Creating multiple streams of income means that you have different ways to bring in income that don’t depend on each other.
For example, you may provide a service, sell a product, host paid mastermind groups, create an inner circle, provide coaching and more. There are many things you can do that will enable you to bring stability to your income so that you don’t have all your eggs in one basket.
You can earn money blogging by getting your name out there, becoming popular in your niche, and building up traffic to your blog. You can make money off ads, sponsored posts, affiliate products and more.
Collect targeted audience information (from a form on your blog), and you can then market affiliate products, information products, training programs and more to them.
Do you know things that have worked for you in some area of life within a particular niche? If so, you can create and sell information products, such as books and videos, which teach your audience something valuable.
This type of marketing works both ways. If you have information products or other types of products that you sell of your own, you can create a program that allows other people to promote the product and earn a small commission. Conversely, you can do the same by selling products for a commission on your website, blog, and in email marketing.
While information products are sometimes types of training products, you can go far more in depth with the training. You can create a drip eCourse for email, or by using some form of learning management system on your website.
One of the best ways to earn money is to create a monthly recurring program that never ends. They pay by subscription. There are many types of examples of this, such as a paid inner circle or private group.
If you’re successful running a particular type of business, you can actually start coaching people on the side about how to do what you’ve done. This can be a lucrative extra stream of income.
A popular stream of revenue is online communities such as mastermind groups, inner circles, and private groups that you can only enter if you pay and are part of the right audience. Typically space is limited.
These are just a few of the ways you can create multiple streams of income online. There are also ways you can do it offline such as savings, investing, rental income, and more.