Key points to Successful and Consistent Revenue Generation
Side Note: This article was written in 2007 for 4hb.com.
Multiple Streams of Income
Is it better to have one large business or 100 small businesses?
Think about risk and opportunity - one business generating 10,000 per month or 100 mini-businesses each generating $100 per month. The total is the same – $10,000 per month – but the risks are different.
Imagine if something new and exciting comes along and supercedes your single large business and earnings drop 90%. Suddenly, you are making $1,000 and not $10,000.
Now if 5 of your 100 mini-businesses take the same drop but 5 more of your 100 mini-businesses double in revenue, you are still making $10,000 per month. Spreading out the risk and opportunities is a good thing.
Of course, if one of those mini-business turns into a $10,000 per month monster on its own then all the better yet.
Set a Goal
A difficult but achievable goal is 100 streams – just create a new stream every second week and after 2 years, you will have 100 streams.
Some will make consistent revenue, some will have peaked, and some will have failed. Let the old streams pass on and create new ones.
Passive and Active Income
Passive is always good. Set it up. Turn it loose. Deposit the profits.
Active is good too but remember that you only have so much time each week to work on things.
One example is a business topic forum that I decided to start. It started and grew slowly. I then hired some paid posters and the pace picked up. Eventually I found I was spending an hour a day on moderator tasks.
Now forums are one of the harder things to monetize. Some people will occasionally click on a banner ad but the regular members ignore the ads – a “been there, done it” mentality. So is one hour a day a good way to make one dollar a day? I think not!
That forum is now closed.
While your businesses may be passive, promotion is not. Get into a regular routine of promoting yourself and your businesses.
There are thousands of ways to promote your web sites and businesses but that is another topic for another day.
Not just the Internet…
There are more ways to create revenue than selling things on the Internet.
You have a business – likely a home-based business – and have services you can offer – for example: web site design, home office organization, or personal shopper.
Place an occasion ad in the newspaper. Get an ad in your telephone yellow pages. Advertise for free in locally targeted web sites like Craigslist or Kijiji.
Hopefully, this will give you some focus to start you along the path to successful and consistent revenue generation.
By Brad Trupp © 2007