Would you like to know how to build multiple income streams online?
I know that the internet can bombard you with tons of information. There are so many online passive stream ideas, and it can get pretty frustrating when it comes to deciding which avenue to take.
Today I am going to make the choice easier for you.
I am going to list only 3 online income business opportunities. The truth of the matter is that you really need to start working on only one. Once you are successful with it, then it is simply a matter of upscaling and repeating the formula.
Before we get started, let me show you why having a passive income would be beneficial for you in the long run.
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WHAT ARE THE ADVANTAGES OF AN ONLINE PASSIVE INCOME BUSINESS?
Whilst starting a legit and solid online business can take just as much effort and time as starting a traditional ‘brick and mortar,’ enterprise, there are some awesome advantages that you can enjoy once it’s up and running.
Here are a few, (see my Infographic on Advantages of Online Business)
- You can access your business from anywhere in the world
- Once the formula works, you simply need to duplicate (exponential growth potential)
- You get worldwide exposure
- Many of them require little to no experience to start
I think people are often under the impression that it costs a lot of money to start an online venture.
This is far from the truth. It is actually much cheaper to start an online business than it is to start a conventional business.
HOW TO BUILD MULTIPLE INCOME STREAMS? -HERE ARE MY TOP 3 SUGGESTIONS
- MAKE MONEY SELLING eBOOKS- 3 out of 5 Stars
When a famous author publishes a ‘best-seller,‘ or a music artist records a multi-million dollar album, they stand to earn royalties for years to come.
Selling ebooks can be your gateway to earning royalties and can be your start to earning a passive income. These days the younger generation prefer reading digital prints over printed books (Source :PEW Research). According to Wall Street Journal, only 46% of people prefer reading printed books.
The reason as to why I have given this option only 3 stars, is that eBook sales have taken a dip (Source: Mark Coker, Founder of Smashwords).
Nevertheless, there still is a market for it, and if you are passionate about a topic or have experience in a particular field, then why not give writing e-books a chance and share your knowledge with the world?
Speaking of training, there are tons of tutorials or training on how to get started. Here is one such example: How To Make Money Writing eBOOKS!
2.START YOUR OWN ONLINE COACHING BUSINESS–4 out of 5 stars
Did you know that is there is an online coaching business that caters for almost every aspect of our everyday lives?
From covering topics such as making money, depression, yoga, to meditation, divorce, pregnancy and even ADD, there is scope and potential for this sort of business.
And the online coaching industry is gaining momentum. If you have experience in a specific field, you can extend it, and turn it into a nice online business and charge premium fees.
Let’s say, for example, you’ve worked as a handyman for a company or you have experience in your own practice. You can share it with the online world by having your own coaching business.
You can create courses on ‘how to renovate your home’ using YouTube Videos and charge people to register and learn from these courses.
Simply take a look at all the home improvement channels on TV. That should give you a pretty good idea of what to build your online business upon.
Why would people pay You for online coaching?
- They are getting one-on-one service with you (your time is your money)
- You are the expert– people trust what you have to say (people will pay for expertise)
- You are guiding the people until the end – (they will pay to have a mentor?)
BUT I NEED A WEBSITE TO GET STARTED……HOW DO I DO THIS?
Getting a website these days is not hard. I can direct you to an awesome platform that Gives You Two Websites For Free.
And you may wonder, where is the passive income potential in all this coaching business?
Once you’ve got people who are committed to your program, you would then simply need to direct them to useful and helpful modules that will help them learn more along ‘their journey.’
Though you initially have to put in time and some effort to prepare these courses, in the long run, it has the potential to earn you huge residual income.
In Summary: online coaching offers you two sources of income, Active Income-where you coach one on one and Passive Income– where you’re selling your material on an ongoing basis.
That’s why I gave this option 4 stars.
3. AFFILIATE MARKETING–5 out of 5 stars
This is my favorite and My NR 1 Recommended Online Business Opportunity.
The main reason is the fact that I have been doing it now for close to three years and I know that it works.
What is Affiliate Marketing all about?
It is a business concept where you earn commissions by promoting products or services through your very own niche website.
That may sound like a mouthful, but allow me to break it down for you.
A niche website is a site that is focused on a particular segment, or a specific audience, within the online world.
Basically, anything that you are passionate about, can be converted into a niche website.
I suffer from a condition called tinnitus. It is an annoying ringing noise in the ear, and it is frustrating to live with. It certainly affects one’s lifestyle.
I came to learn that there are thousands of people that have this condition. Being a pharmacist, I decided to put my knowledge to good use and help people via my tinnitus-niche site.
(The URL of this site is www.DealWithTinnitus.com)
I talk about using various products, such as hearing aids, sound maskers, ear drops, Health programs, etc.
I then partnered up with an affiliate merchant, like Amazon for example.(It’s free to join as an affiliate.)
Getting Paid: Everytime someone visits my site and clicks to purchase a masker or health program or any item that I am promoting, they are directed to the affiliate merchant, in this case,Amazon, to complete the transaction.
Upon successful completion, I get paid a handsome commission.
My site is open 24 hours a day and helps people all over the world. The earning potential is unlimited. But more importantly, the money I earn is passive.
Initially, you will need to build the site first and add content. This does take time. However, once it’s built, you simply need to maintain it and wait for money to roll in.
Benefits of Affiliate Marketing
- It’s not MLM, so no recruiting is necessary
- Flexibility – you can build it in your own time
- You build it based on your own passion
It’s perfect for beginners (I started as a pharmacist who knew nothing about website building).
Getting started with Affiliate Marketing
I have learned affiliate marketing through an awesome platform called Wealthy Affiliate.
Not only are their training and lessons easy to follow, but they’ve also got an interactive community of over 800,000 people, all growing their businesses and helping one another.
They have a free trial, so you can test out their platform and see if it’s for you or not.
To learn more about Wealthy Affiliate, watch my video review below.
CONCLUSION-IT’S ABOUT STARTING SOMEWHERE….
That covers my top 3 passive income streams that I recommend you can try out.
I must congratulate you.The fact that you have read this post to the end, shows that you want a difference in your life.
It shows that you want to start working smarter and not harder. That is a good sign in my books.
If there is anything that I could help you with, to get started with building your passive income portfolio, please let me know.
You can either use the comments section below or use the contact me page.
I would be happy to help you out.
Looking forward to hearing from you
Regards and Take Care