Multiple Income Streams using Niche Markets

Written by Fred Farah


by Fred Farah Copyright 2004

Multiple income streams, do you findrepparttar term confusing? Don't, it's really quite simple.

Inrepparttar 135566 world of Niche Markets in Internet Marketing, multiple income streams simply means having more than one source of income. This is achieved by making money from more than just one online business.

Each different web site would generally be a different business. They could relate to each other, but not necessarily. You could have businesses that have nothing to do with each other. Both methods are quite successful.

Let's look at different scenarios. How to market unrelated products? Inrepparttar 135567 offline world, we are quite accustomed to seeing a little bit of just about everything sold in department stores, from razor blades to baby clothes to fashion dresses to living room furniture to washers and dryers, and so on.

Is this how it's done inrepparttar 135568 online world? Absolutely, but it is notrepparttar 135569 only method. Mega Internet stores have evolved in such a way that to compete, you must be huge, and have tons of money to financerepparttar 135570 operation, includingrepparttar 135571 cost ofrepparttar 135572 ever-changing web site. The competition and horrendous costs leave no room forrepparttar 135573 little guy, so he has to find another way to do business.

Enterrepparttar 135574 newcomer, looking for a way to make a living onrepparttar 135575 Internet. Seeing he can't compete selling a large mix of hard goods and soft goods, he can decide on a "niche" product to market. A niche product simply means specializing in one key product, or just a few related products.

This concept applies to both hard goods (items that must be shipped), as well as to downloadable information products.

This opens up a whole new world of possibilities, and it means a whole different way of conducting business. Specialization is often achieved using mini-sites that sell only one product. The mini web site might have from one to five pages, but usually just a single page.

Your information product that you want to sell needs a web site, hosted by a web hosting provider that provides you their service at a reasonable cost. Let's assume you started selling your product, and after a few months it is bringing in some income. It might amount to $1,000 up to $3,000 per year.

That's not too bad, and is worth keeping, but certainly not enough to make a living with. This is whererepparttar 135576 concept of multiple income streams comes in. Duringrepparttar 135577 months that your business is building, you could be looking for other ideas. You find one that excites you, and more importantly you dorepparttar 135578 research and discover a good potential for attracting customers. So you go ahead with a second web site.

You have now achieved multiple income streams! Over time you have other great ideas. Actually, you are now up to four web sites with different ideas. Two of them are related information products, andrepparttar 135579 other two are hard goods.

All four are successful. Each one separately does not make enough to live on, butrepparttar 135580 combined four bring you in respectable dollars.

But how are we controlling our costs? This is important to do, seeing we haverepparttar 135581 cost of some advertising as well asrepparttar 135582 web site costs. We found it necessary to build a customer list for each different product, and periodical emails are sent to your list. All these costs can become quite extensive, almost prohibitive.

How Do People Know You're in Business?

Written by Wendy McClelland


One ofrepparttar most important things to do now that you’ve started a business is to TELL THE WORLD! But HOW? It can be very expensive and time consuming if not done properly. Here's some inexpensive publicity and marketing ideas to help you get recognition for your new venture.

You've picked a great name for your company, made a list of your potential clients, incorporated your business and you're ready to go. What next? Well, you need to find as many ways as possible to tell people you're in business, and why they should do business with you!

One ofrepparttar 135492 first things to do is to get business cards printed up and carry them wherever you go. Hand them out to everyone you know; it always amazes me how many people forget to give their cards to friends and family. Even if you “think” your family knows what you do – you might be surprised to find out how little they really do know. Besides, they may have a friend who needs exactly what you offer, and it’s much more professional for them to offer a business card than a scrap of paper with your name and number scrawled on it. Make sure your cards are professionally printed and have no spelling mistakes. This may berepparttar 135493 first impression someone has of your business - make it a great impression - because you won't get a second chance to do it better.

Make sure your cards have as many to contact you as possible: snail mail, fax, phone, email, pager, etc. Give people as many options as you can. Make sure your card also clearly states what you do – if you just have your name and phone number on your card it’s likely to be tossed inrepparttar 135494 garbage. I make sure I give away AT LEAST 5 business cards a day. People ask, “Who can you possibly give 5 business cards to?” How about: leaving one onrepparttar 135495 tray when I leave my payment and tip forrepparttar 135496 waitress in a restaurant, giving it torepparttar 135497 receptionist when I check in atrepparttar 135498 dentist/doctor/vet, go to meet with my child’s teacher at school, chat with another parent atrepparttar 135499 swimming pool watching our kids swimming, someone I meet inrepparttar 135500 checkout line atrepparttar 135501 grocery store, etc, etc. If you want to grow you business quickly this is one way to start!

Send out press releases to your local paper - these are free and many timesrepparttar 135502 paper may phone for a follow up interview. Have press kits ready when you're asked for them. A press kit includes a bio of company owners, key products and black and white photos of key people inrepparttar 135503 business. Remember a press release needs to sound like a news story, NOT an advertisement for your business. If you’re not familiar with how to write one here is an outline: How to Write a Press Release. Here’s an example of a real press release that I used. The newspaper editor liked it so much, they sent out a reporter who did a story and a photographer who took a photo. Here’srepparttar 135504 finished product! So, a well written press release can gain you a good deal of publicity – and all it costs you is a little time – if you write it yourself. If you don’t want to write it yourself, hire someone to write it for you.

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