Tag Archives: Online Business Ideas

Multiple Income Streams – How The Rich Get Richer

When I first started to study online marketing and wealthy business people, one of the first things that I learned from them was that their wealth was very often grown by having multiple income streams.

This is one of the biggest differences between a wealthy successful person and the average Joe & Jo Bloggs on the street. When a person has a job which pays them for their time in the form of a wage they have only one income stream.

If that person has a second job or creates something which earns them some more money then they have a second income stream. What wealthy people generally try and do is to create as many income streams as possible and there are good reasons for this.

Not only does it increase your monthly income but it is also actsas a safety valve in case anything should go wrong with one or two of their other income streams. If a person working one job for an employer was told that they were to lose their job because work had slowed down or the company could no longer afford to keep them on then they would be up the proverbial ‘shit creek without a paddle’.

Their income would come to a crashing halt meaning that they would probably not be able to pay their rent or their mortgage and many if not all of their utility bills.This is a very scary position to be in, I have been in that position myself and it is no fun I can tell you.

There are many different styles of multiple income streams, some people own different business in different fields such as a cleaning company, a building contractors company and a haulage company. (This is an example)

Take Richard Branson for example, at one point he had Virgin Records and Virgin Airways, two completely different businesses in completely different industries. He sold Virgin Records but he now runs Virgin Airways, Virgin Trains, Virgin TV and Broadband, as well as many others.

richard branson

He even once had a ‘pop’ at the soft drinks market selling Virgin Cola trying to take on rivals Coke and Pepsi. I don’t think that one was that successful, but it didn’t matter as he was still earning from his other businesses and so he did not hit rock bottom.

There are those who have multiple income streams in the same industry coming from different products such as laptops, mobile phones, tablets and other technology. Some may not think of them as multiple income streams but they are, if a tablet sells brilliantly one day but then suddenly stops selling, the company will lose profits but it will still keep earning thanks to the other products they sell.

You and I may not be able to join such big and expensive markets like aviation and computer technology and we may not have the funds or interest to start up several ‘real world’ businesses like cleaning companies and building contractors but there are other styles of multiple income streams we can build.

I love the ‘creative’ world, the creative world can create many multiple income streams especially now that we live in the digital age. But even before the internet became part of everyone’s daily life the creative world has created millions for people who have been creative.

authors and artists

I will use Stephen King, J.K Rowling, The Beatles and one of my favourite bands of all time Orbital as examples.

stephen king

Stephen King has written many great books, many of which have been turned into films and TV shows. Each one of his books is a separate income stream. They can generate money for years to come.

Yes they will have a peak when they are first released and end up in the bestsellers charts as will the songs by pop artists like the Beatles and Orbital but books were often reprinted and re-released meaning that they could be bought by new readers years later.

jk rowling

J.K. Rowling is another author who has written several books as part of the Harry Potter series which have also been turned into big box office films. There is also a lot of merchandise with the Harry Potter franchise.

I cannot say whether she gets a percentage of sales from the DVD sales, merchandise sales or box office ticket sales for the films or if she gets an annual license fee for the rights to use the names and brands but what I do know is that she has earned a lot of money from those different products.

Each book is an income stream, each DVD is an income stream as are the merchandise products which are sold. She also writes other books in other genres under a pen name which yet again is another income stream.

the-beatles

The Beatles are a band that have not performed together since the early seventies and will never perform again due to two of them sadly not being with us anymore yet they still generate sales from their songs and albums.

I am not sure who gets the money though as Michael Jackson bought the rights to the Beatles back catalogue but Paul McCartney still has numerous albums and songs that still sell today.

Orbital

Orbital are a UK based techno band that were performing and recording before the internet was readily available as it is today. They generated sales from singles and albums as well as doing gigs just like the Beatles did.

They also generated money from merchandise like T-shirt sales and DVDs (I have had both over the years). They even did live recordings of their Twentieth Anniversary gigs which they sold on a memory stick at the end of those gigs creating a unique income stream.

orbital live in sheffield 2009 wristband

I bought the recording of the Sheffield gig which I was fortunate to have gone to.

What I want you to think about is that before the digital age, books, singles, albums and films needed to be republished and made for them to be restocked in shops and sold. Today however, it is a different game altogether. With the invention of digital music files and digital eBooks we can buy these products anytime we want from a multitude of stores online.

This has given birth to many online entrepreneurs that you won’t know about who generate a fantastic living by creating many income streams such as books, music and clothing that they can sell online from various stores. Each track, book or T-Shirt is an individual income stream.

Let’s think about T-Shirts, if you are good at design or can pay someone to create unique and individual designs then you could sell T-Shirts online using all of the social media platforms and you own website via companies like SunFrogShirts.com without ever having to do any of the printing, packing and posting.

tshirts

Every T-shirt that you design is essentially a new income stream. Now I am not going to say that everyone is going to be able to design 20 unique T-shirts and then sell 3 or 4 of each design each day but some people do.

As for Stephen King and J.K Rowling, they were introduced to the public by passionate and well funded book publishing companies, you may decide to be a writer and you may not become as popular as those two but you could still make a great living just as Nick Spalding has. Read more about Nick’s story click on his name or the image below.

building a profitable business using amazon and google

And let’s not forget, J.K. Rowling was turned down by 8-9 publishing houses who didn’t think Harry Potter was any good and didn’t think it would sell. How wrong were they? Incidentally, the Beatles were also famously turned down by a record company saying that they would not amount to anything… yes that is right, the Beatles… the biggest band known to man!

Multiple income streams are the best way to grow your wealth, there are many different ways to create different income streams, some require a lot of money, equipment, contacts and staff whereas others require a laptop, a desk, some spare time and a good idea. Is it time that you considered creating another income stream or two before it’s too late?

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Starting A Middleman Business & Profiting From Other People’s Work.

What is a middleman business and how can it make you money?

Well the best way to explain what a middleman business is… that it is a business where you bring two opposing people together. The two different sets of people need each other and a middleman business puts them together.

One of the best examples of a middleman service is the dating industry, think of websites like Match.com and Zoosk.com. They put together lonely singles who are looking for love, and those singles pay to use that system.

Another example, Elance & Odesk (now both known as UpWork , I shall use their old names as that is how most people know them)  and Fiverr are middleman businesses because they put people with relevant skills like writing or website design with people and companies who need articles written or websites developed.

Newark Market Place banner

The middleman business is a bit like the market place that you find in the centre of your town, traders sell their items to the customers who need them and the market owner takes a small percentage in the way of rent for allowing everyone to meet and gather on their land.

Creaming Off A Profit

The online middleman businesses make money from either charging a monthly fee to use their website/system to one or both of the parties or they take a small percentage of any transactions that are generated through their system.

On Fiverr.com, workers charge $5 for a basic gig (hence the name Fiverr) and Fiverr take one dollar whenever a $5 transaction is made.

The worker can open up a free profile and create ‘gigs’ offering their services and Fiverr do not make any money until there is a deal/transaction made between a client and the worker. Fiverr are essentially ‘creaming off’ a profit.

upwork fiverr

Elance and Odesk (UpWork) work in a similar way except they do not set the price, the worker sets the price and Elance and Odesk take a percentage of the final transaction.

Traditional Middleman Services Making Life Easier For Separate Parties

I used to work in the building industry and we often dealt with companies who were paid by other companies or institutions to do ‘building work’ except they did not do any of the building work nor did they actually have any staff who could do any building work. They would come to us and other firms and ask us to price up the work and if the price was good they would get us to do it for them.

They were project managing the jobs and they were usually office bound or out in the car, these people did work but they did none of the heavy hard graft and they were paid for the privilege of putting tradesmen and clients together. They managed the whole build project but it is safe to say that the person who contacted them could have contacted us directly and we could have done the work for them cheaper yet, they went through a middleman service.

The reasons those companies or institutions used a middleman service is that the middleman can make the whole job run more smoothly and it also means that people can leave the day to day dealings of the project with someone else.

There are many different types of middleman services when you really think about it, a cash and carry that sells food and drink in bulk to shops and restaurants are sitting nicely between them and the food and drink manufacturers. Again this makes it easier for the bigger companies to deliver a larger amount of their products to one of two places within a location instead of delivering to hundreds of shops or restaurants.

Online Middleman Services Offering All Types Of Services

middleman businesses

In the online world there are many middleman businesses and probably loads more that are yet to get started. There are websites dedicated to renting out homes to holiday makers, doing house swaps, renting out spare rooms and even a website offering carpooling.

carpooling

People place an ad on the website saying where they are going and how many seats they have available and then if anyone needs a lift to a destination they will reply to the ad. The website takes either a small fee or generates money from advertising, but it is a meeting place putting two opposing sets of people together.

Setting Up Your Own Online Middleman Service

There is going to be a setting up cost for this kind of business as it will be require a website and maybe a system devised for the website and then to start with some kind of advertising and pushing of the idea and website to gain clients and traffic.

This might not be an online business for the faint hearted but it is one that if done right will have a lot of potential and the rewards can be huge. Offering a service like creating a market place or a meeting place can be very lucrative and if it becomes one of the few ‘go to places’ for that industry then you will have a business for years.

I have recommended Elance, Odesk (UpWork) and Fiverr for many years and probably will continue to do so for many more years as they offer a great system and service which is reliable and trusted. I am not alone in this recommendation; there are countless other writers and websites that also recommend these services so they will never be short of clients or traffic.

The idea is to figure out an industry that you can enter into, one that is not saturated that you can more or less dominate in, an industry that is relatively new and profitable. I hear about some websites which are middleman businesses and am amazed that they work and are profitable because the ideas to me seem really far out yet people do use them. This goes to show that there are many different industries and niches that can work online.

food sites

Websites like RatedPeople, Just-Eat, Hungry House, Match, AirBNB, Zoopla and Zoosk are middleman businesses, the list is huge and there are still so many un tapped ideas and industries that need a middleman business… is this something for you to explore maybe?

Predicating Future Trends To Beat Keyword & Search Ranking Saturation

old skool raver colin faver

I want to talk about a lesser known method of finding profitable niches for websites and online businesses which have the potential of you becoming a field leader in those niches.

I am talking about predicting future trends before they happen and getting in there first.

Ok so now that might sound hard, how do you predict a trend before it has started? Well it sounds impossible but there does have to be something ‘started’ for it to be noticeable but it usually is usually very localised or still relatively unheard of.

Usually trends start in small areas or even overseas in other parts of the world and then within a few years they explode into big ‘things’ globally creating huge markets hungry for more information and products.

Back To The ‘Oldskool’

For example, as I write this now, I am listening to a very old Colin Faver radio broadcast from 1991 which was originally broadcast on Kiss FM. The style of music that he is playing is early UK Rave/Hardcore and Acid Techno from around the world.

The radio broadcast is now on YouTube but it dates back before the internet was available to everyone like it is today. In fact I am not sure I even knew what the internet was then apart from a few references to it in movies where hackers had infiltrated military computers.

If the internet was around at that time, I could have seen the changes that were happening to the UK music scene and charts and started a website dedicated to that new music and sub culture. Over the years that website would have grown and maybe even changed a little as the music styles morphed into new styles like Happy Hardcore Jungle, Drum N Bass, Hardhouse and many other styles of hard dance music.

20 odd years later the scene has changed and is currently going full circle with those original styles of music having a little bit of a revival and being lovingly placed under the category of ‘Oldskool’ rave and Hardcore.

old skool

There is a huge nostalgia going on in the scene with many of the original DJs and artists performing at special ‘Old Skool’ events across Europe where you can find many 40-50 year olds partying the night away alongside some newer younger fans.

Had I started a website all those years ago focusing on the music that I love I would now have a website that would be crammed full of content spanning the last 20 odd years with all of the relevant keywords, artist and DJ names with probably thousands upon thousands of backlinks and social shares all pushing the site to the top of the search rankings.

The site could be generating money on autopilot from advertising revenue and merchandise sales as people come across it in the searches looking for more information regarding these styles of music and artists.

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Parts Of Our Culture Were Once The ‘New Thing’

I talk about old styles of music because I am sat here listening to it, who has not heard of Acid House or Hip Hop? They were once a new form of music that have now become part of modern culture but there are new styles being created.

Have you heard of Trap and Dub Step? They are still in their infancy compared to the previous styles I mentioned but they are now a few years old and the styles are becoming absorbed into the language and the culture. I am now hearing people who I would not associate with the newer modern styles referring to songs they have heard on the radio as being ‘Dub Step’. Culturally these styles are now becoming part of the norm.

This happens with so many new things each year and not just in the music world. New crazes and exercise styles are born which were once small and locally based but they can soon become global phenomenons over time.

Think of Line Dancing and Zumba… who has not heard of those? Go back 20 years and not many people in the UK would know what you were talking about.

Graffiti, breakdancing, BMXing, Twerking, Hip Hop, Techno, Acid House, Psy Chill, Hardcore, Parkour, and Selfies are just a few things that are now part of everyday life for many people and yet they were created in my short lifestyle.

For example, graffiti art as the world knows it started really in the early 1970s in New York mainly on the Subway system around The Bronx and Brooklyn before expanding out into other boroughs of the city.

seen subway graffiti

Photographers like Henry Chalfant and Martha Cooper began to document this new art form martha-cooper-subway-artwhich they began to notice growing in and around their city.

After publishing the book ‘Subway Art’ (reported as the most shoplifted book in UK history) Henry Chalfont and Martha Cooper introduced New York graffiti to the world along with a music video by the band Blondie and films like Style Wars and Beat Street.

Graffiti exploded and took the world by storm, what was originally a city based art form is now found all over the planet, it has made legends of some artists and made a lot of money for others.

daim

Picture Source: Artist ‘Daim’ Facebook

Even spray paint companies have branched out from supplying car paints to developing paints and merchandise for the graffiti culture itself.

There are a lot of great websites and magazines that have grown out of this art form which is now around 40 years old but it is still going strong and seems to be getting stronger every year.

New Trend Website Vs Existing Trend Website

If you decided that you wanted to create a website business focusing on a niche that is popular now you are going to find it tough competing against websites that are already established and you are going to be working hard to get yourself ranked in the search engines like Google due to the already saturation of the keywords that you would need to target.

Trying to crowbar yourself into an already established market is going to be very hard even if you love what you do. The alternative is to keep an eye out for something completely brand new.

If something is new and there is little or no history to it then there is very little competition to go up against. Every time you write something new and add that out to the online world you are becoming the ‘go to’ website with the information that people are looking for.

You are writing that history and becoming the no 1 oracle for that culture. Others will soon join the arena but as you have been going longer you have your foot well placed on the proverbial online ladder.

When you are one of the first websites dedicated to a new growing niche there is very little SEO and keyword work that you will need to be concerned with. The SEO and the keyword work will basically work itself out for you and naturally build those strong tree like roots that you need.

Predicting The Next ‘Big Thing’

Ok this is the part where you want me to say that it is all very easy… well sorry but I cannot do that, finding a new trend before it explodes takes some work on your part, you will need to keep your eyes and ears open to see that something new breaking through.

TV news reports, social media and traditional print media like newspapers and magazines are the first places to spot new and emerging trends. Once you see something that you think is new enough and has the potential to become something big then you need to act on it.

Figuring out what is going to be big is not easy, very few can predict the future properly, and even those who are paid a lot to determine what is going to be the next big thing can get it horribly wrong.

beatles and potter

Did you know that the Beatles were famously turned down by a record label who said that they were old hat and would not amount to anything or that J.K. Rowling’s first Harry Potter book was rejected by 8 publishing houses before she found someone willing to give it a chance?

Have you heard of Harry Potter or the Beatles? Looking back now with hindsight you cannot help but think how they could have not spotted the potential in them.

Building an online business in a niche that you may not like or have little knowledge is going to be hard work unless you pay someone who is closer to the niche to do the reporting and writing for you.

It can be a lot of work but compared to trying to work in a niche that you love which is saturated and requires a lot of SEO and keyword work and that can be very hard and depressing when you realise what a huge task that can be, it could be a lot easier than first thought.

So if you like the sound of this and want to start a website business focusing on a new yet to be saturated niche then you will need your eyes and ears open and a good note book to hand ready to spot that next ‘big thing’.