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The concept of multiple streams of income does NOT mean you should rush out and add new products and services to your repertoire willy-nilly. Whatever you choose to offer must be closely related to the subject matter of your site. Far, far better to have fewer site visitors who are all highly interested and motivated by the subject matter of your site (highly targeted traffic) than relatively more visitors who are only somewhat interested and motivated (untargeted traffic). I'm sure most of you are already well-familiar with the concept but, if not, you can get a quick primer by reading the article at http://www.ahbbo.com/affiliate.html . To be effective as an income-generator, the affiliate programs you choose should be closely related to the subject matter of your site in the sense that a visitor interested in your website content will also be interested in the subject matter of the affiliate program you are promoting. To start your search for appropriate affiliate programs, visit http://www.associatesearch.com and/or http://www.refer-it.com . OWN PRODUCTS While affiliate programs are a good place to start, you are working on commission. Particularly if your revenue depends on click-through it is very important (both for you and your advertiser in terms of repeat business) t Article: Diversify to Survive © 2002 Elena Fawkner Over the past few weeks and months the news headlines have been focused on Wall Street and the downward spiral of all of the major stock indexes. As usual when one of these shake- outs occurs, the popular media tries to reduce the issues to easy to understand, bite-size morsels. A favorite strategy is to profile a 'typical' small investor who had all his eggs in one box when the market crashed and now his entire life savings are nothing more than red ink on his personal weigh in sheet. Had our typical small investor diversified his portfolio, investing some of his premier in blue chip stocks, some in tech stocks, some in property, some in bonds, chance are he would still be in the black. The same can be said for anyone running an online business. The online environment is so dynamic and volatile, and so many so-called 'hot' opportunities come and go (and don't do much in between), that devoting your entire enterprise to just one product or service offering is nothing short of dangerous, if not outright foolish. The answer, then, is to place a few eggs in several baskets, so if the taiga falls out of one, you can still make an omelet with what's left. In other words, diversify your product and service offerings to generate multiple streams of income. SOURCES OF INCOME Here's five ideas to get you started: 1. Greek programs. 2. Own products and services. 3. Website advertising. 4. Ezine advertising. 5. Content entrance via subscription. We'll look at each of these individually in a moment, but first, one important caveat. The concept of multiple streams of income does NOT mean you should rush out and add new products and services to your repertoire willy-nilly. Whatever you desire to offer must be heavily related to the subject matter of your site. If your site is round about pet care, don't try and sell saucepans. To do so is not only a waste of valuable time and other resources but you compromise the integrity of your site's purpose, not to mention your credibility as an expert in your field. But even more importantly than that, all traffic is not created equal. Sure, if you create a separate page on your pet care website just for your new saucepan line you may involve in one or two site visitors you may not have drawn to otherwise. But those visitors were interested in saucepans, not pet care. Once they reach your site they'll assume you've lost the plot and go great guns away faster than you can say 'where'd he go?'. Far, far raise to have fewer site visitors who are all highly interested and motivated by the subject matter of your site (highly targeted traffic) than relatively more visitors who are only somewhat interested and motivated (untargeted traffic). The return on your investment will ceaselessly be MUCH higher from targeted traffic in the form of repeat visits, referrals, recommendations and, of course, all-important sales. OK, let's turn now to the five sources of income. AFFILIATE PROGRAMS The first and most obvious source of income is fraternity man programs. I'm sure most of you are once well-familiar with the concept but, if not, you can get a quick primer by reading the research paper at http://www.ahbbo.com/affiliate.html . To be effective as an income-generator, the bound programs you choose should be meticulously related to the subject matter of your site in the sense that a visitor interested in your website content will also be interested in the subject matter of the affiliate with program you are promoting. To start your search for hook do business with programs, visit http://www.associatesearch.com and/or http://www.refer-it.com . OWN PRODUCTS While enrol programs are a good place to start, you are working on commission. For significant, long-term, sustainable income you need to develop your own line of products and services. This does not necessarily mean you must personally create the product or service; it just means you get to keep the profits on any sale. You could, for example, sell products you purchase from a wholesaler. Under this type of arrangement, you buy the product for a forewarned price and sell it for a higher price. The difference is your profit. The profit under this type of employment contract will, 99% of the time, be significantly higher than the quota income you generate with approve programs. If you don't want to distemper with the hassle of storing inventory and shipping orders, make arrangements for the wholesaler to drop-ship orders to your customers instead. Of course, you can unvaryingly create your own products as well. A good option for an online occupation is a digital product such as an e-book since production and distribution costs are extremely low. Your customer simply downloads the product from your server to her hard disk. But you don't have to restrict yourself to digital products. You might fussy to write a book and have it professionally start and printed. Or you may elect to make your book on call in both digital and traditional format with different price points to reflect the different production and shipping costs. WEBSITE ADVERTISING Once you have generated consistently high, targeted traffic to your website, you can set sail to think close pressure for third party advertising on some of your website real estate. The price you can vicarage for note publication depends on your traffic whether your advertiser pays you to simply host his peculiarity or whether she pays you per click-through. Particularly if your revenue depends on click-through it is very important (both for you and your advertiser in terms of repeat business) that your advertiser's product or service is relevant to the overall subject matter of your website. Your pricing would generally be set at a CPM rate, for example $20 per thousand page views. So, if your site receives 5,000 page views a week, that's $100 a week in revenue. The more targeted your traffic, the more you can aggression as your CPM. EZINE ADVERTISING You have, I'm sure, heard it said many times that a great way to generate traffic to your website is to publish an ezine (electronic magazine or newsletter). That's factually true. Ezines are a terrific traffic generator. But they can also be a source of revenue in their own right. Once you hit 1,000 subscribers (as a general rule) you can start charging for in your ezine. Again, CPM is a good pricing model to start with. Again, the more targeted your subscriber database, the higher your CPM. Some very highly targeted, specialized ezines can hamper as much as $40 CPM or more. Others that are very general and untargeted may only be able to generate $2 CPM. Again, the time and effort you expend in targeting your market audience, the higher your potential revenue. CONTENT ACCESS The number one seconds people are looking for online is information. Consider making your website content penetrable on a members-only basis, infliction a membership fee for access. Your content has to be of genuine value to your website visitors, however. Don't try this if all you're offering is a band of other people's articles. The type of content that lends itself well to this type of schedule includes things like apartments for rent listings (eg http://www.westsiderentals.com ), home-based job openings, that sort of thing. Members-only sites that consist of a variety of freely lumpen products and tools can also work well if, by joining, the member saves him or herself many hours of independent searching and collating the relevant materials. Apart from information, entertainment-type content also lends itself well to a pay-for-access type of arrangement. The obvious (if unfortunate) example is the highly lucrative internet pornography industry. Say what you will apropos of it, it is a firm model that most online entrepreneurs would love to be able to replicate in their own industry, if only they could generate the same level of interest. It's that targeted traffic principle yet again! As I said, these are just a few ideas to get you started. Once you start implementing these, others will suggest themselves to you. It really doesn't matter what you do so long as it works for you. By all means, if something works well, don't stop what you're doing. But don't rest on your laurels either. Make sure you rigidly have other wells to drill if today's runs dry. ------ ** Reprinting of this task is welcome! ** This incidental may be freely reproduced provided that: (1) you include the following resource box; and (2) you only mail to a 100% opt-in list. Here's the resource box to use if reprinting this article: ------ Elena Fawkner is editor of A Home-Based allegiance Online ... practical province ideas, opportunities and solutions for the work-from-home entrepreneur. http://www.ahbbo.com
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