Sunday, June 3, 2012

How to create more income streams for yourself

 Residual Income

If you’re not making any money off the internet – why not? You very well could be. It’s extremely easy to make something. It’s a lot harder to entirely make a living off of the internet. But having a residual income stream is always a great idea, especially if it's also a mostly passive income stream.

Recently, a friend emailed me, “I have done very limited amounts of html coding so yeah, building a website, buying a domain and web hosting all seems so daunting.  It's hard to make that initial plunge.”

Yes, it is hard but unless you’re planning on doing something completely custom, starting a web site isn’t that hard. I register my domains with NameCheap. I use Wordpress for my CMS – content managementsystem- automatically installed through Host Gator, my hosting service. Then I bought the Socrates theme so there’s no html involved other than copying and pasting my Google Adsense code. The most confusing part for me was pointing the domain name to my hosting service. Luckily, there are plenty of YouTube videos to walk you through all that.I build all my websites myself but I do use oDesk to outsource some of the content creation and writing. I do my own marketing too but most of it is automated – RSS feed automatically posts toFacebook which automatically sends to Twitter. There’s an app for everything!

Currently, I have a couple blogs where the main source of income is ads and one niche web site selling an ebook. Last month I made about $1,150. Not a millionaire yet but it will pay my rent and a few bills. I’m currently working on creating two other niche sites. The best way to mm online is by selling a product – whether it’s physical or digital makes no difference (though you can probably make more with digital due to no manufacturing costs.

Coming up with a good idea, especially one with little or no competition is probably the hardest part of the whole process so if you have one then you’re well on your way to success!


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