Setting up multiple income streams for your online business is one of the best moves you can make for your financial future.

Original source: mompreneurmoney.com

Simply put–if you only have one income stream, you’re putting all your eggs in one basket. If that one basket gets obliterated for any reason, well, so does your income.

It’s really easy to become dependent on one main source of income, especially if it’s well-paying.

However, no matter how safe or reliable it may seem, it can disappear in the blink of an eye leaving you with zero…zilch…nada.

This is the precise reason that I built a business that encompasses a wide variety of revenue streams that come in from different sources.

My income is not dependent on any one thing (even though some income streams bring in more money than others).

How can you diversify your income as a mom entrepreneur?

While there are certainly many ways to diversify your income (coaching, freelancing, etc.), I thought it would be most appropriate for me to discuss my top three income streams with you.

1. Passive Income with Affiliate Marketing

Some people get immediately turned off when you start talking about affiliate marketing.

Either they think it’s too time-consuming or they don’t really look at it as a valid business model because you’re promoting someone else’s products rather than your own.

But I know plenty of people making a full-time, hefty income promoting other people’s products. Believe-you-me, it’s as real a business model as any…with real pay.

Here’s how I use affiliate marketing as an additional income stream:

When I really like a product or service that I am already using, I look into becoming an affiliate for that product or service and sharing it with others.

It’s typically a very natural flow for me to promote it because I can speak about the benefits from a first-hand perspective.

In most cases, I can even show a live tutorial of how I use the product and how it benefits me.

This further builds credibility for the product and makes the sale more likely.

RELATED POST: 6 Affiliate Marketing Tips from a 6-Figure Blogging Boss!

For instance, I promote the web hosting provider I use, the email marketing service I use, and even the website theme designers that I love…just to name a few.

There’s nothing wrong with promoting other people’s businesses and getting paid for it, especially when it’s a product or service that you truly have faith in and believe that others can benefit from as well.

Get started with my Printable Affiliate Marketing Income Planner:

2. Publishing Books as an Income Source

Making money from published books is a great income stream and typically an easier one that you can tackle as an entrepreneur.

Seriously. You can knock out a good non-fiction book in as little as a week if you focus. I’ve done it before:)

But did you know that this income stream can be diversified even further? Here’s what I mean…

As a self-published author, I have the capability to publish multiple different formats of my books to be accessed by different people with different learning preferences. I can publish:

• ebooks
• paperback books
• hardcover books
• pdf books
• and even audio books

Here’s an example of one of my books in 3 different formats: Audio, E-Book, and Paperback…

I get paid for the e-book version when readers purchase it flat out or borrow it from an electronic library.

Then, I get paid a separate payment from those people who opt for the paperback version of the book.

And yes…I also get paid when someone decides to listen to the book on audio.

RELATED CONTENT: How to Overcome Writing Barriers and Write Your Book!

Just a few years back, most of these options would have only been available to those with traditional publishing contracts.

It was either that or you needed ridiculous amounts of expendable income to spend on third-party services to make it happen.

Now, there affordable which allow self-publishers to diversify our income and better serve our readers with multiple formats.

3. Teaching Online Courses for Passive Income

My income from teaching online courses typically surpasses my book publishing income. If this surprises you, let me quickly explain why this is the case.

Generally speaking, an online course has a higher perceived value than a book.

While you may get away with charging $20 for a book, there are other people willing to pay $50 or $100 for the exact same content presented in course format.

This is because they believe that the value they will receive from the course will be much higher due to a higher engagement level.

While publishing books can give you credibility and authority in your niche, teaching is a fantastic way to build trust and better interactions with your customers/readers.

As an online course creator, I often see a much higher engagement level with my online students than I do with those who purchase my books. I enjoy this interaction!

Here are some reasons online business owners avoid creating an online course:

• Think it’s too difficult to get started
• Believe creating their own course will be very expensive
• Don’t believe they have anything worth teaching.

I can nearly guarantee you that getting started is easier than you think.

The startup cost for creating your first online course can be extremely affordable depending on what resources you tap into.

And furthermore, we all have something that we know that we can teach to others.

I tell my students this: You only have to be one step ahead of the person you are teaching to add value. One step ahead can make you the expert.

Platforms like Thinkific, Teachable, Skillshare.com, Udemy.com,  and countless others make creating and publishing an online course easier than it’s ever been.

If you’re interested in learning how to create your first online course, check out my Epic Instructor Lab course.

Are you ready to create multiple income streams?

If you’re not already doing this, it’s time for you to diversify your income as a creative entrepreneur and scale up your business!

While I do believe in having multiple income streams, I must acknowledge that juggling too many income streams at once can become quite overwhelming. This is even more true when you factor in the tax implications associated with your newly-generated income, especially with all of the tax law changes that have taken effect.

Monitoring and maximizing each stream of income takes time. Start with one main income stream and one supplemental income stream. Master those, and then scale up from there.

Have you already figured out that you need to create passive income in your business?

Source: mompreneurmoney.com

About a year into my blogging journey, I realized that I had to find a way to monetize my passions without having to sacrifice a ton of time–because quite frankly, I HAD NO EXTRA TIME TO SPARE!

As a wife and mom of two active twin boys, life is CHAOTIC (at best) on most days. Discovering how to create passive income helped save me from THE BURN OUT that I was experiencing as a mompreneur.

I put together this post to quickly introduce you to five ways you can begin to create passive income in your business this year.

The goal is to help you with generating more income passively so that you can actively have more time to spend with your family and more financial freedom as well.

#1 Create an eBook Using Existing Content

The truth is that you have a great deal of knowledge to share with the world! One of the very best ways to share that is with an eBook. And it’s not as complicated as you may think.

Here’s how to get started:

If you’ve been blogging or creating other content for more than a few weeks, you likely already have everything you need to “write” your book.

Simply go through all of your blog posts and gather pieces of content that fit well together, organize it into a logical format, and do some light editing.

Related Course: Turn Your Content Into Cash

You can then turn this bundled content into an eBook that you can sell via Amazon, using Gumroad or SendOwl, or any other platform that allows you to sell a digital product.

For example, on a blog that I ran a few years back, I’d written several blog posts that talked about how to create a WordPress website. Later, after I had restructured my blog to have a different focus, I went back and re-purposed those old blog posts into a book titled A Savvy Gal’s Guide to Blogging.

#2 Create a Profitable Resources Page

Chances are, even if you have a resource page, it’s not being utilized as well as it could be.

Your readers are curious. They want to know:

• Which tools you use in your own business
• Who designed your logo
• Which training programs you’ve studied and recommend
• What advertising platforms you use
• What books you’ve read and loved
• Whose blog you read
• Who you turn to for technical advice
• Where you go for marketing advice
• And a host of other resources

In fact, next to your “About” page, a well-planned resource page might just be the most visited page on your site.

Here’s an example of my resource page: https://www.mompreneurmoney.com/recommended-resources

It’s time to capitalize on that potential traffic with some strategic monetization in the form of affiliate links and partnerships.

Start by making a big list of all the tools you use on a regular basis.

Next, think of all the training programs you’ve purchased.

What about JV partners? Have you worked with other coaches or service providers you’d recommend? Even if they don’t have an official affiliate program, you may be able to work out a private referral program, so don’t be afraid to ask.

Finally, don’t forget your own products (see #5 if you don’t have your own product)! Add those to your resource page too!

Be sure when you’re adding links to your page that you use your affiliate link when one is available, and be sure you have the appropriate disclaimers in place when you do–I typically add my disclaimer at the very top of the blog post near the date and author name.

#3 Monetize Your Blog Posts with Affiliate Products

Each and every blog post has a job to do. You should never spend your time writing, editing, formatting, and promoting a post whose only task is to take up space on your site.

Instead, each post should have a strong focus that naturally leads to a solid call to action. Calls to action can be:

• An offer to buy a product or service.
• A recommendation to check out an affiliate or JV offer.
• An opt-in offer.
• Or even a link to read more about the subject, join your Facebook group, or leave a comment.

The point is that each post is an opportunity to grow your following and create passive income—either directly or indirectly—and your call to action should be foremost in your mind as you’re writing each article.

Personally, I’m a huge fan of monetizing your blog posts with affiliate products.

It’s highly likely that when you are creating your blog posts–no matter what niche you are in–you are mentioning products or services that you use.

For instance, if you are a mommy blogger writing a blog post about your experience using different types of bottles for your child, you can monetize your post by using Amazon links to the bottles you love and suggest for other moms.

Another example, if you are a business blogger writing a post about your favorite email tool, you can become an affiliate for that specific tool and add your links to your blog post.

This way you get paid for talking to others about something you already use and love!

To get started with affiliate marketing, try the Affiliate Marketing Income Planner. It’s affordable, easy to comprehend, and easy to implement for results–and by results I mean MOULAH.

#4 Monetize Your Emails

Every week you send emails, either privately to potential and current clients, friends, and colleagues, or possibly through other online platforms that you use.

These emails are a golden opportunity to not only provide stellar support through product and tool recommendations, but they’re also a great way to create passive income.

You can create sales opportunities in a variety of ways within emails by:

• Offering (linking to) related products and services
• Making recommendations for further reading/learning
• Linking to a well-monetized blog post
• Recommending a free download
• Helping your buyers make good use of your products/services

You can do this in the body of the email itself, or in an automated signature (try WiseStamp.com) or a standard P.S. (For example, you can include an invitation in your automated signature to check out your latest course offering.)

I suggest a resource called Inbox Invitation to help you better understand how to monetize your emails. There is an art to it and this resource gives you a leg up on making money from your emails.

You can also take this free training from ConvertKit that shows you how to make money with your emails.

#5 Create a Short Digital Course or Online Training Program

Creating digital courses has pretty much become the cornerstone of how I monetize my blog. I’m a huge supporter of other online entrepreneurs doing this too.

Here’s a simple 3-step plan to brainstorm a small course or training product:

1. What problem does your ideal client struggle with the most? Is she tech challenged and needs a step-by-step on how to create a landing page? Does she lack confidence, and suffer from mindset issues? Does she want/need to write a book but just can’t seem to get started?

Whatever her trouble are, a small training product or course can help. Remember—you don’t have to solve all her problems, just this one, so keep it simple so you don’t get overwhelmed.

2. What format does your ideal client prefer for training? Your product can be video, audio, written, or any combination. It’s completely up to you, but think about what your client might prefer.

3. What resources do you have that you can repurpose? You very likely have blog posts, short reports, eBooks and other material you can quickly pull together to create a complete training.

If you want a step-by-step guide to creating a digital course, check out Epic Instructor Lab.

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Summary

Remember, you don’t have to do it all at once. Start with just one of these passive income ideas and run with it!

Be sure to comment below with any questions you may have. I would love to help you kick-start your passive income journey!

Guest Post: Angie Hibben is the President/CEO of the Oswego Area Chamber of Commerce and the owner of AJ Creations, her crochet/jewelry business (and her sanity many days).

Original Source: foundingmoms.com

I am a daughter, sister, wife, mom of four, grandmother of five (soon to be six!), wife and entrepreneur – not necessarily in any specific order – depending on the day.

It’s never too late to achieve a goal

I’ve been a preschool teacher, concession stand supervisor, and restaurant/banquet manager also in my lifetime. When I was in my late 40’s, I went back to school and finally got my degree – all online and while working full-time for the chamber. (P.S. Algebra should not be an online class.)

Thanks to my son-in-law and my son, I survived four years of online school and achieved my Associates in Business. I needed to prove to myself and show my kids that it is never too late to achieve a goal or change a career. I finally believe I am where I need to be.

I spend my days meeting entrepreneurs – many of which are women – trying to make a difference and my evenings either networking or being at home with my husband.

While at home, I never just sit: I just don’t know how. I go from jewelry to crochet to basketweaving and such nonstop. I love to learn new things and try new patterns; I can crochet while holding a conversation or watching TV.

I love to make things for people and see their smiles. There is nothing better than seeing someone post something they bought for themselves, a loved one or a pet, and talk about how much they love it.

Lessons I’ve learned from being an entrepreneur

• Never devalue your worth or what you do, but you can always choose to donate. One of my businesses reviews donation requests once a month to choose who and if they will donate to an organization. Choose who and what you give to and don’t always expect something in return.
• There are certain people and certain organizations that I willingly commit to and donate to and not bat an eye on cost or time. These are people and organizations that matter to me and everyone’s choices will be different in that regard. Set yourself a dollar amount and/or time commitment to give to and make your choices that way. Figure out whom and what you want to support, then sell the hell out of your product or service the rest of the way.
• Being an entrepreneur is also being an active member of the community and giving back without expectation of return within reason. I do it because it takes a village to raise a child, to keep a community strong, and to make the world a good place.

• As a mom/grandma/entrepreneur, find time for yourself or you will burn out. I have a group of friends and we go out once a month to eat and drink. We support each other, we laugh, we cry and we have fun. I wish I had that as a young mom.
• Also never apologize for being a mom entrepreneur! I am a better mom because I worked. It is not the amount of time you spend with your children – it is the quality of that time. Put down your phone, turn off technology, and play a board game. Any client who doesn’t understand that you are taking family time is a client you don’t need.
• Don’t be afraid to fire clients! A few years ago one of our chamber members said that once a year he goes through his client list and fires clients. I thought that was a horrible thing to do – fire clients. We need our clients to pay our bills, why would we fire them? Then I sat down and really thought about what he was saying and doing. We all have that client that doesn’t understand the boundaries of personal time/family time/work time, who is never happy with your product or your service. You need to look at your clients, look at your ROI on these clients and make choices. We, as women, who tend to give, give and give and try to make everyone happy and fix things have a hard time firing clients, but we must. I would rather have fewer clients and be able to spend more time on them. In turn, they will recommend me to others.

There is more to be done

I come from an era where most women stayed home – my mom not only had a job but owned her own business. I have seen society change and there is more to be done. There are so many women-owned businesses than before. In downtown Oswego, over 90% of businesses are women-owned and that is such an awesome thing to see and experience.

There are so many opportunities out there but in all this – don’t forget about you, why you wanted to be an entrepreneur, and your passion.