Thursday, January 8, 2009

How to Develop Streams of Income


By Money on Trees

How to use monetization Models

Malcolm Forbes who lived between 1919 and 1990 once said "Venture nothing, and life is less than it should be."

In the article Follow Your Passion, I tried to justify the need to develop more streams of income and why you should never be dependent on a single income source- putting all your eggs in one basket.

Ken Evoy described it as a high risk strategy.He puts it this way ‘by diversifying, your revenues increase, your business is more stable, and you are in charge of your business destiny.’

I did a research on what the business moguls describe as ‘some monetization models’.These are business opportunities that could earn you some good income to meet your short and long term goals. It is evident that for you to maximize revenue, you must get your hands into two or more of these opportunities.

However, new opportunities now present themselves to you.Consider each model carefully. Depending on your particular niche and business intentions, some will apply to you. Some won't. Add the one(s) that fit your business best.

Simply click on the area(s) you are interested in and take a detailed study of how you can join.

Hard Goods Creators/Sellers

Are you a small business or an artisan that creates, manufactures or retails your own hard goods -- non-digital products that you can actually touch, that you ship? Add (simple copy-and-paste) your own e-store to your SBI! Website, and sell to the entire world now... instead of your neighborhood.

Ebay and Other Online Auctions

Sean Atan-the Author of Money Grows on Trees summarized the impact of Ebay on your business this way ‘it is my strong belief that any person who is building a business online should find a component of their business strategy to be conducted via Ebay. Ebay is a market that simply cannot be overlooked. The exposure of one’s products is the greatest on Ebay with a massive array of possible visitors with easy access to your products’

Put Ebay to work for you. Use them as a supplemental source of income to auction products that your local business already sells.Especially useful if your business involves items easily auctioned.

There are more than 80 million Ebay users who spend more than $60 million every day. Ebay conducts more than 12 million auctions at any given time.This is also interesting possibilities for service-sellers.

E-goods Creators/Sellers

How could your offline business be the source for an e-book (example "How to Start and Market A Successful American Restaurant") Or maybe you are a photographer -- even if most of your clients are local, sell collections of e-photos online. Anything can be digitized nowadays -- sell it.

Information Publishers

Now you can monetize the information that you produce on your site.Google™ Ads on your SBI! website can generate hundreds-to-thousands of dollars per month for your online, niche-oriented, information.

Affiliates

Add hundreds of dollars per month to your diversified monetization plan, without having a product of your own -- no warehousing, packaging, shipping, etc. Simply choose merchants that complement your company's product line.

Referrer/Finder

This is another great "add-on" monetizer. This model is as classic as business itself... gets paid a referrer or finder's fee by an offline business for finding a customer (or a "lead") for it. The Net, though, makes this age old model far more cost-effective than ever.

Service Businesses

Offer a service related to your niche. Build a client base, whether clients are local(ex., organizing children's birthday parties) or global(ex., organizing roadster car races). (Or start a completely new service business).

Read more articles by Money On Trees

1 comment:

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