How To Build Multiple Streams of Income
- ARTICLES |
Every infopreneur starting out with high hopes and rosy dreams plans to set up multiple streams of income. Sadly, though, it doesn't happen. Either the infopreneur struggles to set one up, and forgets about the concept. Or figures it was so hard to create one of them, it would be too hard to set up multiple streams of income.
The truth is the first step is hardest, and things get easier as you go along. Why? Because you will begin applying leverage to what you've already done, and that way you can easily create multiple streams of income.
I'll try and explain this better with a short case study.
Write an Ebook
As the first step of being an infopreneur, let's say you decide to write an ebook. It is work. It takes time. It needs planning and discipline. But sooner or later, you get it done.
Now you have the cornerstone of your multiple streams of income - if you plan and structure it correctly.
Create an Audio Book
You can either read out the book (or portions of it) and record it on tape or CD. If you prefer to outsource it, have a professional do it for you. You have not only created a new product, you open up another stream of income.
While your ebook would sell from a website for ebooks, or an online store, your audio version could be used as a premium subscription podcast, a tape set or CD collection to be sold in a store offline, or a package to be sold through catalogs or direct mail.
Tailor Your Book For Niches
Let's say your ebook was about the 10 rules of success. Think about how you can tailor this content for various niche markets.
Can your book become "The 10 Rules For Sales Success", suitable for beginner sales people? Or "The 10 Rules For Business Success", adapted for small business owners? Or "The 10 Rules For Investing Success" that's customized for financial markets?
Are you beginning to see how you're building multiple streams of income?
Create a Syndicated News Column
Rip out a chapter of your ebook. Rewrite it in the form of a newsy article or story. Send it to magazines and newspapers with a proposal letter to syndicate your content to their column on a weekly or monthly basis.
If they accept your proposal, you just turned your ebook content into a freelance journalist income stream.
Launch a Public Speaking Career
If you like, you could turn this ebook into a lucrative public speaking career, building one more pillar in your multiple streams of income strategy.
Send a sample of your ebook to talk show hosts, and mention you are available for interviews or speaking engagements. If the topic of your ebook fits their interests and you have a nice 'angle', you could be flooded with offers.
Be a Consultant
If your ebook is about investing, or relationships, or specialized topics like intellectual property law or small business advertising, you could set yourself up as a consultant - and create one more of your multiple streams of income.
Hope this got your mind buzzing with ideas. And these are multiple streams of income directly related to your infopreneur activities. Expand your horizon, and look at what you can do with the income you generate.
By investing it into various options (stocks, real estate, or term deposits) or using it to buy businesses or franchises, you'll understand the real power of leverage you are tapping into as an infopreneur. Go out and start building your own multiple streams of income.
Time Management for College
The truth is the first step is hardest, and things get easier as you go along. Why? Because you will begin applying leverage to what you've already done, and that way you can easily create multiple streams of income.
I'll try and explain this better with a short case study.
Write an Ebook
As the first step of being an infopreneur, let's say you decide to write an ebook. It is work. It takes time. It needs planning and discipline. But sooner or later, you get it done.
Now you have the cornerstone of your multiple streams of income - if you plan and structure it correctly.
Create an Audio Book
You can either read out the book (or portions of it) and record it on tape or CD. If you prefer to outsource it, have a professional do it for you. You have not only created a new product, you open up another stream of income.
While your ebook would sell from a website for ebooks, or an online store, your audio version could be used as a premium subscription podcast, a tape set or CD collection to be sold in a store offline, or a package to be sold through catalogs or direct mail.
Tailor Your Book For Niches
Let's say your ebook was about the 10 rules of success. Think about how you can tailor this content for various niche markets.
Can your book become "The 10 Rules For Sales Success", suitable for beginner sales people? Or "The 10 Rules For Business Success", adapted for small business owners? Or "The 10 Rules For Investing Success" that's customized for financial markets?
Are you beginning to see how you're building multiple streams of income?
Create a Syndicated News Column
Rip out a chapter of your ebook. Rewrite it in the form of a newsy article or story. Send it to magazines and newspapers with a proposal letter to syndicate your content to their column on a weekly or monthly basis.
If they accept your proposal, you just turned your ebook content into a freelance journalist income stream.
Launch a Public Speaking Career
If you like, you could turn this ebook into a lucrative public speaking career, building one more pillar in your multiple streams of income strategy.
Send a sample of your ebook to talk show hosts, and mention you are available for interviews or speaking engagements. If the topic of your ebook fits their interests and you have a nice 'angle', you could be flooded with offers.
Be a Consultant
If your ebook is about investing, or relationships, or specialized topics like intellectual property law or small business advertising, you could set yourself up as a consultant - and create one more of your multiple streams of income.
Hope this got your mind buzzing with ideas. And these are multiple streams of income directly related to your infopreneur activities. Expand your horizon, and look at what you can do with the income you generate.
By investing it into various options (stocks, real estate, or term deposits) or using it to buy businesses or franchises, you'll understand the real power of leverage you are tapping into as an infopreneur. Go out and start building your own multiple streams of income.
Time Management for College