A well-designed website is a good start for your home-based business, but it is only a start. To be consistently profitable, you may have to put your “eggs” into several marketing “baskets.” You can do it by creating multiple revenue streams that generate a steady flow of cash from various sources.
Additional revenue streams can be integrated with any small business. For example, you can monetize your online presence with affiliate advertising, new selling channels, authority blogs, e-books and much more. Best of all, the more revenue streams you can manage, the more potential you have to make money from home.
What Kinds of Revenue Streams Are Available?
There are hundreds of types of online income streams, from pay-per-click (PPC) advertising to RSS feeds to social media and beyond. The ideal mix will produce a steady stream of cash for your stay at home business. Here is some advice for creating multiple revenue streams when working from home.
How to Choose New Revenue Streams
Without a doubt, multiple revenue streams can help boost your overall income, but not all online opportunities are a good fit. Every new opportunity requires some level of time management, and often a financial investment as well. The revenue streams you choose must be worth the amount of time, money and effort you will ultimately spend on them.
Be wise and realistic. Consider your goals and aspirations for today, six months ahead, and several years from now. Thoroughly research the revenue streams that could possibly meet your objectives and select prudently.
- Read user reviews, business blogs and other insightful resources before investing in any new business prospects
- Consider the size and age of your business, and how adding a new revenue stream will help it grow
- Learn if there are any fees to launch or maintain your new idea
- Estimate the effort you will have dedicate to your new income stream to learn how it works
- Calculate the amount of time it will take to maintain your new prospect from week to week
- Read the fine print carefully and look at the big picture
- Lastly, weigh the potential for your new prospect to make money versus the probability of any negative impacts
How to Add Multiple Revenue Streams to Your Website
Your ecommerce business can establish multiple revenue streams by adding more selling channels. In addition to selling items on your own site, you can also market on alternate networks. Amazon Webstore and eBay Stores are two of the most well-known sales channels, and there are many others. The additional revenue streams will help boost your web presence and sell more merchandise.
Another excellent way to add new revenue streams to your website is by hosting affiliate advertising. Let other related businesses link back from your site in banner ads or PPC spots and get paid by the click. Google AdSense is one of the most effective and reliable ways to launch an affiliate ad campaign. AdSense is free, easy to use, and comes with all the tools and advice you need to get started.
Expand On Your Authority With Multiple Revenue Streams
Businesses that offer services instead of products can also benefit from additional revenue streams. You can offer yourself up as a web authority on whatever services you provide and make money for sharing your knowledge. It doesn’t matter whether your business is lawn care, accounting, web design or medical transcription — every work at home entrepreneur is an authority on his or her own business.
- Put your authority to use by setting up an advice column or blog to offer opinions or tips about your business. Today’s consumer has a thirst for intimate knowledge, so leave yourself open to providing answers as an authority, and make yourself available every day. Post columns with keyword-rich titles and content, then monetize your blog with AdSense or other advertising feeds.
- Start a membership program and reserve your best advice for those who pay dues. You can charge a reasonable fee for one-on-one consultations, special news releases, downloadable e-books, webinars, videos, audio presentations and more. Pretty soon you will have multiple revenue streams funneling cash payments right into your account.
- Perhaps the simplest way to set up a new revenue stream on your blog is to embed a PayPal button and request a small token of appreciation. Visitors who value your knowledge and advice just might reward you with some cash.
With all the options available to monetize your stay at home business, there are lots of reasons to add a few new revenue streams. Several sources of income can help improve the online visibility of your business and provide a more reliable profit margin. No matter what kind of economic future you can envision, creating multiple revenue streams when working from home is a smart way to realize it.