I can feel your anxiety about starting another income stream. You are thinking up excuses for why you can’t start an Income Stream right now.
You will never find a better time than Right Now.
Why? Because life get’s in the way – every day. Stop making excuses.
I talked about Choosing A Niche Topic here http://debraconrad.com/choose-niche-market-stand/
That’s where you start. Take that one step to choose your niche market. Then…
Choose A Business Model For One Income Stream
If you have chosen a business niche, chances are you’re now contemplating what business model to choose. This can feel overwhelming.
There are a number of business models to choose from. Each has their own advantages and disadvantages.
I talk about my 5 business models (multiple streams of online income) here:
(Must Read) – Multiple Streams Of Online Income
I’m planning to add at least 3 more income streams this year (2014):
- I’ve partnered with someone (who is a powerhouse in multiple streams of income) to take some of my lack-luster income streams to a much higher level.
- I plan on starting a few mico-continuity memberships.
- Another podcast – I already have one podcast that takes a lot of my devoted time for my business, but I am feeling the need to share even more.
Before you decide, consider the following 3 questions:
#1 How much time do you have to devote to your business?
The amount of time you have is critical to your business model decision.
For example, if you decide to be a service provider then you’re going to need a lot of time to provide that service. If you only have five hours a week you’re going to have to charge a high premium for your time.
Affiliate marketing, information marketing and even membership marketing doesn’t have to consume vast amounts of time. If you’re short on time these models may work best for you.
What I don’t want to hear is that you don’t have time for any of this. Make time management your priority.
#2 Do you have the knowledge?
Knowledge is Power. This is why I never stop learning. Growth is a powerful high. When you take control and start to learn, it’s natural that your business will grow.
If you have no idea how to start learning something, ask. Ask me, Google it, buy a product that will teach you… just do something that will move you along.
Example: If you don’t know how to build a website or create and information product or start an email list… you are going to need to learn. It’s not hard to learn, it does take time and effort.
I can tell you (I shout this from the mountain tops whenever I can) – The Time and The Learning are Worth It!
#3 What fits your personality?
Some business models lend themselves to introverts. If you’re shy or prefer to keep to yourself then becoming a service provider might not be the best fit for you. If you are like me this model doesn’t work. I’m not shy, I just don’t have the patience.
It works for my hubby, he works everyday as a service provider and is paid very well for his time. He is able to “Sell His Services” – meaning he isn’t afraid to go out and get customers. Of course, he also provides excellent service and his customers love him (and recommend him to others often).
However, affiliate marketing or information marketing can work for you if you are like me and want to work in your jammies.
It’s important to pay attention to what business model best fits you. It’ll make starting and growing your business much easier.
Finally, spend some time considering how you can best solve your customers or prospects problems. For example, if you’re going to create business on the topic of learning to hang glide then you might:
- Create an information product
- Provide information/content and become an affiliate marketer
- Coach people on how to train for hang gliding (not sure I’d take your training – I fear hang gliding)
The business model you choose can then be chosen based on your answer to the questions I posed earlier.
Your business model is an essential ingredient to the success and fulfillment you find as an online business owner. It’s an important decision.
Today’s Action Steps:
You have already chosen a niche market, right?
Today, you are going to choose a model to serve that niche market.
- Take into consideration how much time you have to devote to your new income stream. Get darn right clear on how many things you do every day that waste your time.
- Choose what your big picture business model is for this niche market. (Think BIG – you can do almost anything with the right tools, help and implementation)
- Start to make notes about what you are going to need to learn. This list will get bigger and smaller and then bigger again over time. You will add and cross off as you learn how to do stuff and find out about more things you want to learn
You deserve to get started with your next income stream,
Are You A Streamer?
I Want You To Become A Streamer
What IS a Streamer? A Streamer = Creates Multiple Streams Of Online Income.
Have you watched Debra's Streamer Lifestyle Video?