things that can be multiple in a business, but in this article I’m focusing

on multiple streams of income.

In a nutshell, multiple streams of income means your business has more then one way to make money.

For instance, you sell products and you sell services. Those are multiple streams of incomes. Why

do you need them? Below are five reasons:

1. Make money while you sleep. This is a big one for those of us who sell our time (also known as

providing services). The biggest drawback to selling time is when you aren’t working, you aren’t

making money. So when you’re on vacation, relaxing over the weekend or (gasp) sleeping, no money
is coming into the business.

But let’s say you create a product or two to sell in addition to your services. Now you’ve just

created a passive income stream (passive meaning it doesn’t require yours or anyone else’s time).

So if you are taking4 a nap or out walking the dogs, money can still be coming into your business.

(What a concept!)

2. Leverage your time. This is especially true with income streams that are passive. Basically

you’re making money without it taking any of your time. Therefore, you can spend your time doing

something else and still enjoy money coming in from a passive income stream.

This is a good way to use your time wisely. (Rather than work for an hour, get paid for an hour, you

can be paid several times in several different ways during that same hour

3. Fill your pipeline. If all you sell is high-priced services, it can be difficult getting

clients to hire you. After all, clients need to trust you and trust they’re getting a good deal for

their money.

If you offer products or lower-priced services, you’re giving those customers a chance to “try you out”

before plunking down several thousand dollars for a major project or consulting work. Because your

clients’ initial investment is lower, you have a chance to lower their resistance to hiring you.

4. Catch a variety of clients. No matter what you offer, a part of your target market is not going

to be interested in hiring you. Why? Because they’d rather do it themselves.

Or maybe they don’t have the money to hire you. Or maybe they do the same thing you do and would

rather learn from you to better their own skills. By offering a product or a class or a group option,

you’re widening your net. Not only are you able to help more people, but you’ll also be making more

money doing it.

5. Diversify. The more income streams you have, the less devastating it will be to lose one. Not to

be negative, but things happen. Industries change. Economies change.

People want different things. If all you offer is services, and those services suddenly become

obsolete, what happens to your business? Or, a more likely scenario, what if you lose your

biggest client?

Or a couple big clients at the same time? Sure, eventually you’ll find other clients to make up

the difference, but what happens in the meantime? What if it takes a month or two or six? Your

bills certainly won’t wait that long.

But if you have other income streams, a dip in your services (or a dip in product income) is

no longer so scary because you’ll still have money coming in.

Creativity Exercise — Find time to create multiple income streams

Probably the hardest part of creating multiple income streams is a lack of time, especially

when your primary business is service based. So, now that you know how important it is, how are

you going to find the time to start doing it?

Here are a few ideas to get you thinking:

* Hire a virtual assistant (VA) or bookkeeper to take care of some tasks you have no business

doing anyway.

* Create systems in your business so you can complete business tasks faster and more efficiently.

* Raise your prices so you can take on fewer clients and make more money.

* Dedicate a Saturday or Sunday to working on your business. (Be careful with this one as you

could very quickly end up burning yourself out.

Get a pen and paper and do some brainstorming to see how you can find more time to start

creating more income streams.


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“7 Ways To Convert Your Traffic Into Cash

If you have a website, you can profit from even the tiniest number of visitors it receives simply by not wasting that traffic…

Ewen Chia, blog, marketing, web marketing, internet marketing, affiliate marketing, online marketing, make money online, make money on the internet

If you have a website, you can profit from even the tiniest number of visitors it receives simply by not wasting that traffic.

The KEY is in leveraging on each visitor and making sure you have a monetization strategy in place. Once you get this, you can make any website profitable with a little effort.

Here are 7 basic ways in which you can profit from your traffic today:

1. First, you can sell a product or service to your visitors. This is the best way to cash in from your own product. Usually, an e-book or software works the best – they can be downloaded right away without hassle and shipping charges.

2. Opt-In list

It is crucial you try to convert every visitor of yours to a subscriber of your mailing list. The most important asset that an Internet marketer has is his or her list of subscribers. They define whether you will go far in the venture.

With an opt-in list, there are tons of ways you can profit further into the future. You can build repeat customers and turn your list members into partners for your products. For an example of a good opt-in page.

3. Viral marketing

You can provide a free product or bonus on your site to be downloaded by your visitors. Usually, it’ll be an e-book where people can read from and learn useful information. In this bonus, you include give away rights and urge readers to give it away to anyone they want to. This way, you increase your own traffic, publicity, and branding without needing to spend a cent.

4. ‘Pay-per-click

In this case, you get paid when your visitors click on ads you place on your site. There are many advertising programs that give you a percentage of the profits based on click-through, including Google Adsense, Chitika, Yahoo Publisher Network, and Kontera.

When people click on the ads shown from either of these advertising programs, they will earn money. And if your site receives good traffic, these programs alone can bring in huge paychecks to you.

5. Offer an advertising space

Targeted niche websites with high traffic can ‘rent’ a portion of space on their web page to advertisers. For example, you can charge $300 per month in advertising fees if your web page is pulling more than 2000 visitors a day. I use this strategy at my Online Marketing Secrets blog.

Other than that, you can also generate advertising revenue using exit pop-ups. By doing this, you won’t clutter your website with too many ads and spoil the visitor’s experience.

6. Affiliate marketing

If you don’t have your own products for sale yet, you can sell other people’s products instead and receive a commission on every sale. With affiliate marketing, you have an unlimited source of products to sell and you don’t need to go through any fulfillment issues after your sales.

One of the best affiliate marketing training resources can be found where I provide continual education on affiliate marketing to members.

7. Pay-per-lead

Instead of earning money from click-through, you are paid if your visitors subscribe to other people’s mailing lists.

Alternatively, there are a lot of big companies like Coca-Cola who need surveys to be done, and by referring your visitors to complete surveys, you can also earn good profits from your website.