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Thursday, 14 July 2011

Multiple streams of income

Multiple streams of income
You don’t need to put all your eggs in one basket.  Think multiple streams of income.  On this site I actually have six different streams of income.  Can you count them all?  Here’s a list:
  1. Google Adsense ads (pay per click and pay per impression advertising)
  2. Donations (via PayPal or snail mail — yes, some people do mail a check)
  3. Text Link Ads (sold for a fixed amount per month)
  4. Chitika eMiniMalls ads (pay per click)
  5. Affiliate programs like Amazon and LinkShare (commission on products sold, mostly books)
  6. Advertising sold to individual advertisers (three-month campaigns or longer)
Note:  If you’re reading this article a while after its original publication date, then this list is likely to change.  I frequently experiment with different streams.
Adsense is my biggest single source of income, but some of the others do pretty well too.  Every stream generates more than $100/month.
My second biggest income stream is actually donations.  My average donation is about $10, and I’ve received a number of $100 donations too.  It only took me about an hour to set this up via PayPal.  So even if your content is free like mine, give your visitors a means to voluntarily contribute if they wish.  It’s win-win.  I’m very grateful for the visitor support.  It’s a nice form of feedback too, since I notice that certain articles produced a surge in donations — this tells me I’m hitting the mark and giving people genuine value.
These aren’t my only streams of income though.  I’ve been earning income online since 1995.  With my computer games business, I have direct sales, royalty income, some advertising income, affiliate income, and donations (from the free articles).  And if you throw in my wife’s streams of income, it gets really ridiculous:  advertising, direct book sales, book sales through distributors, web consulting, affiliate income, more Adsense income, and probably a few sources I forgot.  Suffice it to say we receive a lot of paychecks.  Some of them are small, but they add up.  It’s also extremely low risk — if one source of income dries up, we just expand existing sources or create new ones.  I encourage you to think of your blog as a potential outlet for multiple streams of income too.
Text Link AdsAutomated income
With the exception of #6, all of these income sources are fully automated.  I don’t have to do anything to maintain them except deposit checks, and in most cases I don’t even have to do that because the money is automatically deposited to my bank account.
I love automated income.  With this blog I currently have no sales, no employees, no products, no inventory, no credit card processing, no fraud, and no customers.  And yet I’m still able to generate a reasonable (and growing) income.
Why get a regular job and trade your time for money when you can let technology do all that work for you?  Imagine how it would feel to wake up each morning, go to your computer, and check how much money you made while you were sleeping.  It’s a really nice situation to be in.

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