There’s a well known saying that says, “Don’t put all your eggs in one basket.” In the case of your online business, it means you need to ensure that all your online income doesn’t come from just one source.
Having several income channels means that if one channel starts to fall off, you’ll have others that can help your income while you explore new online business options.
One is the most dangerous number in business.
Although an online business is probably the easiest business to start up, you can’t rely on just one product at one price to generate all your online income. Successful online businesses have a good mix of related products and services that deliver income channels.
Sell Information Products
One of the best information products you can produce is to write and sell your own eBook. You need to write an eBook on a subject that people are looking for information about. The subject can be one that you’re very experienced about or it can be one that you become knowledgeable about by researching the information you need to know. The great things about producing an eBook is that you create it once and you can sell it again and again.
Sell Other People’s Products
You can sell other people’s products as an affiliate. You find a product that you believe is good and will sell well and you begin to promote it. Each time you make a sale, the product owner will pay you a commission. Promoting just means that you’re raising awareness about a product by driving traffic to it. You can promote physical and digital products on your website, in your eBook, in articles and on popular social sites.
Create A Membership Website
A membership site means that you get paid to pass your knowledge onto others. Let’s say you’re an expert on dog training. You set up a site where people pay you a monthly fee to log in and get access to answers to their questions on how to train their dog.
Coaching and teaching has become very popular online. You can set up a teaching website sharing information about whatever you’re knowledgeable in and charge for lessons or online classes which you do via video. There are many people who want to learn from the comfort of their own homes. Create a lesson plan, put up a website and publicise your site through free press releases, forums, blogs, social media etc.
There are many ways you can generate income from an online freelance business. If you can write, you can earn money writing for other online businesses whilst you’re developing your own products. If your skills are more technology based, you can do graphic design work or build websites. You can provide your skills via websites like Freelancer, Upwork and Fiverr.