April 29, 2011
When I first started out online I decided I wanted to help people unravel the mystery starting a business online. I did that by offering inexpensive manuals and books and it paid off well for me. Gradually I added other income streams to compliment those profits. I suggest all small and home businesses online have at least 4-5 different income generating strategies.
Today I’ll show you my top six so you can copy them if you want.
As I mentioned, in my early days online I pretty much derived all my income from my number one strategy….
1. Info-product Marketing
Marketing your own info-products is a solid model that works online. While I really like this model, I’ll be the first to admit it is time consuming writing books and creating software. Not to mention the fact that they become outdated rather quickly in this arena. But the profits are there if you create solid products that help people save time or money. I’ll probably never get away from info-product creation completely, but over the years, I’ve found many other income generating strategies to be less time consuming and just as lucrative…
2. Affiliate Marketing
I soon figured out how much work it was creating my own training material, and realized I could only come up with one or two products a year at the most. That’s when I decided I needed to broaden my product line via an easier method. Affiliate marketing fit the bill perfectly. I simply went out searching for other solid books and software products in my niche and tried them out. Then I would tell my readers about the best products. Each sale that was made I’d earn a commission.
I still use this method today and despite how crowded this niche has become over the last decade, it still works pretty well. The key is to weed out the junk by personally reviewing each and every product or service you recommend.
In fact, if you use this technique in other, less crowded niches you’ll likely find that it’s one of the easier ways to generate income online. Of course it helps if you have a subscriber list. If you don’t I suggest you start growing your own right away if you want to take full advantage of affiliate marketing.
3. Selling Advertising
The next income strategy I implemented was selling advertising in my web based newsletter. Early on I sold classified ads and had up to a dozen or so in each issue.
It was a solid earner but there was a lot of ad juggling involved. I also wasn’t comfortable with having so many classified ads, so I decided to move on to sponsorship ads. That way I could reduce the number of ads per issue to just three and offer more space to each advertiser.
Just recently I’ve added a few other advertising opportunities including banner advertising and even annual advertising plans. It’s important to offer variety to advertisers. If you publish a newsletter or have an opt-in list of your own, you may be surprised at how many people on your list may be interested in reaching you readers.
4. Membership Sites
A few years ago when I noticed info product sales declining and more and more competition coming onto the scene, I decided it was time to try a new model. That’s when I opened my first membership site. At my member site I give away silver memberships to show people my Info-Product Formula. As they sign up I offer them a low cost Gold membership that includes unlimited coaching from me, as well as access to hundreds of training videos and specialized products.
If you have specialized knowledge in any niche, there are people who will be happy to pay a small fee to have access to that knowledge. A membership site is a good way to reward your loyal followers with a low cost option to work with you directly.
5. Private Label Rights
If you’ve created a few products in your business, you may want to consider letting others buy the rights to those products. I know many marketers who make their entire living doing this, as the market is huge for good private label products.I resisted doing this for years but finally decided to open up rights to my products a few days each year at Guru-U.biz. It has been much more popular than I expected, even at $300 per license.
My best advice if you want to do something similar, is to limit the number of people you sell rights to, and make it available only occasionally, to keep that number low. Not only does this give it more value, it keeps competition among resell rights holders to a minimum.
6. Google AdSense
This is an income method I resisted for years, that I have finally begun using. If you’re not familiar with it, AdSense is Google’s ad program for content publishers. To put it in their own words… Google AdSense is a free program that empowers online publishers to earn revenue by displaying relevant ads on a wide variety of online content.
In addition to placing AdSense ads in my web based newsletter, I’ve also starting building informational blogs in different areas of business that interest me, and I’m monetizing the blogs using Adsense. Setting up blogs like that can be done in about an hour, even if you’re like me and have had no experience in blogging before. One niche I’m familiar with that I’ve set up a blog for is Forklift Certification. This is a profession I’ve had experience with in the past and I enjoy writing about it and helping others interested in it. (Yes, I drove a forklift in a warehouse back in the 80’s before there was an Internet – and I loved it!)
Again, I’m monetizing those blogs via AdSense and have plans for even more blogs in a variety of business related niches. This is something just about anyone can do and there are still plenty of great niches that can be monetized.
If you’re relying on just one or two income strategies online, you may be short-changing your business. Try plugging in one of the strategies I showed you above. You may be pleasantly surprised at the results.
Jim Daniels has been working full time online since 1996. Visit Jim’s Internet Marketing site for more inside info from Jim. You’ll find it at: http://www.bizweb2000.com