Since it is important to diversify your sources of income, if you want to be successful with your online business and grow your income, you will need to create new sources of income.
All your different sources of income have the same goal, making you more money.
There are many ways to create income online. You get to choose which ones fit you best.
If you are an affiliate marketer there are interesting options that are waiting for you to make the jump.
Since most affiliate marketers will rely on revenues from ads and from commissions they earn from affiliate products, you can aim for a greater monthly income doing other things.
You can choose to diversify your activities online. This means you can get out of what you are doing right now and do something different.
*May contain affiliate links. Clicking on the affiliate links will most likely result in the same price you would pay elsewhere or you may get a special offer using those links.
What Are the Multiple Streams of Income You Can Create With an Online Business?
Diversify your online activities
1- Build a website in a different niche. As you start earning money from your first website, nothing stops you from creating another one. Since you are earning money, you can outsource some of the work so you don’t drown in all the work you have to do to build a new website.
SInce you have experience with building a website, it will take you less time to build a new one. Plus, you know what you like to do and what you don’t, so it will be easy for you to decide which tasks you want to outsource.
I wrote an article on outsourcing here.
Even though you can manage and build multiple websites all by yourself, it will become a full-time job. If it’s your goal, perfect, if not, you will have to learn to build evergreen websites, where the information you provide is “always” relevant and you will have to learn to outsource.
2- Create a YouTube channel. You have two choices here. You can create a YouTube channel that will bring traffic to your existing website or you can build a YouTube channel in a different niche and promote affiliate products there.
YouTube is affiliate marketers friendly, so you can use a link shortener, like Bit.ly, and put your links in the description below the video.
This is also great if you are planning on developing your own training or course. That way, people already know you and they can decide if what you have to offer will suit them.
3- Run ads to promote affiliate products. If you want to step out of the long content you have to create for your blog or you YouTube channel, running ads on Facebook, YouTube, Google, etc can be an alternative solution.
Your goal would simply be to get people to click on your ad and it would bring them to the vendor’s website.
Is it a good way to diversify your online streams of income if you have money to invest in ads. If you don’t there are other ways that don’t require a budget.
4- Build an email list. Integrating an Opt-in page on your website to collect the email addresses of your visitors can be enough to build an email list. You can create a gift that you will give to the people who subscribe to your email list.
Other than having to create emails and send them out at least once a week, you will have to monetize your list. Otherwise, it won’t count as another stream of online income.
You can read more on email marketing in this article I wrote.
Just like building another website, creating emails for your list can be something that you outsource. You may want to write the first emails to see what kind of emails have the best response from your list before you hand the job to someone else.
You can capture people’s email addresses in different ways and for different niches. This can become a full time job if you have multiple email lists to manage. Know what you are getting into.
These were the ways to diversify your streams of income online. Coming up next, are also ways to diversify but they are also ways to scale up your online business.
Create New Streams of Income For Your Online Business: Scale up Your Business
1- Depending on your niche, you can create an ebook to sell on your website. It doesn’t have to cost you anything to create your ebook. If you have written over 30 articles, you probably can gather the information and create your ebook from that.
You get to choose the length and the price. Since it’s a digital product, you get to keep 100% of the profits.
If you have a website with WordPress, you will need to add some plugins to be able to receive the payments. Since people will enter their email address to get the ebook, you might want to start an email list to help you monetize your business.
2- You can sell merchandise with your branding. When people like something, they will gladly show their love and support by buying branded merchandise. I know I do! Plus, it gives your brand some exposure.
You may have not developed a branding, maybe your niche doesn’t make it easy to create a brand. Try to think about what you have to offer to people that is different from everybody else.
Once you have found that, you can develop a brand and create merchandise that will sell on your website.
3- If you can, you can create an online course or training related to your niche.This will require a bit more time to create, but it can be very lucrative and it will create a somewhat passive income as people buy your training.
Creating an online course is easier when you have traffic and when you have an interaction with your audience. You get to know what they need to learn and what kind of training they would like.
It would make it easier on you to create a course and there would be better chances that your course gets successful since you know what your audience wants.
4- You can offer coaching. Since you have developed new skills and those skills are in demand everywhere, you can offer coaching for businesses. This is a great way to use everything you have learned in the past year and put it in action.
Make sure you have a plan and you know what kind of service you will offer and how much you want to get paid for the work you will have to do. You are the one fixing the price, not the customer.
When you are coaching, it is important that you respect the number of hours you want to work in a week. You don’t have to be reachable 24/7, unless you have a super premium plan that is a very high ticket and being able to reach you all the time is included in that plan.
You can still do everything on your own, but you will find it more convenient to have a team that will help you with everything.
5- Create a membership. You can scale up again and create a membership website. You can offer tons of different products that will provide tons of value to your subscribers.
At some point, as your website grows, you might want to build a team to help you manage everything. The more members you have, the more support you will have to provide since you will be getting more question emails.
If you want your members to stay in your project, you will have to provide them with great support, new content, live events, etc. Don’t be greedy that you want to keep all the profits for yourself and do everything on your own. Share the profits. Be a job provider.
Here, you are creating a business. You may have to rent office spaces and hire people full time. You can hire people part-time and they probably can be working remotely from home to get started. It can be a very fun experience, especially if you really like the industry/niche that you are in.
If you didn’t think of all the possibilities starting an online affiliate marketing business have, now you are more aware of the potential you have.
Do the exercise of figuring out what would be possible to do with your website in your niche. If you feel like you are stuck with earning money from ads and affiliate products, it’s OK. There is always another website you can start building later on.
Before you start putting energy into a new project, make sure your website is at least one year old and that you are earning good money with it.
If you are not earning enough, maybe you are not getting enough traffic, maybe people are not clicking on your affiliate links, etc. You need to fix that before you want to do anything else.
From diversifying your online activities, like building more websites, running ads, building an email list and creating a YouTube channel to scaling up your business with ebooks, merchandise, an online course, coaching or a membership website, you are the only person responsible for the success your online business will have.
I didn’t mention creating an ecommerce website. I wanted to stay within the possibilities that are easily available to you when you are an affiliate. It is another thing you can consider, just like becoming a virtual assistant or creating an SEO business are possibilities.
Only you create the limit to what you can accomplish.
I know sky is not the limit.
What is your plan now? Let me know in the comments.