Why Multiple Income Streams Is The Pathway To Riches
When I started work, I went straight from school to a job. It was with the government and I was considered lucky as I had a job for life when unemployment was exceptionally high.
How things have changed.
The Lifetime Guarantee
It used to be, that when you started a job you were in it for life. Left school, worked, got the gold watch and pension upon retirement.
Today, the average person is in a job for 5-7 years.
Savings were with a bank you had been with for life. You knew the bank manager, personally. When you wanted to buy a house it was done on a handshake.
Today, online banking is the norm with a computer determining if you qualify for a mortgage.
The internet and globalization have changed the world forever. So has the way of making money and planning for the future.
Multiple Income Streams and Multiple Online Businesses
Image if your only income stream is your wage. You go to work every day and every month you receive your salary.
What would happen if the company you worked for suddenly stopped trading?
Many people don’t need to imagine as they find themselves in this situation. It is happening regularly.
Remember the pandemic? People suddenly found themselves unable to work. When they were ready to go back the business didn’t reopen.
The job security they thought they had suddenly stopped. There was no monthly salary but the bills kept coming in.
Multiple Income Streams is a wealth creation strategy ensuring there is income going into the bank every day, week or month.
Multiple Income Streams is also a strategy that online entrepreneurs use.
The One Website Strategy
For most people building a website is time-consuming. They spend so many hours working on one website trying to earn an income from it.
They know that one or two blogs are not going to be enough to attract traffic to the website. There needs to at least 100 ideally more.
The websites doing the best sales have 500+ blogs on their site. It takes time to write that many blogs.
Data shows us that over time the more blogs the better the website performs in generating income.
The thought of having more than one website doesn’t seem too much of a stretch for them.
But when you look at the income generated by the best online marketers in the world – many of whom generate more than $1 million a month – they have several websites.
Start Small and Scale
Building your first website and making it profitable is about learning skills.
Think of the old trades where apprentices were taken on. They learned the trade practicing every day until they were the person creating everything while their boss was finally able to take it easy.
Being an Online Entrepreneur is the same.
Creating a website that attracts visitors and makes sales takes time as there are many skills to learn. You are the apprentice.
Once the trade has been mastered your business is successful, you are able to take on other people to help you grow and scale your website.
There is a misconception that AI or other people will do the work for you right from the start. But if you don’t understand the business and don’t understand what generates traffic and sales, how can you instruct AI or a freelancer to produce the type of content you need?
Start small, learn the trade and then scale the business.
Duplicate What Works
Once the first online business is flourishing another website can be started.
Duplicating the success of the first website is about finding out the skills and strategies that worked and applying them to the new website.
Build the second website get that to a high-performing site and then duplicate it again.
This is what top earners in the industry do. They have multiple websites generating multiple income streams.
How to Monetize a Website
There are several ways to monetize a website.
- Advertising – most people will think Adsense. In reality, Adsense pays such a small amount that it isn’t worth the effort to meet their criteria for a website to start earning. Private advertisers are willing to pay much more.
- Affiliate Marketing – probably one of the best ways to start earning quickly and effectively. Again though it takes time to build traffic to start earning consistently
- Memberships – are becoming the buzzword for 2024. These are growing in popularity and while they take more time than just have affiliate sales, they do generate monthly recurring revenue (MRR).
- Courses – selling your course means 100% of the profit goes to you. Ultimately, this is what you want but you do need consistently high traffic to your site. It is a numbers game as only a small percentage of visitors will buy.
- Consulting – selling your services as a consultant to a business. I’m an online entrepreneur and a writer. I can help people generate the right type of traffic to their site and improve sales without doing the actual work just advising the client.
When you have learned the trade you can create multiple income streams from several websites with only a small input each month.
Why Multiple Income Streams are the Pathway to Riches
I’m an online entrepreneur and strategic investor. So I build websites and invest profits into shares, property and gold.
I generate multiple income streams through websites and the assets bought from the income generated by the websites.
Multiple Income Streams is a strategy I teach not only through investing but also through multiple websites.
When you can master the skills of building one website to generate income and duplicate it on another website you know you are on the pathway to riches.
