You can earn multiple streams of Internet income. This is possible as there are lots of opportunities on the internet begging for attention.
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Multiple streams of Internet income: Is it possible?
I firmly believe that the key to business success is this: Don’t put all your eggs in one basket. What do eggs and multiple streams of income have to do with each other?
If you spread your eggs across many baskets, you can still make omelets even if one of those baskets got lost. Similarly, if you have multiple streams of income, the loss of one income stream will not devastate you the way losing your only stream would.
Disadvantage of one source of income
If you rely on only one source of income and that single income source goes away (ever been downsized, laid off or fired?), you are left broke and desperate. This is why every successful Internet Entrepreneur that I know has multiple streams of income.
At our organization, Zarepath Publishing, we had that experience with our online Publishing business. We have established multiple streams of Internet income in this regard.
One of the streams ‘dried up’ and income from it also went away. But we are able to rely on the other sources of income we had established online.
The case has to do with when Draft2digital bought Smashwords. Smashwords used to be one of our income-generating publishing platform. However, when it was bought over by Draft2digital, a new policy came into place which disqualified authors from our region from using the platform.
Succeeding online as an entrepreneur
Succeeding online as an entrepreneur is not different from what it takes to succeed offline or in a brick and mortar business. Donald Trump in his book, HOW TO BECOME A MILLIONAIRE, shared the importance of creating multiple streams of income.
He was once asked by a journalist how he felt about one of his companies that went under and his response was that he had other 39 better businesses that won’t make him feel the effect of the one he lost. The same is true for the Internet entrepreneur or the marketing system.
They are built on the concept of multiple streams of income. There are many uncertainties and the only way you guard against high blood pressure is by creating multiple streams of Internet income.
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Benefits of having multiple streams of Internet income
The following are the benefits of having multiple streams of Internet income:
You never go broke
Multiple streams of Internet income ensures that you never go broke at any point in time. Many online businesses are seasonal or requires certain number of days before you can be paid.
If you have only one online income stream that means you have to wait for the maturity of the period before you will be paid. This will greatly affect your cash flow especially if you are doing your online business full time.
Multiple streams of online income makes good investment sense
Multiple streams of online income makes good investment sense. Spreading your investment can be a sensible thing to do when you are new to online business. This will ensure that you will not loose your income all at once assuming there is a problem with the program.
You can test different programs
It helps you to test different programs to know the best to invest in per time. This also add lots of valuable experience to you and your business.
You create wealth faster
It helps you to create wealth faster than a conventional or one stream of income. Income from two or more sources will surely be better and bigger than the one from one source of income in most cases.
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How to start multiple streams of Internet income
Creating multiple streams of Internet income begins with exploring different money making opportunities online. When I started many years ago to make money online, my focus was only on one program.
Then suddenly the door opened, and now there are various opportunities one can get involved in. I will be showing different programs that will help you create multiple streams of Internet income without stress.
I am presently in so many different online programs, especially in the Publishing space, that bring in money daily, week, monthly and quarterly and even yearly. Before you embark on creating multiple streams of internet income, there are certain precautionary measures.
Here are the steps you must take if you are to succeed in creating multiple streams of income:l online:
Study every business opportunity before you invest
Not every opportunity online is genuine. There are as much fake business opportunities as there are good ones. As a matter of fact, there are more fakes than real ones.
Many have lost their money because they fail to conduct what I often refer to as due diligence on the program before they join. Sometimes you don’t just lose your investment but that of even downlines.
There are many scamsters and fraudsters capitalising on the new Internet wave blowing across our world to defraud people, and the only way to check them is by studying the program properly.
In my manual, WATCH BEFORE YOU LEAP (how to identify genuine Internet business opportunities.), I identified 21 different ways to study a company before you can invest. You can order the manual to get the full details (Call/Whatsapp 08034300979 or contact us for price and shipping details.
Study the payment or compensation plan
How is their compensation plan? Does it favour you or your upline? What other benefits do you enjoy apart from your earnings?
Can it be achieved easily? Are their tools to help you achieve your dreams? How long will it take before you can recover your investment? These are important questions you must answer before you join any program.
If the payment plans does not favour you then it will be a waste of time to join them. Good programs are known for good and favorable compensation plans while bad programs are known for bad compensation plans.
Who is behind the program?
There is a little saying in a Nigerian local language that translates “forget what is written on the vehicle and enter the vehicle.” And I humorously ask them, “is it inclusive of ambulances too?” There are many people with this attitude. They enter the vehicle before they discover that it is an ambulance that is heading to the mortuary.
Who is the person behind the program? Can the person be contacted? Does he have a phone number, email or fax?
I am a firm believer that if a program is worth its salt, the owner or administrator should be able to show up. Many times we have joined programs without trying to find out who is behind the program.
How long has the program existed?
Another way to determine the authenticity of a program is to find out how long the program has been running. If the program has been on for sometime, there is a tendency that they will continue to pay.
New programs have the tendency of running away with your money. In those days, HYIP (HIGH YIELD INVESTMENT PROGRAMS), promised investors lots of rewards but most of them caused lots of problems to investors.
Therefore, it is compulsory to know the age of the company before you invest in it. This will save you lots of troubles.
How easy is it to signing up and receive your payment when you are paid
Avoid programs that requires complicated systems of registration. Credit cards, online checks are few ways of joining internet programs that is not accessible to many Nigerians. Watch the entry strategies, if they are very complicated, then keep away from them.
Also find out how easy it is to receive your money when you earn, If it is too difficult, then you don’t have to join.
In a future post, we shall be examining different ways and programs that can help you build multiple streams of Internet income.
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