This is a continuation of the Blogging for Money Series. In this, we will look into the possible channels of creating income streams. If you have followed this series so far, you would have:
- Identified the Effective Habits you Must Have to Succeed as a Business Blogger
- Setting up your Business Assets & Mobile Office
- Designing the WP Theme that’s right for your Business Blog
- Systems to Measure your Progress
- Setting up Your Automatic Email Subscription system
Just having great content, or a great sponsor may not be enough to make good money. In order to make money consistently, you have to follow certain principles, try out new techniques & most importantly know your competition. Its also about great marketing.
At the same time, your business should be able to generate substantial money on its own in a short period of time, so that you can focus on activities that could help you grow faster. Automatic income also means more free time for you & you could spend more time with your family, or vacationing or doing all the things you always wanted to!
So let us look at some of the ways to create online revenue channels.
- Selling Products & services from your affiliate network – there are tons of affiliate networks in the internet today. We have worked with a few & we can only recommend a few of them. You can read our recommendations on the best affiliate networks & may want to join them for free. We still find Never Blue to be the best of the lot & can help you build a strong stream of residual income too
- Online Consulting for Other Businesses – this takes some time but once you become an authority in your business line, you can start consulting other business owners to make them profitable
- Teaching & Training Associates & Marketers – as you become more experienced, people pay you to teach techniques, present analysis & reports. It is not necessary that you have to teach in person. Video tutorials, eBooks, online presentations are great ways to grow your business. You could easily market your products like these through Click Bank, Never Blue Network or e-Junkie or all of them together!
- Recruit Your Affiliates & Train Them on Selling – much like point 1 above, once you know how to sell, you can start focusing on building your own online affiliates & instead of selling on your own, teach them how to sell. This could become a viral marketing scheme. However, too many people try to recruit affiliates too early without actually knowing how to do the job themselves. I doubt if they succeed in the long run!
- SEO Consulting – many profitable & experienced bloggers often become Search Engine Optimization experts. They find their niche as SEO authorities & are available for consultation
- Marketing Liaison – once you have a great expertise as an affiliate marketer & have thorough knowledge of how the internet business works, you could act as a liaison between product & services companies & the online marketers. They connect the right people together – an art that could make or break a business
- Social Media Consulting – much like Search Engine Optimization experts, Social Media experts are extremely valuable these days. With the growth of Web 2.0 technologies, people are now focusing on selling & branding through relationships built through web based systems like FaceBook or Twitter. The easily you can build relations online, the greater your possibilities of making this a strong online revenue stream
- Domain Auctions – this is another niche area & requires a lot of time to flourish, but nonetheless this is another great way to generate online revenues. You could be a domain affiliate buying & selling domain names or you could liaise between a buyer & a seller. Various web hosting companies like BigDaddy & Sedo run domain auctions. You can sign up with them for free.
This may not be a complete list, but this will give you most of the ideas to build on. I would like to reiterate the point on affiliate marketing one more time though.
First, you have to know how to sell. And you must sell & learn the trade yourself. There is no substitute to first hand experience.
Second, you sell long enough to gather all the experience you need to, build great relation among both buyers & sellers.
Third & finally, you build your own affiliate teams & train them on all that you learned. This is the best way to be successful in any business.
You may also want to read all the ways to make money from an online blog & get started by signing up with the partners.