how to create multiple streams of income (2024)

One of the wisest millionaires in the world, Mr Warren Buffet, said “never depend on a single income”.

If you told me that three years ago, I would have told you to

…shut yo mouth! Ain’t nobody got time for that.

You see, when I started ever pursuing the idea of being my own boss back in 2014, joining other network marketing companies to add another income stream was a big NO NO.

They would say that it was impossible to promote two companies at the same time.

But… you know the saying “never put all your eggs in one basket?”

Well in network marketing, they did the opposite and encouraged it.

At the time it did make sense and I told myself that

sometimes it is best to focus on one thing at a time.

But… And There Is Always A But

As I moved on to other things I realised that I was capable of creating other income streams for myself and it was not such a bad thing.

I understood that sometimes you have to prepare yourself for the unpredictable. Financial security is a concern for most of us and the average person wants that protection for their family and their future.

If you have a job, what would you do if you were suddenly fired the next day?

With no income coming in, how would you pay the mortgage and the bills?

This is why it is so important to have that back up plan. Some people’s jobs are already demanding and to think of adding extra work can be a tedious thought.

But regardless, it is so crucial to the continuation of cash flow that you have another income stream that you can rely on if one fails.

Affiliate marketing is one of the easiest ways to create multiple streams of income.

|Blogs or Websites

If you have a blog or website, you can join affiliate networks to find products that you can review on your own website. If you do not want to do a review, then you can write blog posts where the product is the subject of the post.

For example, you may choose to join a fashion affiliate network and write a blog post about Fashionable Outfits for The Millennial Male Or Female.Within that post you can then recommend a few fashion pieces selected from the affiliate network where if the viewer clicks on the product and makes a purchase, you will receive a commission.

Some of my favourite affiliate networks are:

• ShareASale
• Panthera
• CJ Affiliate By Conversant (Formerly Commission Junction)
• Rakuten Marketing
• Amazon Associates

In order to start earning from these affiliate networks, you must sign up to them. Once inside you can search for any product that you want to promote then simply write a blog post and mention the product and offer your readers to try the product. Do not forget to include your affiliate link within the post.

|YouTube

Another good place to use affiliate links is on YouTube. If you have a YouTube channel you can always speak to your viewers about the products and recommend it to them.

A great way of promoting affiliate products on YouTube is by doing product reviews. This will of course require you to purchase the product before hand so you can use it, test it and finally give an honest opinion about the product.

If you are an affiliate for a digital product, like a training course, you can do a walk through of the product, showing your viewers what’s inside the course and what they will learn.

A lot of people love testimonials so this acts as a benefit to both you and the viewer – it’s a win win.

|What You Should Know About Affiliate Networks

The great thing about affiliate networks is that they are free to join. If you do decide to join any of the networks mentioned above, be sure that you have a proper blog or website created with content on it, as the affiliate managers do check them before they approve your application.

If you do not have a blog or website and you’re ready to start one then be sure to read my article where I show you how to start your own website or blog for the low price of $3.95 a month with Bluehost.

|Affiliate Programs

If blogging or having a website is not your thing then you can consider joining an affiliate program. An affiliate program is a stand alone company that allows you to promote their products directly and gives you all the tools and training you need to get started.

What I like about affiliate programs is that you can promote your affiliate link on any social media platforms, recommend the product to friends or family or you can learn how to send a lot of people to your affiliate link so that they may purchase the product if they choose to. Blogging or having a website is not necessary.

In order to promote affiliate programs however, you must own the product.That would therefore entail purchasing the company’s product. Sometimes this can start from as low as $5 and go all the way up to $5000 or even $10,000.

The good side to this is thatyou get a percentage of the sale when you refer someone to purchase the product. This can be anywhere from 50% up to 100% of the purchase price.

It is a great idea to purchase the company’s product because you can use the product and give honest recommendations to other people which may influence their buying decision.

Related Articles:

• The Complete Beginner’s Guide To Starting A Successful Blog In 2017
• How To Start Affiliate Marketing For Beginners
• Top 10 Places To Find High Paying Affiliate Programs For Marketers Or Bloggers
• How To Do Affiliate Marketing Without A Blog Or Website

Writing an e-book that contains content related to your niche can be a very successful way of producing another income stream that generates income passively.

However, there is a lot of work in the beginning that goes into creating an e-book.

But, it is not as hard as you think. Anyone can create an e-book, upload it to Amazon and sell it.

Firstly you need to have some creative thought in what goes into the e-book. Your e-book can be on any topic but you want to be sure that it is a topic that people are searching for or need help with.

Once you have made up your mind as to content, you can create a PDF document from a Microsoft Word file.

You can then upload your content on Amazon Kindle Direct Publishingand put it for sale. If you are using Amazon be sure to look at the prices of other e-books in similar categories so that your price can remain competitive.

Like the e-book idea, selling your own product is another way that you can generate an income passively.

It can be any type of product that you want, although the most successful products are those that help solve people’s problems.

Your product can be a physical product or a digital product and come in many different forms – a book, a DVD, a CD or software.

You can sell your product on your own website if you have one or arrange an affiliate agreement with an affiliate network to host your product for you.

Blogging seems to be very popular and for good reason as many bloggers are making passive income from their content.

In order to make money from a blog you can monetise itwith affiliate marketing as I mentioned above. A blog can be in any subject area but to ensure that it is successful you should focus on a blog niche that is highly profitable as not all blogs are created equal.

Here are six blog niches which are the most profitable and from which you can earn a full time income if it is created well:

• How to make money
• Personal finance
• Health and fitness
• Romance and dating
• Beauty and Fashion
• Hobbies and Activities

I went into a lot more detail with these niches in my article 6 Profitable Niche Markets For Affiliate Marketers And Bloggers. Be sure to check it out to help you decide where you should start blogging.

You can also monetise a blog with ads fromGoogle Adsense.You must apply to Google in order for ads to appear on your blog or website.

One word of caution though, Google Adsense will only approve your application when you have a decent amount of traffic running to your blog.

If you do not want to use Google Adsense, you can also sell advertising on your blog depending on the amount of traffic it is getting. To sell advertising on your blog or website, you can use the website Buy Sell Ads which allow you to promote your own website for advertising gigs.

There are people who will pay you to place their own ads on a site that is receiving a good amount of traffic with the expectation that doing so will drive traffic to their own sites and offers.

Related Article:

• The Complete Beginner’s Guide To Starting A Successful Blog
• 6 Profitable Niche Markets For Affiliate Marketers And Bloggers.

Setting up an online store is really not hard. In my article How To Start An Online Clothing Store, I walk through the set up process with you step by step.

There are companies like Shopify, Woocommerce or Ebay, that make it easier than ever to launch your own store.

By selling products that people are passionate about and looking for, can help you to generate substantial revenue.

|Dropshipping

If you are worried about having to stock inventory or post items to customers then you may want to use the dropshipping model when operating your store.

Dropshipping is an eCommerce arrangement where you agree with a supplier to provide and ship the product to your customer on your behalf. This removes the requirement to hold inventory or worry about the shipping process as it is done for you by the dropshipper.

Whilst this model makes running an online store more effortless, getting started and building a profitable eCommerce business is a lot of work.I am not saying this to discourage you, but rather to manage your expectations. At the end of the day, nothing great comes easy right?!

Hey, if you are brand new to eCommerce or are looking for some additional help in getting started with eCommerce, getting your online store set up and getting your first online store sale then I would highly recommend The Sellosity Labs ecommerce course.

They have a step by step video series to help you master eCommerce in any niche that you choose. Some of the students have been getting awesome results in one month or less and it was how I grew my very ownShopify store to $7k in sales in less than a month. You can read my own success story here.

Check out the Sellosity Labs course hereand you will also receive my free clothing wholesaler’s list in your inbox as a bonus gift.

Happy selling!

Related Articles

• How To Start An Online Clothing Store
• 4 Proven Ways To Increase Traffic To Your Online Store
• The 8 Best Ecommerce Training Courses Compiled And Reviewed

Do you know how to do something and can teach it to other people?

Then think about how you can generate revenue for yourself with an online course.

There are many programs like Clickfunnels, that allow you to build out a website easily with drag and drop features, upload training videos and prepare your course ready for release.

I recently found a website called Teachable that also allows you to create online courses effortlessly. Teachable provides the platform for you to upload your content and easily integrate payment processors so your students can pay for your course.

What can you put in your course?

Anything that you can teach other people basically. It can include video “How To” lessons, mini e-books, audio lessons, checklists for completing steps recommended in your videos or expert interviews.

The opportunities are endless.

Now whilst the idea of creating a course is the easiest thing that anyone can do, it is a lot of work in the beginning.

You have to prepare course materials and video content but hey, after all the hard work comes the easy part. Simply promote the course on the internet and generate an income passively.

If you can do certain tasks for other people and get paid, then why not?

Websites like Upwork, Fiverr or Elance allow you to promote yourself for jobs that other people want completed.

If you are creative or have a special skill or talent, set your own rates and get yourself hired.

Whilst this is not a passive income source, you can earn a decent income to get cash flow running by which time you will be able to fund other income opportunities to create more passive wealth.

Almost everyone has a smartphone.

Why not take advantage of this and build an app that helps people solve a problem and make their lives easier.

There are billions of app downloads everyday.

If you know nothing about building an app you can hire a developer to do the job for you. The outlay might be expensive but if you have a professional-looking app that helps people, think about the profits you can make.

An app is just one of those products that you can put on the internet, like Apple Itunes or Google Play and generate massive income passively.

300 hours of video are uploaded to You Tube every minute and there are 32.5 billion hours of video watched every month.

Many people are turning to YouTube to create an income.

How YouTube works, you upload videos that people want to see.

In fact, any type of video can generate tons of interest helping you earn an income.

You must also enable Google Adsense on your channel so that if someone clicks on an ad, you get paid.

The type of videos that are popular these days are music videos, how-to videos, comedy videos, lifestyle videos.

The key will be to create as many videos as possible to attract an audience of people who come back to your channel so that you can create a decent income.

Do you like photography? Well sites like Shutterstock or Canva allow you to use their platforms to sell your photographs to users who are looking for visual displays.

A single image can generate a passive income for you if it is being used over and over by millions of users across the web.

The good thing is, you only have to do the work once and then let the platforms do the heavy lifting for you.

If you are looking for the ultimate guide to learn how to get multiple incomestreams in your business, then my free Profit With Affiliate Marketing course is the right start for you.

Learn how to create a profitable affiliate marketing campaign and generate as many streams of income as you can, from different affiliate marketing programs.

Once you know the basics of affiliate marketing and how to promote any product online, you can set up multiple businesses as you wish.

I have created this training so that it is great for beginners who are new to online marketing and need hand-holding or over-the-shoulder coaching.

If this interests you then you can check it out by clicking here.

Related Articles:

• 16 Real Ways You Can Make Extra Money

Cheers,

P.S Are there any particular questions that you had about this post that did not get answered? Leave them down in the comments.

P.P.S Hey have you subscribed to my YouTube channel yet?? Come on over and say hi. I give away free online marketing tips.