Multiple Income Streams
from Niche Markets
by: Fred Farah
Multiple income streams, do you find
the term confusing? Don't, it's really quite simple.
In the world of Niche Markets in Internet
Marketing, multiple income streams simply means having
more than one source of income. This is achieved by
making money from more than just one online business.
Each different web site would generally
be a different business. They could relate to each
other, but not necessarily. You could have businesses
that have nothing to do with each other. Both methods
are quite successful.
Let's look at different scenarios.
How to market unrelated products? In the offline world,
we are quite accustomed to seeing a little bit of
just about everything sold in department stores, from
razor blades to baby clothes to fashion dresses to
living room furniture to washers and dryers, and so
on.
Is this how it's done in the online
world? Absolutely, but it is not the only method.
Mega Internet stores have evolved in such a way that
to compete, you must be huge, and have tons of money
to finance the operation, including the cost of the
ever-changing web site. The competition and horrendous
costs leave no room for the little guy, so he has
to find another way to do business.
Enter the newcomer, looking for a
way to make a living on the Internet. Seeing he can't
compete selling a large mix of hard goods and soft
goods, he can decide on a "niche" product
to market. A niche product simply means specializing
in one key product, or just a few related products.
This concept applies to both hard
goods (items that must be shipped), as well as to
downloadable information products.
This opens up a whole new world of
possibilities, and it means a whole different way
of conducting business. Specialization is often achieved
using mini-sites that sell only one product. The mini
web site might have from one to five pages, but usually
just a single page.
Your information product that you
want to sell needs a web site, hosted by a web hosting
provider that provides you their service at a reasonable
cost. Let's assume you started selling your product,
and after a few months it is bringing in some income.
It might amount to $1,000 up to $3,000 per year.
That's not too bad, and is worth keeping,
but certainly not enough to make a living with. This
is where the concept of multiple income streams comes
in. During the months that your business is building,
you could be looking for other ideas. You find one
that excites you, and more importantly you do the
research and discover a good potential for attracting
customers. So you go ahead with a second web site.
You have now achieved multiple income
streams! Over time you have other great ideas. Actually,
you are now up to four web sites with different ideas.
Two of them are related information products, and
the other two are hard goods.
I
All four are successful. Each one
separately does not make enough to live on, but the
combined four bring you in respectable dollars.
But how are we controlling our costs?
This is important to do, seeing we have the cost of
some advertising as well as the web site costs. We
found it necessary to build a customer list for each
different product, and periodical emails are sent
to your list. All these costs can become quite extensive,
almost prohibitive.
So, what do we do? How can we maintain
our buinesses, yet keep our overhead down to where
it isn't cutting hugely into profits?
One critical aspect to look at is
your hosting and to look for a web site hosting service
that includes all or as many tools that you need in
order to do some serious Internet business.
The tools aren't all you need to consider.
Sure having a hosting service that gives you an autoresponder
is certainly a huge help. But, we have four sites
here to market and at the average rate of $24.95 a
business, that's close to $100 a month, a pretty steep
bill especially if you are just starting out.
Now we are looking for a host that
will provide all the tools we need to run our businesses,
plus we want one that will allow sub-domains in case
we have closely related businesses. Can we get it
all at one low and affordable price.
In addition to the tools we need and
the overall hosting package we need for FOUR businesses,
we are all about multiple income streams, so let's
see if there is a way to benefit (PROFIT) from the
hosting company as well.
Many hosting companies now offer an
affiliate program where you can earn a commission
by referring a business and gaining customers. That's
pretty much a given, however the KEY is to ensure
that the commission is recurring and not just a one
time commission. Not sure what I mean about recurring
income? Check the link out below for more information
on recurring income streams
This is all great but the question
now "Is there really a hosting company out there
that will give me all the tools, let me host multiple
sites for one reasonable price AND on top of that
let me build another income stream?"
The answer is yes and you can read
my review of Recurring Income Streams and how a company
called "ThirdSphere" is an excellent example.
At the same time you can learn the difference between
Multiple Income and Recurring Income Streams. Read
about it here: http://www.bestaffiliateproducts.com/thirdsphere.html
Having Multiple Income Streams from
Niche Marketing is mandatory in today's Internet Marketing
world, if that is, you want to make any serious money.
Internet Marketing today has become much too competitive,
and the newcomer has very little chance of breaking
in.
Niche Markets, each with their own
web site and relevant content is THE best solution.
Niche Marketing is the hottest topic on the Net today.
Niche Marketing is featured on my web site at Best
Affiliate Products, and you can learn much more about
it at http://www.bestaffiliateproducts.com/nichemarketing.html
I'll catch up to you in my back yard
in Niche Country.
Fred Farah
Best Affiliate Products and Niche
Market Strategies
Subscribe to Niche Market Strategies Newsletter
And Niche Madness 7-day email course
http://www.bestaffiliateproducts.com/
Long time business man who is willing
to share his expertise using his web site Best Affiliate
Products.
It's all about affiliate marketing
to niche markets.
Lots to learn from the Niche
Madness 7-day eCourse, as well as the Niche Market
Strategies newsletter.
http://www.bestaffiliateproducts.com/
If
you want to send newsletters to subscribers on your
web site we recommend using IntelliContact
Pro email list management software. You can compose
and send messages from any computer, personalize emails
using mail merge fields, and keep in touch with prospects
and customers with opt-in email newsletters and announcements
[ learn
more ].
|
