Building multiple streams of online income is one of the most confusing issues for new internet entrepreneurs. I believe the reason for this is that most are transitioning from a traditional modern work background that involves one, or at most, two, primary sources of income–in other words, a job! In this model, the “job” provides 100% of the income. This keeps things simple–that is, until it’s gone! Then life gets pretty complicated until another “job” is found.
To become a successful online entrepreneur, this model of thinking has to take a radical change. Instead of looking for a single pot of gold, you have to start picking up little gold nuggets along the path. Although it’s possible, most successful online business models are not built around a single revenue source; rather, many small (sometimes really small!) streams of income pool together to form a significant resource.
Multiple streams of internet income exist at a macro and a micro level. The macro level involves having several totally different internet businesses. For example, you may own a couple of different niche websites, or you may have your own website plus you earn money online from paid surveys or other work opportunities. The macro level of internet business diversity is similar to having different “jobs” in the traditional work world.
Online income is more complicated than that, though! Each macro-level income source can also have many micro-level sources. An example would be a single website that makes money through multiple sources, such as affiliate sales, ad placement revenues, proprietary goods sales and membership fees.
Each of these sources, correspondingly, has its own micro-level income streams! For example, each merchant for affiliate sales constitutes a stream, and even each product from a merchant can be considered a stream. Similarly, each ad source, along with each ad is an income stream. Each page of a content-rich website also produces its own micro-stream of income.
To have a successful internet business, you must constantly monitor these micro-streams of income to see which are producing and which are not. Then, just as in any business, you have to adjust your strategy accordingly. Non-profitable ads could be taking up valuable space on your website that could be replaced with money-producers, but you would never know this unless you consistently check your earnings at a micro level.
Building multiple streams of online income and manage them efficiently is the key to profitability for most new internet businesses. It is also one of the most difficult if you’re used to having a single lump-sum payment every month from one employer! To be successful online, you must change your mindset!
Instead of being the pig who’s confined to a small area and whose big bucket of feed is brought to it once a day through no effort of its own, you must become the songbird who spends the entire day looking for tiny seeds and insects to sustain it. I don’t think I’ve ever seen a malnourished songbird, but–you know what happens to the pig!