It is said that we should have a minimum of 5 income streams coming through us. Now, whether you have figured out those streams as of yet, you will with the help of like-minded business people.
After you have found your audience, and know the type of problems they have; I sure hope you have started this work, but if not, we’re here…. If you have, there are paid solutions to those problems. There are ways you can monetize your service.
Let’s start here:
Your Product and/or Service
Selling your own product directly from your own website, a blog post, or social media networks can earn you the most income per sale and gives you the most control. For example, if I produce a workbook and sell it on Amazon, I will have to pay Amazon a percentage, but if I sell it through me, there is no percentage to another distributor that I have to pay out; this is why websites are so important.
Affiliate Income
What is affiliate income? When you are an affiliate for a product, you recommend a product and then receive a commission each time someone purchases that product through one of your personalized affiliate links. If you want to build trust with your audience and improve conversions, only be an affiliate for products you use and love.
Sponsorships
Sponsorship is a form of advertising; I have partnered with sponsors for our business events. Make sure your motives are pure and you do what you say you are going to do; be beneficial to all parties involved. If you take this route, be sure to have the terms clearly stated and agreed to prior to beginning work. Be upfront with your sponsoring brands about what a sponsored post includes.
These are just a few ways to create your streams of income. I always tell people to start somewhere and as time goes on, you will find yourself creating more streams through products and/or services. See what happens when you keep hanging around us? Good Stuff COMES!
See you soon, LW
