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In today's newsletter...
Six Ways To Diversify Your Web Business
Profits
When I first started out online I decided I
wanted to help people unravel the mystery starting a business
online. I
did that by offering inexpensive manuals and books and it paid off well for me.
Gradually I added other income streams to compliment those
profits.
I suggest all small and home businesses online
have at least 4-5 different income generating strategies. Today
I'll show you my top six so you can copy them if you want!
Right after this quick message from today's top
sponsor...
As I mentioned, in my early
days online I pretty much derived all my income from my number
one strategy....
1. Info-product Marketing
Marketing your own info-products is a solid model that works
online. While I really like this model, I'll be the first to
admit it is time consuming
writing books and creating software. Not to mention the fact that they
become outdated rather quickly in this arena.
But the profits are there if you create solid products that help people save
time or money.
I'll probably never get away from info-product
creation completely, but over the years, I've found many other
income generating strategies to be less time consuming and just
as lucrative...
2. Affiliate Marketing
I soon figured out how much work it was
creating my own training material, and realizedI could only come up with
one or two products a year at the most. That's when I decided I needed to
broaden my product line via an easier method.
Affiliate marketing fit the bill perfectly. I
simply went out searching for other solid books and software
products in my niche and tried them out. Then I
would tell my readers about the best products. Each sale that was made I'd earn a
commission.
I still use this method today and despite how
crowded this niche has become over the last decade, it still
works pretty well. The key is to weed out the junk by personally
reviewing each and every product or service you recommend.
In fact, if you use this technique in other,
less crowded niches you'll likely find that it's one of the
easier ways to generate income online. Of course it helps if you
have a subscriber list. If you don't I suggest you start growing
your own right away if you want to take full advantage of
affiliate marketing.
3. Selling Advertising
The next income strategy I implemented was selling
advertising in this newsletter. Early on I sold classified ads
and had up to a dozen or so in each issue. It was a solid earner
but there was a lot of ad juggling involved. I also wasn't
comfortable with having so many classified ads, so I decided to move on to
sponsorship ads. That way I could reduce the number of ads per
issue to just three and offer more space to each advertiser.
Just recently I've added a few other advertising
opportunities including an
annual traffic partner plan as well as
banner ads
and solo ads. It's
important to offer variety to advertisers. If you publish a
newsletter or have an opt-in list of your own, you may be
surprised at how many people on your list may be interested in
reaching you readers.
I'll continue with
more ways to diversify, right a after this special message...
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4. Membership Sites
A few years ago when I noticed info product
sales declining and more and more competition coming onto the
scene, I decided it was time to try a new model. That's when I
opened my first membership site.
At my member site I give away silver memberships
to show people my
Info-Product Formula. As they sign up I offer
them a low cost Gold membership that includes unlimited coaching
from me, as well as access to hundreds of training videos and
specialized products.
If you have specialized knowledge in any niche,
there are people who will be happy to pay a small fee to have
access to that knowledge. A membership site is a good way to
reward your loyal followers with a low cost option to work with
you directly.
5. Private Label Rights
If you've created a few products in your
business, you may want to consider letting others buy the rights
to those products. I know many marketers who make their entire
living doing this, as the market is huge for good private label
products.
I resisted doing this for years but finally
decided to open up rights to my products a few days each year at
Guru-U.biz. It has been much more popular than I expected, even
at $300 per license.
My best advice if you want to do something
similar, is to limit the number of people you sell rights to,
and make it available only occasionally, to keep that number
low. Not only does this give it more value, it keeps competition
among resell rights holders to a minimum.
6. Google Adsense
This is an income method I resisted for
years, that I have finally begun using. If you're not familiar
with it, Adsense is Google's ad program for content publishers.
To put it in their own words... Google AdSense is a free program
that empowers online publishers to earn revenue by displaying
relevant ads on a wide variety of online content.
In fact, some of the ads in this publication
today are being served from Adsense. You probably didn't even
notice since their not the traditional text type adsense ads you
see at most sites.
I've also starting building informational blogs
in different areas of business that interest me, such as
Contractors
Liability Insurance and I'm monetizing the blogs using
Adsense. Setting up blogs like that can be done in about an
hour, even if you're like me and have had no experience in
blogging before.
Another niche I'm familiar with that I've set up
a blog for is
Forklift Certification.
This is a profession I've
had experience with in the past and I enjoy writing about it and
helping others interested in it. (Yes, I drove a forklift in a
warehouse back in the 80's before there was an Internet - and I
loved it!)
Again, I'm monetizing those blogs via Adsense and have
plans for even more blogs in a variety of business related niches.
This is something just about anyone can do, and I'll be showing
you some clever ways to generate ad revenue doing this, in a
future BizWeb eGazette.
In closing...
If you're relying on just one or two income strategies online,
you may be short-changing your business. Try plugging in one of
the strategies I showed you above. You may be pleasantly
surprised at the results.
Well, that's it for today's
gazette.
See ya in a few weeks...
Jim Daniels
JDD Publishing Co.
P.S. Did you want to Make A Living Online? If so, visit my
site,
Make A Living Online
-- it explains the exact model I used
to get started earning my living online - 14 years ago. |
