One of the most important factors to building an online business is to have multiple income streams.
This is the one mistake almost all Internet Marketers make. They put all of their proverbial eggs in one basket and then when the rules change and what once worked is no longer working they’re, please pardon my French, up shit creek without a paddle.
Believe it…It’s 100% true, I’ve been there done that.
It was not too long ago I was in that exact same boat. I had started up a highly successful t-shirt business back in 2014 and in fact did so well that I dropped everything else I was doing even though I knew better and told myself that this was not going to last and be there for the long haul.
You’re probably asking yourself, but why or how did you know that it wouldn’t last…Good question!
Because anything predicated on someone else’s platform, system, and/or rules is volatile. My entire t-shirt business was built upon Facebook news feed ads. And at the time it was like printing money…Regularly getting 500-800% ROI, just ridiculous numbers. But I knew if anything changed within the Facebook ads platform then my business would fail. And I was right!
By summer of 2016 Facebook had some many “t-shirt advertisers” that they decided to not show everyone’s ads throughout the day to all of your targeted audiences. This was proven by Teespring.com itself. They had tested various URLs and noticed that their ads were not showing up even though Facebook was still charging them as if their ads were showing. This happened to me and my business as well, thus effectively killing my business.
The same can be said for any business that is co-dependent on any other 3rd party platform that you can’t control.
For instance Amazon is now a great resource to sell your products, however how long do you think that will last? With everyone doing the exact same thing it will eventually become over-saturated if it’s not already.
Do you see just how vulnerable your business truly is unless your smart enough to diversity your income streams.
So how do you diversify?
It’s easier said than done…However hard work and dedication is the key. Learn to be open-minded and keep your ear to the ground about what’s working now and try to get in before everyone else.
Here’s a rundown of all the income streams I’ve created since my t-shirt business:
[+] T-shirts – I still do this, but in much more passive role from my 65,000 buyer email list and utilizing some other viral tactics to add new leads/customers to my list
[+] Physical Products (Necklaces, Mugs, etc.) – eCommerce through: Shopify, Amazon Sellers Central, Merch by Amazon – selling physical goods drop shipped as well as POD (print on demand)
[+] Offline Consulting – I work with local businesses to help them utilize all aspects of the Internet to grow their business
[+] Digital Products – I create digital products about the systems I’ve created in my own business similar to the products I have on this review site.
[+] Affiliate Marketing – I promote other people’s products through this website as well as I promote other more commercial products I personally use within my businesses
[+] Local Media Sites – I have created a couple media based websites along with social properties to build large audiences I use to promote the local businesses I work with
With all of these sites bringing in income even if one or more stops producing due to the game changing I’ll be just fine.
I hope this has opened up your mind to see how important it is to develop multiple income streams.
So the question is how are you going to create multiple income streams?