4 Tips for Creating Multiple Streams of Income Online

Have you ever wanted to earn money from multiple online sources? It’s cumbersome having to get up and go to work every day, but it doesn’t have to be that way. In fact, you can earn a generous living online.

Generating income on the internet isn’t hard, but it does take work. If you can generate one stream of income, you can generate additional streams as well.

Here are some tips to get started.

  1. Get licensed in your area of expertise

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Do you have an area of expertise that has the potential to generate income, if only you were licensed or had a certificate? If so, prioritize getting licensed or certified. If your chosen trade legally requires a license, there’s no way around it – laws are laws.

Sometimes you can bypass the need for certification when you’re looking to work for a corporation. However, when you work for yourself, you’ll need to prove your expertise and worth to your clients. Certificates will show your clients you know your trade and have proven yourself enough to become certified.

Having existing skills is a huge advantage when it comes to making money online. When you’ve got skills, you’re already profitable; you just have to make it legal.

Generate professional-level profits by getting certified or licensed in the following:

  •   Real estate. Are you a property investor? Do you already know a lot about real estate? If you get licensed, you’ll learn more and increase your earning potential. For instance, you’ll be able to represent yourself during transactions and save thousands on agents’ fees. Don’t have time to drive anywhere? Getting a real estate license is cheap and easy online. You can get licensed online from RealEstateU after completing the course and taking the exam.
  •   Office software. If you’re already adept at using applications like Microsoft Word, Excel, and PowerPoint, you can actually turn those skills into an income. There are people who need documents, spreadsheets, and presentations who can’t make them. Get a Microsoft Office specialist certification and you’ll make more than just a few bucks creating important files for people who aren’t familiar with the software.
  •   Self-taught IT skills. Did you spend time learning IT skills like game design, programming, website development, or graphic design? You can certainly make money with self-taught skills, but you’ll get high-quality clients with larger budgets when you’re certified. It makes sense to create an income stream using the skills you already have; you’ll make yourself more valuable by getting certified or licensed.
  1. Provide your best advice online

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Advice never gets old, and that’s why it’s so popular online. YouTube is filled with advice for just about everything you can imagine and there’s always room for more.

Think about what you know or have experience with that can be shared with others. Then start a YouTube channel to share your wisdom and expertise with the world.

You can monetize your channel when you get enough subscribers and views, and you can also create a Patreon account to publish more personalized advice for your fans for a small monthly fee.

  1. Get into affiliate marketing

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Have you considered affiliate marketing? It’s where you sell other people’s products and they pay you a commission. It sounds simple, but there’s a lot involved. However, it can be extremely profitable once you find the right niche.

In addition to learning the ins and outs of affiliate marketing, the key to success is to promote products that you actually use and can genuinely endorse. Yes, you have to disclose that you’re making a profit from your promotions, but people will know when you’re providing a genuine review of a product. Don’t let affiliate disclosure laws prevent you from pursuing this source of income. Some affiliate marketers make six-figure incomes. Although, it takes time to create that kind of income and usually requires multiple blogs in different niches.

If you can combine affiliate marketing with genuine product reviews, you’ll generate more sales than either avenue alone. Product reviews are extremely popular, and so are unboxing videos. Find a way to include all three and you’ll have a golden ticket to creating some solid online income.

  1. Create digital assets

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Digital assets are far more profitable than tangible assets because you only have to create them once and you can sell them an unlimited number of times. Some examples of digital assets include:

  • Pre-recorded webinars and presentations.
  • Infographics.
  • Ultimate guides.
  • E-books.
  • Templates for effective sales pages, websites, and email communications.

These are just a few examples of the kind of digital assets you can create once and sell an unlimited number of times.

To pursue this idea, figure out what kind of digital assets you can create and sell online. You can leverage your existing wisdom and experience or take on a new research project to create an ultimate guide in a specific niche.

If you decide to create content in an unfamiliar area, it’s a good idea to consult with industry experts to make sure you provide correct information. You’ll probably need to pay a consulting fee, but it’s worth every penny since you’ll be creating an asset that will produce pure profit.

If this sounds like something you’d be interested in, do some market research first to find out what topics are trending. For example, digital marketing tips are always hot, and so are money-saving strategies. Find some evergreen topics and then create an ultimate guide that you can sell as a download for a few bucks. Once you have your digital assets, promote your downloads through PPC ads and sales pages.

Turn your expertise into income

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If you’re looking for ways to create multiple sources of income, start by sharing your expertise with the world. Even if it’s just a side gig, it’s worth the effort. Having multiple streams of income creates more security around your finances. If one stream disappears, you won’t lose everything.